Will the Retail Industry emerge as the Largest User-segment in Global POS Market in the Next Five Years?
A point of sale terminal automates the shopping experience and helps to expedite the checkout process, resulting in increased customer satisfaction. Timely inventory information, update about the stock, availability of products, and pricing information are the major data which are acquired from POS terminal.
POS terminal end-users range from retail, healthcare, hospitality, restaurant, entertainment, and warehouse and distribution. According to Beige Market Intelligence report, “Global POS Terminal Market – Strategic Assessment and Forecast 2017–2022,” the retail and restaurant sector had the highest market share in terms of volume in 2016. Further, in the retail sector, end-users range from supermarkets, specialty stores, hypermarkets, gas stations, drug stores, and mass merchandise.
For More Information About The Report: Global POS Terminal Market – Strategic Assessment and Forecast 2017-2022.
Introduction of Cloud-based POS Terminal in Retail Industry is a Major Trend in Global POS Market
A cloud-based POS terminal can be directly assessed from the web through the internet and is compatible with the hardware of the point of sale terminals such as printers and cash register drawers. The vendor can access the customer’s data at any geographical location through a Wi-Fi connection. The low start-up cost of cloud-based point of sale terminal is due to the centralization of information, independence from operating systems, and virtual accessibility of data.
The retail industry is one of the largest users of cloud-based point of sale systems. Retailers having a chain of outlets across varied regions can access the integrated database of the customer’s profile. The cloud-based system helps in merging data across tablets and smartphone interfaces, offine and online shopping, and e-payments.
Analysts at Beige Market Intelligence estimate that approximately 29.3% of the total point of sale volumes was located at retail outlets in 2016. Retailers have incorporated POS systems with mobile wallets, which help to attract new customers in addition to retaining the current digital payment users.
mPOS Terminals in Retail Industry
Retailers are the largest adopters of mPOS systems. Payments are accepted through PCI compliant terminals and EMV certified mobile card readers. Real-time dashboards are accessed to manage transactions, devices, and user profiles. These systems are integrated with backend peripheral devices. They help to accelerate checkout process and eliminate waiting in the queue during the checkout. Personalized services are provided by accessing customer information. Also, the marketing of products is an added advantage. This is by capturing customers’ email and providing regular emails about updated products, thereby providing an additional marketing channel.
The point-of-sale payment terminals market is particularly developed and growing, with the presence of vendors such as Ingenico, Verifone, and PAX Global offering products to a diverse range of merchants. The demand for point of sale terminals from such merchants has also grown in countries such as the US, China, and India due to the booming retail markets as well as a shift in unorganized markets to adopt POS systems in developing countries.
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