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POS Systems: Redefining Digital Space and Businesses

Introduction

Every modern-day store, big and small, won’t be complete without a POS software. More than anything, this compilation of POS statistics demonstrates how this potent piece of technology has simplified and increased the productivity of the lives of retailers, grocery store owners, and other business owners. Since POS software has grown from the humble cash register into a full-fledged suite of business solutions, it is now recognized as the beating heart of any company.
point_of_sales_systems

Infographics by GO-Globe E-Commerce

Understanding POS Systems

A POS system is a combination of hardware and software designed to manage sales transactions and related operations. It serves as a central hub where customers finalize their purchases, but its functionalities extend far beyond that. From inventory management to customer relationship management, a modern POS system acts as a nerve center for various business processes.

Benefits for Businesses

Implementing a POS system can bring about a multitude of benefits for businesses of all sizes:

Enhanced Customer Experience

POS systems contribute to smoother transactions, reduced checkout times, and personalized service, leading to higher customer satisfaction.

Efficient Inventory Management

By automating inventory tracking and restocking processes, businesses can minimize stockouts and overstock situations, optimizing working capital.

Sales and Reporting Insights

Accurate sales data and reports help businesses identify top-performing products, peak sales periods, and trends, allowing for strategic planning.

Point-of-Sale Systems: Facts, Figures and Latest Trends

2023 Latest Statistics

  • The global POS software market is expected to generate $13.49 billion in 2023
  • Global POS terminals market is expected to grow from $103.8 billion in 2023 to $181.5 billion by 2030, showcasing a CAGR of 8.3%.
  • Only 28% of retailers are using POS software they’ve adopted within the past two years. That number for POS hardware is slightly higher—at 32%
  • With a value of just over $36 billion in 2022, the global mobile POS (mPOS) terminals market is poised for growth.
  • Its value is expected to hit $40.8 billion in 2023 and $85.1 billion by 2030.
  • The total transaction value for mPOS payments will reach $3.3 trillion globally in 2023. This is projected to grow at a 14% CAGR, reaching $5.58 trillion by 2027.
  • Average mobile transaction value is expected to increase 40% by 2027
  • More than 40% of restaurant businesses are planning to make mPOS implementation a priority for 2023.
  • By 2026, digital and mobile wallet payments are expected to make up 43% of global payments (up from 32% in 2022).
  • In 2022, only 13% of Retail Consulting Partners survey respondents felt they had successfully integrated their POS and OMS, but said it needed improvement, and another 30% planned an integration within three years.
  • Data from POS transactions make up 51% of retailers’ most valuable data.

General POS Statistics

  • In 2020, the market size value of POS software reached $9.3 billion. It is forecasted to hit $18.1 billion by 2027.
  • The top POS priorities among North American retailers for 2020 are as follows:
  1. Omnichannel capabilities integration - 59%
  2. Improve existing POS - 52%
  3. Unified ecommerce platform - 44%
  4. Mobile POS - 44%,
  5. POS upgrade or replacement - 41%,
  6. Hardware upgrade - 30%
  • The largest POS market segment is POS hardware, which is predicted to reach $66.30 billion by 2025.
  • 59% of retailers made focusing on omnichannel capabilities their top POS priority in 2020. Meanwhile, 52% of retailers wanted to enhance their POS systems in the same year.
  • Compliance (7%) and considering a unified payment platform (7%) are the least of retailers’ priorities in 2020.

Mobile POS Systems Statistics

  • For 2020, the total mobile POS transaction value was $1,017,982 million and is projected to reach $2,489,471 million in 2021. (Statista, 2020)
  • 16.9% – the expected annual growth of mobile POS value from 2021 to 2025.
  • By 2025, the value of mobile POS market value is expected to reach $4,650,556 million.
  • There are 1,490.5 million users of mobile POS payments worldwide as of 2021.
  • 54% of businesses have used mobile POS for processing transactions.
  • 79% of stores that use POS systems are small and mid-sized brands, while 21% are large enterprises.
  • 23% of mobile POS users still can’t accept payment using the tool.
  • Today, 46% of retailers don’t utilize mobile POS to process their transactions.
  • As of 2020, 50.6% of mobile POS users are male and 49.4% are female.
  • Among consumers, 28.6% of mobile POS users are between 25 and 34 years old, which is also the age group with the largest number of users.
  • The year-on-year growth rate of mobile POS payment users is +10.1%.
  • In 2019, the average transaction value of mobile POS payments per user is expected to reach $7,960.5 in 2021.
  • Total number of mobile POS payment users is expected to reach 85.6m by 2025.
  • Experts predict that the transaction value of mobile POS payments will reach $1,006,220 million by 2025.

Mobile POS Payment Users Based on Income

  • 30.8% belong to the low-income bracket.
  • 30.5% are medium-income earners.
  • 38.6% are high-income earners.

Mobile POS Payment Users based on Age Groups

  • 21.1% = 18–24 years
  • 26.8% = 25–34 years
  • 26.2% = 35–44 years
  • 16.3% = 45–54 years
  • 7.8% = 55–64 years

Mobile POS Payment Transaction Value (2017–2025)

  • $4,165.8 in 2017
  • $5,114.45 in 2018
  • $6,063.1 in 2019
  • $7,011.80 in 2020
  • $$7,960.5 in 2021
  • $8,909.14 in 2022
  • $9,857.8 in 2023
  • $10,806.5 in 2024
  • $11,755.2 in 2025

Restaurant POS Statistics

  • The global market for restaurant POS terminals is expected to jump from $20 billion in 2022 to $38 billion by 2030, which This represents a CAGR of 8%.
  • The self-service kiosk subsegment of the market is projected to grow the fastest, with a CAGR of 9.5%.
  • Purchasing a POS system costs restaurants an average of US$9,300 upfront. This is down from more than US$13,000 in 2017. However, monthly costs have risen since 2017, from about US$140 to some $380 in 2022.
  • 57% of restaurants worldwide aim to introduce new payment options.
  • 30% of restaurants are motivated to upgrade their POS for the “tight integration” needed to execute omnichannel shopping experiences.
  • More than 70% of businesses use POS data for digital engagement, menu optimization, and streamlining payments.
  • More than 60% of restaurants use one or more handheld POS terminals, compared to just under 30% in 2017.

POS User Personalization Statistics

  • 34% of retailers use mobile website or applications to retrieve customer information they can use to create a more personalized experience.
  • 78% retailers plan to use mobile apps to help with identifying the customers in their stores.
  • 56% of retailers can retrieve buyers’ contact information during checkout; 22% of retailers can do so before checkout and 7% can get a buyer’s contact details after checkout.
  • 35% of retailers are already offering personalized rewards based on customer loyalty. Meanwhile, 23% of retailers plan to offer personalized rewards within 12 months, and another 23% plans to do the same within 1-3 years.
  • 41% of retailers plan to add “suggested selling based on previous purchases” within 1-3 years as part of creating a more personalized experience for the buyer. This is already being offered by 22% of retailers and another 22% also plan to implement the same personalization approach within 12 months.
  • 23% of retailers are exploring NFC & Beacons and 15% uses media listening as alternative customer identification technologies.
  • 91% of shoppers are more likely to buy in stores that can provide more personalized and relevant suggestions.
  • 83% of consumers are willing to divulge personal information in exchange for a personalized shopping experience.
  • More than 86% of the total software spending in the retail industry is dedicated to the concept of “unified commerce.”
  • For 79% of shoppers, a key consideration when looking for stores to shop is personalized service.
  • 56% of consumers opt for businesses with brands that allow shoppers to use a shared cart across different channels.

Cloud-Based POS Statistics

  • It is estimated that a CAGR of nearly 25% will be generated for the global cloud POS market, from a value of US$3.6 billion in 2021 to US$26.4 billion by 2030.
  • On-premise deployment is by far the leading deployment method for restaurant POS systems (75% of revenue in 2022), however, cloud-based deployment is the fastest-growing method, with a CAGR of 9.2% through 2030.
  • Only 7% of retailers are currently using cloud-based POS, but 28% claim that they plan to adopt cloud-based POS in the future.
  • 52% of corporate organizations have fully transitioned to cloud-based POS; 40% more are planning to migrate to cloud-based POS.
  • Only 7% of retailers are currently using cloud-based POS, but 28% claim that they plan to adopt cloud-based POS in the future.
  • Cloud POS systems have gone beyond the 20% critical level in market penetration. This covers all retail categories except for cafeteria businesses.
  • More than 60% of recent POS system purchases were cloud platforms, setting a new milestone when cloud platforms first surpassed legacy systems.

AI-Powered POS Statistics

  • 15% of businesses in the United States have used POS with AI capabilities.
  • 40% of US-based businesses are planning to use AI-enabled POS within the next 12 months.
  • 40% of customers in the 18-24 age group are happy with the AI-integration in stores that meet their expectations and preferences.
  • Experts predict that AI-enabled services will grow further, with 15% of businesses already deploying it in their POS systems.
  • Estimated market value by 2026 is expected to reach US$10.9 billion, with a CAGR of 35% from 2021-2026.

POS Report & Analytics Statistics

  • 78% of retailers are not capable of identifying their customers until checkout.
  • 22% of retailers do not have the capability at all to identify their customers.
  • 22% of retailers use their customers’ purchase history to suggest new products or services.
  • A survey of small businesses shows that 50% of small businesses believe that the various reports that they generate are crucial in helping sustain their POS usage.
  • 75% of companies are planning to allocate in-store mobile tools in their budgets within the next year.
  • 61% of merchants prefer buying POS systems with analytics for understanding customer preferences.

POS Data & Security Statistics

  • 49.3% of retailers agree that fraudulent activities occur the most during in-store-only purchases.
  • Multichannel purchases (bought online and picked up in-store) are also vulnerable to fraudulent activities according to 18.8% of retailers.
  • The use of POS exception-based CCTV interface as part of security measures has increased by more than 16% since 2019, rounding up the businesses utilizing this technology to 49.3%.
  • 72.5% of businesses use POS data mining as part of their loss prevention system.
  • In 2019, 65.1% of US-based retailers turned to POS data to power their loss prevention efforts, registering a 7.9% increase from the previous year.
  • Over 56% of retailers in the US have already deployed POS analytics to combat fraud.
  • New POS systems-based technologies, such as fingerprint ID, are emerging, with 5.8% of retailers already using the technology, 2.9% in the testing phase, and 2.9% planning to implement in 2021.
  • In 2013, retail giant Target became the victim of one of the biggest POS data breaches of all time, where its POS systems were infected by a trojan to steal the credit card information of over 70 million customers.
  • In 2014, Home Depot was attacked using a POS malware, affecting as much as 2,200 branches and 56 million customers.

Sources: fitsmallbusiness.com/point-of-sale-statistics and financesonline.com/pos-statistics

 

Conclusion

In the realm of modern business, POS systems have proven to be indispensable tools that drive efficiency, enhance customer experiences, and enable informed decision-making. From streamlining transactions to optimizing inventory management, the power of POS systems goes beyond the point of sale, shaping the future of commerce.

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