Technavio analysts forecast the global point-of-sale (POS) receipt printer marketto grow at a CAGR of almost 9% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global POS receipt printermarketfor 2016-2020. To arrive at the market size, the study considers the revenue generated from the worldwide retail sales of POS receipt printer in the market.
India has the presence of a tech-savvy population. In India, 65% of the population is aged below 35 years, and 47% is below 20 years of age. By 2020, the average age of Indian population will be 29 years. The influence of these demographic segments and the subsequent changes in customer behavior has encouraged retailers to deploy POS systems in the different retail formats.
The government of India has also reduced basic customs duty and excise duty on components of high-import products such as POS printers and smart cards. Also, it has allowed 100% foreign direct investment (FDI) in single-brand retail and 51% FDI in multi-brand retail. This has attracted significant foreign investments in the country. In 2016, the majority of foreign investments were made in the fashion and apparel industry, with international brands like H&M entering India.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global POS receipt printer market:
- POS receipts as a marketing tool
- POS market growth due to mPOS hardware and software
- Growing vendor focus on MSMEs
POS receipts as a marketing tool
The retail and hospitality sectors focus on offering a personalized and interactive experience for consumers. The installation of advanced POS systems with printers allows merchants to focus on a range of customer-oriented campaigns, such as offering discount vouchers along with printed bills, to grow and expand the customer base. Moreover, the terminals also enable loyalty programs for customers, leading to cross-selling and up-selling of products along with printed details. This expands the customer base and increases customer retention. In addition, end users such as retailers and fast food chains can attract customers and analyze buying behavior by storing the data and information using terminals.
Abhay Sinha, a lead analyst at Technavio, says, "Printing coupons and receipts is a high payback proposition, but POS receipts also increase the brand awareness and building loyalty. Integrating them with simple software enables the customization of receipts."
"Retailers can include their logo and website URL on every receipt they issue. Adding logos to receipts will help reinforce the brand and differentiate the brand from competitors," adds Abhay
POS market growth due to mPOS hardware and software
POS systems consist of stationery hardware like a receipt printer, cash drawers, and transaction screens. With the continuous evolution of technology, the POS systems are commonly used as a point of service that focus on enhancing the customer experience through personal engagement and service-oriented interaction by retailers. This has led to the growth of mPOS retailing.
|With the market for mPOS retailing, the demand for mPOS receipt printers is also growing. mPOS receipt printers provide numerous advantages to merchants and consumers as standalone offerings and in combination with traditional retail POS systems. mPOS systems offer flexible and efficient payment methods, coupon, and reward systems.|
Growing vendor focus on MSMEs
Vendors are targeting micro, small, and medium enterprises (MSMEs) to increase the sales of POS receipt printers. There are many MSMEs that still functions manually. These MSMEs cite the complexity of POS systems and multiple fees charged by banks as reasons for not incorporating POS systems. However, the forecast period will witness an increase in the penetration of payment cards, which will increase the adoption of POS systems and related hardware (POS receipt printer and scanner). Also, the need to maintain and access a consumer database increases the demand for POS receipt printers.
Top vendors are:
- Citizen Systems
- Star Micronics
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