Effect of Point of Sales (POS) Utilization on Effective Demand for Agricultural Commodities in Stores and Supermarket in Akure Metropolis, Ondo State, Nigeria

International Journal of Research and Scientific Innovation (IJRSI) | Volume VI, Issue X, October 2019 | ISSN 2321–2705

Effect of Point of Sales (POS) Utilization on Effective Demand for Agricultural Commodities in Stores and Supermarket in Akure Metropolis, Ondo State, Nigeria

Ojuotimi E. Mafimisebi¹, Tolulope P. Akinbobola^2*, Taiwo E. Mafimisebi³, Monday M. Ugbedeojo⁴, Bukola E. Olarinde⁵

^{1, 5}Department of Agricultural Extension & Management/ Rufus Giwa Polytechnic, Owo, Ondo State, Nigeria
²Department of Agricultural Extension and Communication Technology/ Federal University of Technology, Akure, Nigeria
^3,4Department of Agricultural and Resource Economics/ Federal University of Technology, Akure, Nigeria

Abstract: – Point of Sales (POS) was one of the promising e-payment methods introduced by the monetary regulatory body (CBN) in Nigeria, following its capability of curbing many challenges of financial bodies and the economy. The purpose of this study was to determine the effect of point of sales (POS) utilization on effective demand for agricultural commodities in stores and supermarket in Akure Metropolis. Multistage sampling procedure was used in selecting one hundred and sixty (160) consumers paying for agro-commodities through POS for the study. Data were collected through the use of structured interview schedule and were analyzed using descriptive statistics and regression. The study identified convenience as the main reason for utilizing POS and also found sex, age, household size, monthly income and effect of POS as factors influencing effective demand of agro-commodities using the POS. The study however concludes that the use of POS increases the demand for agro commodities.

Keywords: Point of sales (POS), Agricultural commodities, Effective demand, Akure metropolis

I. INTRODUCTION

Transactions, demands and purchase inarguably are daily and reoccurring phenomena in every society. The mode of payment can be traced back to the primitive system known as “barter system” where people pay for services and goods through exchange of goods and services possessed by each party and accepted for exchanged. However, following the challenge of mutual coincidence in wants of the two parties, there was a great metamorphosis into the use of money which is a generally accepted way of exchange of goods and services and payment for the same. The recent development was the introduction of several e-payment methods which was aimed at reducing the dependence on cash based economy which was found to be risky and difficult because money outside the banks cannot be subjected to regulatory and operational procedures [1]

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