The global cloud-based POS system market is estimated to grow at a CAGR of more than 10.0% during the forecast period. Growth in retail and e-commerce sales is primarily driving the market growth. As per the US Department of Commerce, in the fourth quarter of 2019, the total retail sales were estimated at nearly $1,386.2 billion in the US, a rise of 0.4% from the third quarter of 2019. In 2019, the total e-commerce sales were estimated at $601.7 billion, a rise of 14.9% from 2018. In 2019, the total retail sales rose 3.4% from 2018. In 2018, e-commerce sales accounted for 9.9% of total sales, while in 2019, it reached 11.0% of total sales.
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Likewise, the growth of retail and e-commerce industry has been witnessed in emerging countries coupled with the expansion of organized retail sector and internet and smartphone penetration. This, in turn, is contributing to the demand for cloud-based POS systems in retail and e-commerce sector. Cloud-based POS system is being significantly used in retail and e-commerce application owing to the flexibility in operations and support a range of omnichannel scenarios. It enables to perform standalone application such as online ordering platforms, payment solutions, CRM and accounting solutions for expanding their businesses. It offers flexibility to access information from any place in real-time, which can be used in unique ways to leverage sales positively.
Cloud-based POS system allows flexible, seamless engagement capabilities to exceed the expectation of customers. These systems are considered as convenient and less costly. A centralized inventory system with POS integration supports to make operations of retail businesses easier. It can be integrated with online and offline stores, including physical store, Shopify, Amazon, and eBay and management of product variation become easier with the Stock Keeping Unit (SKU) generator. Therefore, cloud-based POS supports to automatically adjust retail and e-commerce inventory. It provides visibility to the store associates in terms of item attributes/variants and enterprise inventory.
It allows to manage loyalty programs and customer information across all channels and improves the sales data accuracy. The platform empowers store associates with customer profiles and order history. Increasing competition in the retail and e-commerce has led the demand for POS systems to facilitate online and offline transactions. It allows rapid checkout through the kiosk, mobile, and digital display, which improves customer service. This, in turn, is contributing to the growth of the global cloud-based POS system market.
Global Cloud-based POS System Market- Segmentation
By Component
By Vertical
By Organization Size
Global Cloud-based POS System Market– Segment by Region
North America
Europe
Asia-Pacific
Rest of the World
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