Understanding The Point Of Sale Materials Market
The changing consumer lifestyle has amounted to an impressive growth of the Point of Supply market across the globe in the past decade. Industries such as entertainment, healthcare, retail, warehouse, and hospitality have witnessed advanced sophistication, making the POS (Point of Supply) industry expand its Research and Development wing to provide better products with more efficiency. There is also an increase in the demand for contactless payments, technological interference, and Near-Field Communication devices that are predicted to satisfy the demand for Point Of Supply terminals.
Point Of Sale Materials (POSM) Industry
Three prime industries contributing to the POSM market and its fraternal retail industry are the FMCG (Fast Moving Consumer Goods), Fringe Benefits Tax industry and the pharmaceutical companies. A major market for POSM in the developing nations of Latin America and Asia-Pacific is expected to expand because of a rise in urbanization and industrial growth in those regions. Tier-2 and Tier-3 cities of India, Mexico and Venezuela are predicted to see more and more retailers springing their Point Of Sale business.
Presently, Europe and America are identified as the most significant markets that spend on the supply chain dynamics of goods. Companies across the globe are currently cutting down on their trading marketing costs and trying to locate relatively near-by vendors even if they are supplying materials of slightly lower quality.
Factors Affecting The Point Of Sale Market
Online stores are hindering the markets for Point Of Sale stores and Over The Counter (OTC) sales. The innovation in the retail industry has lead to digitally tagging the product details with the details of the buyer and incorporating them in the database. This helps the organization find linkages between the consumer traits and the product. Competitor analysis and product placement, in this case, play an important role in ensuring profits for industrialists in the POS market.
By choosing the right suppliers, efficient procurement of materials and obeying the right design of the product cycle, the buyers in the Point Of Sale market chain can save cost and time and maximize profits. An overarching need for strict government regulations and rising data security are restraining POS market growth as non-compliance to aspects such as Data Security Standards (DSS) are making online payments unsafe and hampering the trust factor of the buyers and the representatives.
Sourcing Of Point Of Sale Materials
There are two models of POSM that vary according to the nature of the material and the frequency of the demand of that material by the consumers. Hence sourcing is based on whether the demand is B2B or B2C in nature. The POS market can be classified into the cloud and on-premise deployment services. Small and medium-size manufacturers employ cloud-based POS systems as it does not require separate hardware for installation and hence is cost-effective. Even brick-and-mortar vendors are increasingly using smartphones and tablets for making Point Of Sale contracts. This technology is forecast to widen its reach and impact retailers across the globe in the future.
POS terminals are used as managed services, professional services as well as repair services. Corporate retail giants such as PAX Technology, Toshiba Corporation, MICROS Systems, Verifone Systems, and Cisco Systems are actively participating in the POS market.