Please tell us more about POS Rocket and what inspired you to start the business?

During my previous endeavor with ifood.jo (an online food business in Jordan which was acquired by Delivery Hero in 2016), we struggled with point of sale systems. We could not fully automate the process, reduce our overheads, eliminate wrongly handled orders nor further enhance our customer experience. That’s when we realized that there’s a gap: Legacy POS systems in the region are way outdated, complex and expensive. We studied the POS market and realized that there’s an opportunity. The point-of-sale is the core of a customer-merchant interaction and transaction. We imagined the possibilities and the multitude of applications we can serve and we pursued them. Our first MVP was finalized three months prior to handing over iFood to the acquirers and the first customer was locked-in a month before. Four years down the line, we have thousands of customers and are operating in 4 countries, proving that our tech is indeed needed and what we continue to pursue is well worth it.

We are a cloud-based service, meaning that our customers do not have any servers or complex network infrastructure, nor need an IT professional to maintain the system. We handle all that. Our solution is accessible and flexible, our customers can keep an eye on their store no matter where they are around the globe, and can know exactly what is going on in real-time. We allow small business owners to invest in a POS system that is built for them, utilize over ninety percent of the features and pay only a small monthly fee, as opposed to traditional point of sale. The POS 1.0 market is crowded indeed. Ours is POS 4.0! We are excited and see loads of opportunity.

What was the gap you were trying to answer/ the problem you were trying to solve with POS Rocket?

Traditional point of sale systems are decentralized, expensive, difficult to setup, cannot be accessed remotely and do not scale. Merchants pay a lot while using so little and bear the costs of hefty server hardware and IT personnel to operate them. POSRocket solves that by utilizing a centralized cloud technology. We provide a scalable model by taking all the server complexity and cost off our merchants so that all they need at the shop is an iPad, a cash drawer and a receipt printer and they can start selling. The system will keep track of their sales in real time, help them manage their operations, and provide mobile access to their reports to take quick and educated decisions.

To be able to cater to the market and win in this competitive space, we understood early on that we cannot build everything ourselves nor need to be able to do so. Therefore, POSRocket was founded to become a platform rather than only a service from day one. We’ve developed a set of APIs that empower independent developers and third-party integrators to build and/or integrate their innovative apps on top of POSRocket, creating an unprecedented win-win for all. We’ve recently released our APIs and are thrilled to be leading the way into becoming the first merchant-centric, value driven ecosystem in the region enabling merchants to maximize their benefits and returns on investment.

Our company culture breathes innovation by embracing a ‘can do’ mentality and thinking big in building a global – rather than a local – product. We strive to deliver a ‘rising tide’ platform that fulfills the promise of lifting every boat; and this is what really makes us unique and gives us our edge in this space.

What is your plan to scale POS Rocket?

We chose to focus on SMBs, for two reasons: they are the bigger segment of the market, they need impact in order to grow. We strategically think of our customers in every decision we take and ensure that we build and deliver the impact they need. For this segment, our business strategy is to build a repeatable, scalable and a profitable business. We firmly believe the importance of innovation lies in operation and implementation as much as it lies in product and continue to invest heavily in automating and employing the right tools to enhance process, workflow and productivity. We have a passion for cloud tools which is why we created one ourselves and ensure that we integrate them to utilize their maximum potential. Achieving exponential growth cannot be done without leveraging partnerships and skillsets existing in the market.

Our product focus is on three core functionalities of the POS: sales tracking & reporting, inventory management and customer profiling. Enhancing the value chain via API integrations allows us to join forces with those who specialize in various areas of retail tech such as e-commerce, online food ordering, deliveries, shipping, payments, loyalty, recommendation engines and so much more. If It’s someone’s bread and butter, no one can do it better. We come in to this space to complete rather than compete and to create a win-win for everyone.

With the COVID pandemic upon us, what advice can you give to businesses who are struggling at the moment?

We are living in a very unusual time and there is almost no previous data to build on and predict what will happen or the impact of this pandemic.

I have a few points to share:-

• Look for new and other markets. It’s time to get creative and think of adapting your solutions to sectors that are less hardhit. Brainstorm with employees, partners, and investors. You have nothing to lose. It’s a time when entire infrastructures are looking for opportunities to get a foot in a startup door, whether for a one-off joint venture or for an M&A. Some corporations have amassed lots of capital and are just waiting for opportunities. This is the time for them to exploit them.
• Emerging from the crisis will be a gradual process. It’s important to plan appropriately for the various stages of the global market’s recovery.
• At this time, it’s best to transition to daily flow management. That’s right: daily, not monthly. It’s helpful in determining the right steps to take.

And what advice can you give to entrepreneurs and startups who would like to work in the tech/ fintech field?

This pandemic proved how we truly rely on technology and how important it is to have ready solutions for the basic things we do in life, fintech has a huge opportunity since more than 80% of the Arab World are un-banked, which is a great opportunity for innovation. Before you start, think of the problem that you want to solve and the other way around, don’t come up with the solution first to a non-existing problem, this is very important. Lastly, the entrepreneurial journey is very hard and you have to be mentally prepared because it is a roller-coaster, but if you have the right solution and mindset, success will be given.