What is the full form of POS
POS: Point of Sale
POS stands for Point of Sale. It refers to a place such as a shop, store, etc., where a transaction takes place while buying or paying for a product or service. In simple words, it is a physical or virtual place where you pay for an item to purchase it from the seller or exchange money for a product or service, e.g., a shop, a showroom, a store, online shopping cart, etc.
So, it can be a physical store where checkout happens, orders are processed, and bills are paid using POS terminals and systems, or it can be a virtual sales point such as a computer or mobile electronic device.
POS may include a variety of Input/output devices like a barcode reader, a computer, printer, magnetic card reader, and touch screen display. For example, a computer at a POS in a retail store may contain the price of all of their food items and may also allow analysing the sales data, inventory, and account.
Furthermore, the phrase ‘Point of sale’ or its meaning has evolved over time with the changing technology and software. E-commerce has extended this concept from physical places to the virtual world, but whatever it may be in the future, it will always be the last point of your shopping journey.