Market Overview Retailers Increasingly Looking to POS Systems and Handheld Terminals for Competitive Edge
The retail industry has undergone phenomenal changes in the last decade and with competition intensifying, retailers are increasingly looking to information technology to provide a competitive advantage.
Keeping with this trend, point-of-sale (POS) systems have evolved over the years to perform a multitude of tasks that include inventory management, price mark ups and mark downs, order tracking, and so on. POS replenishment tops the budget of many retailers in developed nations and this replacement wave is driven by the presence of next generation advanced POS systems.
Self checkout and kiosks are also catching on in a big way. With more and more retailers turning environment conscious, vendors will also be under pressure to develop recyclable energy-efficient systems.
Handheld terminals find significant usage in the current retail scenario as customers are increasingly demanding value-added services due to time constraints. "These terminals have continuously evolved to perform various functions such as real time mobile POS functions, sending digitized notes, checking prices, report writing, sending and receiving of invoices, signature capturing, and asset management from any location within the store or other off-store locations through wireless applications," notes the analyst of this research service. "This multifunctional aspect of handhelds will continue to drive its growth in developed as well developing nations across the world."
Technology Vendors Focusing on Open System Architecture
With regard to market trends, more and more retailers are focusing on forming strategic partnerships with the solution providers in order to offer unique customer experiences through differentiated business models. Established retailers are leveraging on their brand name and scale of operations to extend beyond the traditional categories. Technology vendors, meanwhile, are focusing on open systems architecture for the products and are looking at leveraging on the latest technologies such as wireless-fidelity (Wi-Fi) and radio frequency identification (RFID) for integrating the retail value chain.
Overall, the total world POS market was valued at $951.6 million in 2Q07 and is expected to grow by 9.5 percent in 4Q07. "Among the market segments, the world POS market size in drug and merchandise retail was $405.0 million during 2Q07 and is expected to grow by 8.9 percent in 4Q07," says the analyst. "Similarly, the world POS market in the grocery grocer sector is expected to grow by 11.3 percent to reach $199.5 million in 4Q07."
Source: Frost & Sullivan, December 2007
What do you think are the main benefits of a check-in kiosk? ( All Pax) Source: International Air Transport Association (IATA) from annual Corporate Air Travel Survey 2008 (CATS)
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