A leading market research company has revealed that it believes that the value of the POS display market will be worth $17.5bn by 2027. The firm believes that the CAGR (compound annual growth rate) of the market will be around 8% and this will bring the market value up to what is forecast by 2027.
While North America is once again predicted to dominate the point of sale market throughout that forecast, the region expected to enjoy the fastest growing CAGR is Asia Pacific. Much of this growth in all regions is down to the increasing adoption of technological devices that promote additional sales, market promotions, and make payments easier and more convenient.
While these technologies have long been used in North America, in many countries in the Asia Pacific, this POS technology is only just being recognised for its worth. It allows for contactless payments in brick and mortar retail stores, reduces the need for employment, and is effective for promotions and visual marketing. Furthermore, as most POS manufacturers are based in the APAC region, it means sourcing units is more cost-effective for businesses in the Asia Pacific.
Consumers in increasing APAC countries now have access to mobile devices, apps and software that allow them to pay instantly. More banks and payment providers in the region have also developed technologies that allow for a more convenient POS transaction. Additionally, new localised top-up eWallets have been developed that takes away the need for bank accounts in poorer regions.
Key Takeaways from the Market Research
Performed by Acumen Research and Consulting, there are several key takeaways from the market research report:
- Retail outlets and restaurants are increasingly using POS displays as a cost-cutting measure. The COVID-19 pandemic has pushed establishments into finding cost-effective measures to help sustain survival. POS technology has allowed establishments to reduce staff and improve process optimisation.
- The developers of POS technology have also improved the speed, efficiency, and cost-effectiveness of their products. Several manufacturers have streamlined the real-time tracking processes for organisations by moving from a semi-automated process to one that is now fully cloud-based. The maintenance of this recent development also increases cost-savings and convenience.
What is the Point of Sale?
This refers to the location where customers provide payments for goods and services. The technology used at the point of sale could range from a PC cash register, point of sale terminals that read and accept credit/debit card payments, and POS displays. Point of sale terminals allow customers to insert, swipe or use chips to make instant payments using bank cards. While terminals, we will discuss further in the next topic.
What is Point of Sale Displays?
Businesses use displays at the point of sale as promotion. This is marketing at the point in the sales process where a consumer is about to pay for other goods. A display is used to encourage the purchase of other items. Examples of early iterations of this would be a stack of Easter Eggs placed near to the point of sale during Easter in an attempt to persuade an additional purchase.
Technology has advanced to a stage where POS displays are now available using advertisements and promotions being placed on 4k resolution screens. These could be countertop displays, free-standing displays, and a variety of other types of display. Many can even use sensors to determine your gender, skin tone and age so that they can send targeted adverts your way. For example, a 30-year-old man might get ads revealing the latest drone technologies, while a 20-year-old woman might get offered a promotion at a nearby spa.
This form of marketing puts products into a consumer’s mind to coerce a sale at the last minute. Most shoppers already know what they want to buy and will walk straight to it. Ever wondered why your local supermarket is always rearranging shelves and moving products? So that you’re forced to walk around and look for it, walking past lots of other tempting products along the way. Point of sale displays also use marketing to get new products or services into the minds of consumers. Without it, the customer would just pay and walk out without ever knowing about this new promotion, product, service, or event.
It is clear that point of sale technology is increasingly beneficial for brick and mortar businesses. Anything that can increase sales, streamline the sales process, and lower costs will always interest retail stores, restaurants, car dealerships, and other land-based entities. As more adopt the latest technologies, it is difficult to argue against this latest market research that claims the industry will continue to grow over the next decade. Now that it is even rapidly growing in poorer countries, this technology should see global growth like never seen before.Follow and Subscribe Nyasa TV :