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Cell Phone Store Retail Management Glossary of Terms

Retail store management has definitely changed the cell phone store businessin ways we could never imagine. It has brought about efficiency to financial operations, managing customer relationships, logistics, marketing, and human resources services. This has been made possible by various software programs, including retail Point of Sale (POS) systems, now available to cell phone store owners. 

Breaking it Down
So what exactly is a POS system and how can it help a cell phone shop owner like me?”
Well, this article covers the basics, from definition of terms to advantages.

The Point of Purchase (POP), when discussed from a retailer’s perspective, refers to the area around the checkout.  
A Point of Sale (POS) system, as was defined by Entrepreneur Magazine, is a computerized network linked to several checkout terminals and operated by a main computer. In simple terms, it’s a retail management system with capabilities, such as barcode label creation, supplier record, inventory management, issuing of purchase orders, stock transfers, quotations, and much more.
The POS system works as your all-in-one inventory software program. But before we look at some advantages of the POS system, let’s define related terms first.
Enterprise Resource Planning (ERP): Enterprise Resource Planning Systems are often confused with POS. In fact, there is a misconception that these terms are interchangeable. However, this is not the case. ERP is a software program that aims to boost the performance of various departments by providing modules and organized applications. The whole ERP system may include the following: project planning, social media marketing, investor relations, human resources management, and other modules. Clients may opt not to buy the whole system, but instead choose software modules they need.
Customer Relationship Management (CRM): It’s defined as the manner of relating to current and future customers. Some ERP software providers also include modules for CRM, but there are also software providers who specifically deal with CRM. Effective CRM can generate more sales for a store, by enabling targeted and effective marketing campaigns.
Inventory Management: The supervision of goods and services a cell shop needs in order to operate. The end goal of this process is ensuring the needed raw materials (devices, accessories, parts) are available. With POS, and even ERP, this dreary process can be simplified.
Purchase Order:  Refers to a document authorized by the store owner (or other buyer) to a specific supplier. It contains the types, quantity and price of the products or services to be acquired. With today’s POS systems, purchase orders can be generated automatically for faster, hassle-free transactions.
Software As A Service (SAAS): There are different types of POS solutions,  Many of today’s POS systems are online applications and are considered SAAS products. These systems are usually a fraction of cost of older solutions and run of on computers, tablets, and even mobile phones through a compatible web browser.
Receipt Printers: This peripheral device print receipts, tickets, and other documents. It is primarily used to provide you and your customer with a proof-of-purchase and order details.
Barcode Scanner: A barcode is the machine-readable code in the form of numbers and a pattern of parallel lines of varying widths. Each barcode can identify a specific product. It could include some information about price, category. The barcode scanner is the tool used to scan the barcode and enter the information into the system quickly and without error.
Label Printer: A label printer is a computer printer that prints on self-adhesive label and/or card-stock. There are many different types of label printers, however most cell stores will use thermal transfer label printers for their general lower printing costs.
Cash drawer: Also called a till (UK and other countries), this is one of the core components of most POS systems. This is where you store your real cash. Many POS systems are printer driven, meaning that they open when a receipt is printed.  
The glossary of terms above all relate to software and tools available to today’s cell phone shop owners. Each play an important role to help you run your store effectively.
If you are an owner looking for the best value-for-money POS system for your cellular shop, we encourage you to check out CellStore Software (www.cellstore.co).  CellStore Software offers POS, CRM, and Inventory Management built specifically for independent cellular shops.