All retail transactions will be incomplete without payment receipts or bills. These days, with technology being the driving force for the retail revolution across the globe, business houses are taking the help of POS printers to print receipts and payment bills for hassle-free and fast transaction.
Globally, as retail boom sweeps several developing countries, the growth of the Point of Sale (POS) receipt printer market is anticipated to grow at an impressive rate during 2016-2020, and will post a CAGR of nearly nine per cent over the forecast period, according to a research analysis.
Among various types of receipt printers, thermal POS receipt printers will continue to lead the market due to its low noise and high print speed features. Also , several printer manufacturers have come up with advanced version of thermal printers which can support Wi-Fi, Bluetooth and Cloud, to meet the demands particularly from retail and hospitality sectors.
Retail businesses from these sectors are compelled to provide interactive and personalized shopping experience due to increased demand from customers. The introduction of advanced printing technology at POS counters allow retailers focus on a variety customer-centric campaigns like spot offers, coupons or discount vouchers using printed receipts, which help their business grow with expanded customer base.
More so, the advanced POS terminals with highly competitive POS software enable them to introduce loyalty programs for customers , which lead to up-selling and cross-selling of products using receipts. Also, POS printers help retail businesses and eatery joints to analyze customers’ buying patterns by recording information and data in physical form. ReportsnReports predicts that the adoption of POS receipt printers is expected to increase further over the next five years due to brand awareness, improved customer experience and convenience at POS counters in quelling long queues.
Erasable Printing Technology
In the recent years, one of the new technologies that immensely aiding the global receipt printer market growth is erasable printing technology. With increasing environmental concerns due to carbon foot prints, several POS printer manufacturers are adopting the new technology to reduce thermal paper usage/wastage and decrease of carbon emissions . The technology works by removing printed area or ink on a page by using a thermal plate. The new technology also reduces vendors’ paper usage and stock keeping costs.
The global receipt printers market is unorganized due to the growing presence of small and medium enterprises (SMEs) across several developing countries. The competitive culture is expected to intensify further with the arrival of several new vendors in the receipt printer market, the study said, adding, the printer makers would compete on the basis of product pricing, quality, R&D and product portfolio. Also, to cater to the local demand, many of them are expanding their base in developing countries like China and India. In the emerging economies , the end-user market of POS printers is growing rapidly, which will contribute immensely to the growing demand for POS receipt printers.
Receipt printer is one of the important elements of a point of sale system in check-outs of retail business. In a retail store, for example, when a customer swipes the debit/credit card, the POS printer prints a receipt confirming the transaction along with details of goods purchased. Since most hospitals, garment outlets, restaurants and retail stores accept cards as primary mode of payment, the demand for receipt printers will go up significantly over the next couple of years, the research firm ReportsnReports further added.