With Indian retail sector setting its mark at Rs one trillion and above by 2020 making it the fastest growing developing market across the globe, one of the factors which contributes for its significant growth is undoubtedly the technological advancement in Point of Sale and its applications for various retail processes.
Shopping experience has undergone a sea change for good across the cities and towns in India as high-style stories, super and hyper markets and swanky departmental stories have improvised customer handling processes with the help of the latest POS technology
. Today, the customers can be reached anywhere and anytime, thanks to a flurry of several branded mobile (hand held) POS devices.
According to a survey, the global handheld POS market is expected to witness a significant growth due to increased mobility and user experience. Flexible payment procedures and need for modernization in restaurants, healthcare, retail sectors and supply chain segments will further fuel the growth of handheld POS market, a market research report by Grand View Research, said.
While North America is expected to lead the market growth for handheld POS devices
, Asia Pacific will become the prominent region for handled POS devices in the coming years with India and China providing low cost POS devices.
The handheld POS market can be categorized on the basis of applications as restaurant, hospitality, retail, distribution/warehouse and entertainment.
Since majority of handheld POS machines available in the market support both Wi-Fi and 3G/4G technologies, it allows flawless information dissemination to enterprises which helps them drastically cut down on manual labour and improves business prospects. Apart from this, the handheld POS market is expected to witness high growth owing to cost-effective inventory management and retail processes using wireless technology.
The handheld POS devices can perform multiple functions - from a standard cash register, mobile indoor payment POS solutions and portable combined on-site terminals to integrated inventory POS applications. These devices help retailers to integrate back office and in-store operations along with inventory management for enhanced productivity.
Moreover, handheld POS devices can guide businesses in tracking individual customer's purchase pattern which can be used to achieve customer loyalty sales and retaining. Such added advantages further projected to drive the handheld POS market.
The survey also noted that since handheld POS devices can have centralized data, access becomes easier, convenient and instant. This will further trigger the growth of handheld POS market in the next six years. Also, phenomenal growth of debit and credit cards coupled with rising popularity of smart phones, tablets and other mobile devices is expected to offer more opportunities for the handheld POS market.
However, lack of awareness and network infrastructure about the handheld POS systems
may dampen the growth potential of the handheld POS market, the survey said.