Point of Sale (POS) Glossary
Inventory on hand is the available stock a merchant has in their possession. For example, a store might have ordered 500 pairs of sunglasses, sold 275, and has 225 remaining as inventory on hand. A point of sale system that has real-time inventory management can report stock on hand at any time. Those that do not would require inventory reconciliation for an accurate count.
If a POS system supports multi-warehouse capability, it can report inventory on hand across all stores and warehouses. This is extremely useful for pooling stock for an e-commerce store. If a store has a delivery service, customers can order any inventory on hand, and it could be delivered or shipped from a merchant’s warehouse or other location.
Customers love promotions! Buyers are often pulled in by one deal and wind up buying regularly priced merchandise in addition to, or sometimes instead of your discounted items.
An eCommerce website is open 24/7 and accessible from all over the world. Being online and having physical store opens your business to a global market.