Retail Pharmacy business in India is highly fragmented and dominated by several mom and pop drug stores. Though some leading players in the market such as Apollo, MedPlus and Religare chain of Pharmacies are leading the organized retail side of the pharmacy business in India, it is still a long way to go for retail pharmacies to engage modern POS technology and become organized to improve sales & customer satisfaction.
Point of Sale (POS) technology, which helps retailers of various businesses to automate their daily operations such as regular billing, inventory monitoring and management, optimal staff utility, customer relation management, and several other back-end operations, can be more rewarding for retail pharmacies as it takes over several mundane works effortlessly and improves operational efficiency.
How POS can help
A physical drug store needs to maintain daily inventory movements and update the status of drugs to be purchased from the pharma companies. If one does all these things through physical means, it will not only involve several staff members making manual entries for hours, but also can lead to human errors.
Automating several mundane works such as real time maintenance of inventory movement, stock empty alert, managing discount coupons, tracking customer behavior, sending mails or SMSs to high value customers on offers and facilities, tracking sales from multiple stores, omnichennel operations, and so on, will reduce human interference and errors and increase operational efficiency.
Automating pharmacy business
Most of the pharmacies in India are functioning as unorganized business entities. They are typical mom & pop store type involving huge human labour force and physical accounting.
Pharmacies can be automated by installing a simple Point of Sale set-up which includes a computer, touch POS monitor, barcode scanner, POS cash drawer, receipt printer (dot matrix) and supported by a reliable pharmacy billing POS software to integrate all the hardware involved and do a host of functions such as billing, inventory management, sales tracking, customer relation management, staff management, etc.
Thermal billing printers can’t be used for retail pharmacy business, as customers need to preserve bills for future use. The impressions caused by Thermal printers can only last for a few days.
Pharmacies use advanced POS
With advancement in technology, pharmacies are using hand-held POS terminals to execute sales, add/delete inventory, etc. There are also mobile POS devices and tablet POS which have made the pharmacy operations simple and efficient for employees manning the drug stores.
A cloud POS technology at a drug store chain can search the availability of a particular drug in any of their stores in a city and deliver it to customers though hyper local (same day) delivery service.
With online pharmacies making a big impact on drug seekers in India, mom and pop medical stores are embracing POS technology to remain firm in the volatile business environments.