What is Point of Sale (POS) in Retail? Explained

Point of Sale (POS) is where a retail transaction is completed, and in the retail industry, it encompasses the hardware and software systems used to process and record these transactions. The POS system usually includes a combination of a computer, cash register, barcode scanner, receipt printer, and other peripherals. It plays a crucial role in managing sales, inventory, and customer data, providing real-time information to streamline operations and enhance customer service. The term is also used to describe the actual moment when a customer makes a purchase, and the transaction is finalized.