Retail Point of Sale: Introduction
- The space within a store where clients can pay for their purchase is called point of sale (POS). The term describes financial transaction system records.
- The combination of software and hardware used to record the financial transactions of a retail store is known as retail point of sale (POS) system.
- Retail POS system is an ideal tool to manage and access a store business. A retail POS system can be a simple software that runs on any PC or online-based QuickBooks or mobile device.
- Retail POS software helps ease the process and operations of a retail store by monitoring the vital sales data and making automatic processes of transactions.
- A retail POS system consists of units for product weights, order total, etc., and hardware units to printer receipts, scan product barcodes, and a cash register.
- Retail POS systems provide inventory management, sales, customer management, and payment processing of business, which means it is a central component for any business.
- The global retail POS market is projected to expand during the forecast period due to increased digitalization, advanced functionality, and analytics.
Global Retail Point of Sale Market: Dynamics
Global Retail Point of Sale Market: Key Drivers
- The cashless transaction process creates interest among consumers to opt for POS for better money management, flexibility, and safety, which drives the growth of the global retail POS market.
- The increasing interest in retail POS systems among small businesses can be attributed to the fact that a POS system helps to save time, speeds up decision-making processes, and increases store profitability. Hence, the retail POS market is projected to expand during the forecast period.
- Small and medium retailers are interested in installing a POS system due to its affordability and ease of access directly from the internet, which is expected to expand the retail POS market over the forecast period.
- Grocery stores adopt a POS system to manage and organize business, which propels the growth of the POS market.
- Increasing adoption of new advanced technologies and cloud computing across various business and industrial sectors is expected to drive the demand for retail POS.
- However, software and network imperfection, and phishing & skimming through which hackers can easily infiltrate important data such as customer credit card details, and business account details is a threat to the market. Hence, data theft and cyber-attacks inhibit the global retail POS market.
Impact of COVID-19 on the Global Retail Point of Sale Market
- COVID-19 cases increasing across the globe is resulting in economic slowdown. Various industries and businesses are facing financial crises due to the COVID-19 pandemic
- In this pandemic, the internet plays a vital role all over the globe due to increased online business dependency.
- Retail businesses and stores use internet to provide necessary stuff such as grocery things, retail things, etc. to the customers. Hence, customers prefer online shopping for more safety and convenience, which helps to expand the growth of the retail POS market.
North America to Hold Major Share of the Global Retail Point of Sale Market
- The global retail POS market is classified geographically into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is expected to hold the largest share of the POS market, due to the high demand and adoption of advanced integrated systems, and the presence of prominent POS systems.
- The retail POS market in Asia Pacific is projected to expand during the forecast period due to the increasing adoption of POS systems in the electronic payment industry. China, India, Vietnam, and Indonesia have demand for cashless system payment in many restaurants, retail sector, warehousing, entertainment, and other industries, which is likely to boost the POS system market.
Global Retail Point of Sale Market: Competition Landscape
- Various local, regional, and global competitors are active in the retail point of sale market.
- Rapid technological advancement offer opportunities in the global retail point of sale market.
- Most of the leading players in the market are continuously focused on developing and creating advanced technology solutions for their customers. For example, Shopify is an e-commerce platform that offers numerous products such as batteries, headphones, chargers, etc., with advanced technologies, based on the online model for convenient sale strategies. It is also convenient for customers to buy the products.
Key players operating in the global retail point of sale market include:
- Diebold Nixdorf
- PAX Technology
- NCR Corporation
- Shopify Inc.
- Ingenico Inc.
- Elavon Inc.
- Clover Network
- Epicor Software Corporation
- Cegid Group
- Revel System
- Zebra Technologies Corporation
- Vend Inc.
- Hewlett-Packard Inc.
Global Retail Point of Sale Market: Research Scope
Global Retail Point of Sale Market, by Products
- Fixed POS
- Mobile POS
Global Retail Point of Sale Market, by Deployment
Global Retail Point of Sale Market, by End-user
- Specialty Stores
- Grocery Stores
- Convenience Stores
- Gas Stations
Global Retail Point of Sale Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.