Point-of-Sale or POS software refers to applications that automate various activities of a retail outlet and are used for retail sales management. Control over operations, increasing efficiency, productivity gains, increasing the productivity of serving staff, fine-tuning of business model and return on investment are the primary drivers of POS software.
Importance of detailed reports that can help companies make more informed business decisions, and increasing inventory shrinkage, theft, wastage and employee misuse are driving the sales of the POS software in the retail and hospitality sectors.
Availability of wireless POS systems, average life completion of many installed terminals, along with the new software requirement for the efficient utilization of old POS systems are also offering potential sales opportunity for POS software.
In addition, EMV compliance – (Europay/MasterCard/Visa) standard for chip-embedded cards is expected to drive the EMV compatible POS systems in the Chinese market.
The POS software market in China is undergoing a developmental phase. There has been a lot of technological advancement and expansion in the Chinese POS software market. New technologies are being continuously added into the POS machine system on the section of display, storage, hard disks, operation platform, etc.
In China, both the foreign as well as domestic manufacturers (despite having a considerable volume of sales), try to save time on R&D activities; thus, compromising on the design and functionalities of the POS machines.
The report by TechNavio Insights forecasts the size of the Point-of-Sale (POS) Software market in China over the period 2008-2012. Further, it discusses the key market trends, drivers and challenges of the POS Software market in China, and profiles some of the key vendors of this industry.