With malls and hypermarkets spreading across cities in a rapid pace creating waves in Indian retail sector, one thing which did not get much attention but stands as a backbone to the success of such high-end retailing businesses in the country is Point of Sale (POS) equipment.
Handling such large customers in big retail stores or restaurants won’t have been possible had these entities not adopted the technological revolution created by point of sale equipment which includemobile cash registers, touch screen monitors, barcode readers, credit/debit card readers and printers.
According to a report,the value of POS transactions in India is estimated at USD 25 bn across one billion transactions with average number of transactions per POS terminal registering around 1,000 per year. In India, POS equipment have invaded even street-corner grocery stores in small cities in the form of low-end billing machines and cash registers to improve customer service.
Some of these shops even provide discounts from the packet price to turn the attention of super market or mall goers. However, as per IndigoEdge market survey, POS terminals or other equipment are used only in 250,000 retail outlets spread across 700 cities in India, which makes a point that there is more room for POS equipmentto grow further in India retail market.
The growing adoption of mobile POS in retail and hospitality sector has emerged as the most significant growth driver for POS market in India though fixed POS terminals remain the major revenue generator.
With smartphones and tablets becoming pervasive and cheap, mobile point of sale market is expected to grow exponentially and account for a significant percentage of transactions in the coming years. The market is also evolving due to the entry of new players, especially, software service providers and this is increasing the competition among the players.
Key players in POS and related terminals in India include Motorola, Epson, Posiflex, Honeywell, TVS Electronics, Unitech, Argox, Casio, Citizen, Godex, NEC Corporation & Toshiba
Though POS equipment market is burgeoning in India, there are still apprehensions among small and medium retailers about choosing the right technology for their business. Justrasact.com, one of the pioneer in supplying POS products, has a whole gamut of branded POS equipment. Provided with product specificationsto facilitate buyers to get clear idea about selecting the right product at right price,they can also compare various factors such as technical specifications of different brands, prices, suitability to business/industryneeds, etc, before they buy a POS product.