[October 19, 2016] |
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Top 3 Drivers Impacting the Point-of-sale Receipt Printer Market, Reports Technavio
Technavio
analysts forecast the global
point-of-sale (POS) receipt printer market to 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 printer market for 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:
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POS receipts as a marketing tool
-
POS market growth due to mPOS hardware and software
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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.
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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:
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Citizen Systems
-
Epson
-
HP
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Star Micronics
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
If you are interested in more information, please contact our media team
at [email protected].
View source version on businesswire.com: http://www.businesswire.com/news/home/20161019005429/en/
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