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World Advanced Point of Sale Applications
Frost & Sullivan, March 2007, Pages: 96
This Frost & Sullivan research service titled World Advanced Point-of-Sale Applications provides key insights into the latest value-added POS applications, including a complete analysis of key market drivers, restraints, and industry challenges. In this research service, Frost & Sullivan's expert analysts thoroughly examine trends in the following regions: North America, Latin America, Europe, the Middle East, and Africa (EMEA), and Asia Pacific.
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Market Overview
Need for Better Customer Service and Business Performance Drives Retailers’ Uptake of Point-of-Sale Applications
Retailers’ spending on point-of-sale (POS) infrastructure has seen a continuous upward trend since 2004, in line with the evolution of these terminals from cash registers with limited data functions to central portals that manage a store’s IT systems. Besides allotting specific funds for IP and broadband technologies, retailers are also focusing on supply chain and inventory management, data analysis, and software tools that enable multi-channel customer relationships to reduce costs, increase revenues, and enhance business performance. The desire to provide superior in-store customer service is driving retailers across all verticals to purchase POS hardware and software, and the trend is to buy from multiple vendors to obtain bundled offerings at competitive prices.
While certain regions such as the United States and parts of Europe are approaching saturation in all the traditional segments, countries such as China, India, Brazil, and Mexico are experiencing rapid growth. Many of the existing terminals in these countries do not have the capacity for enhanced memory or the speed to read smart cards and in many situations, lack the ability to be upgraded. In such cases, replacement is the only option to make these terminals compliant with impending Europay, MasterCard, and Visa (EMV) regulations. 'Currently, the penetration of payment cards is low in these countries but retailers are making investments to install the necessary infrastructure and benefit from advanced technology,' says the analyst of this research service. 'Moreover, the demographics of these countries are highly suitable for POS terminal sales.' Overall, the need to become EMV-compliant is perhaps the most significant driver for POS terminal sales.
Multi-applications help Retailers Differentiate themselves and Retain Existing Customers
The functionality and complexity of electronic payment systems at the POS has increased due to technology advances in terms of processing speed and memory capacity. Apart from payment, these enhanced POS terminals can also be used for numerous other applications such as loyalty, stored value, age identification, and time and attendance tracking. Growing competition and commoditization in the retail sector is forcing retailers to offer customers a variety of payment options, and they now accept a wide range of magnetic stripe and smart cards for payment including credit, debit, and electronic benefits transfer (EBT). This is driving strong demand for electronic payment systems that can support multiple applications.
'The secure integration of these applications with payment processing provides a comprehensive solution that allows institutions a means for competitive differentiation,' says the analyst. 'The information that is easily recorded through the swiping of a card also helps in establishing loyalty programs through which merchants can focus on their marketing strategies.' However, many retailers are unaware of the advantages of these value-added applications in terms of controlling costs and improving profit margins. Moreover, the process of integrating newer and advanced applications with legacy systems is likely to be lengthy and expensive. Vendors, therefore, need to be convinced about the potential benefits of making fresh investments to enhance their IT infrastructure.
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