Cloud-based point of sale (POS) systems are increasingly getting popular with small businesses, particularly in the retail, restaurants and hospitality industries. Unlike traditional systems, a Cloud based POS system can be accessed directly from the Internet, using mobile devices, like iPads and smartphones. Let alone the economization of the back-end expenditure, a major benefit of using this technology is the accessibility of data which allows one to get instant updates.
Founded in January 2012 by Sakshi Bhasin Tulsian and Ashish Tulsian, POSist is a cloud-based point of sale solution provider for restaurants. The company’s motto is to render “Training free” and “Easy to use” scalable solutions to its customers.
It offers a web-hosted service which works on a browser and requires no installation at the food outlet. All the data is stored on the cloud and is accessible on real-time.
The idea behind POSist was to fix those problems for other restaurant owners which the founders at one point of time had experienced at their own restaurant. The solution was initially built to support their own restaurant. But as it turned out to be an absolute fix for them, they started offering it others as well.
POSist Restaurant Technologies Pvt Ltd aims to help restaurateurs literally run their establishment remotely by completely automating it. This cloud-based point-of-sale service can help owners create and print guest checks, manage staff members, send email alerts to customers, set up menu, customer database and so on.
“My aim is to provide 360 degree technology to the restaurant industry, majorly powering B2B side. We consider ourselves restaurant owner’s friend and enable them to serve their customers well,” says Ashish Tulsian, Founder, POSist.
“We believe that a cloud-based POS is a big step in the restaurant industry in connecting the restaurant to the consumers and vice versa,” he adds.
What Problems does POSist Claim to Resolve?
According to the founders, these days several companies are marketing their application as cloud based while in reality they are still installation based applications which send data at the end of the day to a server from which the client can access his reports remotely. But their applications are obsolete technology based and require heavier hardware support, and running the hardware comes up as an unnecessary cost for clients.
“Earlier all legacy POS providers were oblivious of our success in market and thought that cloud based application would not sell in restaurants. But as soon as they realized that it’s working, they started marketing themselves as cloud based. Any genuine cloud based app will not require heavy & expensive hardware to run on”, stated the founders.
Adding further, they said, “Cloud based software is a misnomer which can be used based on different interpretation. What it actually implies is that the major part or entire application resides on a cloud server infrastructure and is being used via internet on the client side, and this is what we have been offering.”
The company generates revenues on subscription per terminal basis, that starts from Rs 12,000 per terminal per year and goes upto Rs 50,000 per terminal per year, depending upon the customers.
A couple of direct competitors of POSist are ShawMan and GoFrugal.
The company is backed by LetsVentures, Morpheus Group, and a bunch of individual investors.
According to the founders, the company has seen quite a good amount of growth and acceptability in the market. It has grown from 10 restaurant customer in 2012 to 2000 restaurants till now, with implementations in all types of restaurant formats- from a highway dhaba to 5 star restaurants to kiosks to QSRs etc.
POSist aims to reach a number of 10,000 restaurants by the end of 2016 and bloom into a full service technology platform for restaurant industry offering a complete bouquet of technology products needed by a restaurant under its umbrella.
Future Plans and Growth Strategies
Ashish says, “Call me biased, but the future for POS industry looks extremely bright as adoption of technology is percolating from large enterprises to small retailers to mom-pop shops. Building as well as delivering technology solutions is cheaper and costs get reduced further down. I see POS at the heart of all transactions taking place. It will be the glue which will hold order taking, billing, loyalty program, payment gateways, CRM etc together. That’s the reason we call POSist a Platform and not just a POS anymore”.
Restaurants offering Point of Sales (POS) solutions simplify the payment option for consumers. According to industry research the global mobile application markets is expected to reach $ 54.89 billion by 2020, growing at a CAGR of 16.2% from 2014 to 2020.