POS Systems: 21 Point-of-Sale Statistics to Know in 2022
Point-of-Sale (POS) systems as a concept are more than 140 years old! The great grandfather of all POS systems is James Ritty’s cash register from 1879. For almost 100 years after that, POS systems were mechanical.
Without POS systems, producers, retailers, drop-shippers, and consumers’ shopping experiences would be far slower and more miserable. These days, POS systems are completely computerized and make running a business cheaper and easier than ever before. Check out these 21 Point-of-Sale statistics to see how this technology is doing in 2022.
1. POS Systems Replacement Statistics
More than half of retailers are looking to replace their POS systems before 2025 (and a third within the next year). Updating your POS systems to stay with this trend will mean more technicians and POS companies will be able to support the system you use.
2. The Current Age of POS Systems in Use
Surprisingly few POS systems are running current software. Even fewer businesses currently have POS hardware (terminals or mobile devices for POS purposes) that’s younger than two years old.
3. Newer POS System Integration Capabilities
Newer POS systems are designed to generate data that can be interpreted by an order management system as well. This takes some of the burden off your supply chain manager and allows more efficient operations. This also makes it easier for sole propriety businesses to have a Just-In-Time delivery structure.
4. Most Retailers Want 5 Key Features
The most popular POS systems have five features in common. They can connect to the business’s website, their software can run on mobile devices, they can generate and display data for individual customers, they have an offline mode, and they’re intuitive and easy to learn.
5. POS Software’s Global Market Value
The creation, maintenance, and sale of POS software is a large and growing global industry all on its own. The market size for POS software was over $12 billion in 2018 and is set to grow to $42.5 billion by 2027.
6. POS Hardware’s Global Market Value
The market for POS hardware is even more valuable, sitting at nearly $85 billion globally. Most of the current market share is thanks to Asian markets (which constitute almost half of the market’s size).
7. Payment Processing Statistic for POS Units
Last year, POS systems the world over processed $14.8 trillion worth of transactions. That means private trade payments processed by POS units constitute around half of all global trade.
8. Mobile POS Unit Payment Processing Track Record
By the end of 2021, mobile POS (mPOS) units processed around 20% of all payments put through a POS system. That means almost $3 trillion worth of payments were made through mPOS systems.
9. Retailers with Common Commerce Platforms
Many retailers currently have common commerce platforms, where store, web, and mobile transaction data is captured centrally. Having a unified platform makes it easier for customers to navigate your storefront on any platform as well as simplifies the job of your managerial team. Many more retailers want POS systems that can accommodate commerce platforms so that they too can have these benefits.
10. Digital and Mobile Payment Popularity
Digital wallets and mobile payments through POS systems accounted for around 29% of global transactions in 2021. Digital wallet use is set to rise steadily to 40% in the next three years while cash becomes a less popular way to transact. Card purchases remain steady (at around 48%), which means POS systems must have credit card processing capabilities.
11. Self-Check-Out Statistic
During the pandemic, buy-online-pickup-in-store (BOPIS) became a trendy and time-saving innovation. Around 47% of shoppers reported enjoying the efficient benefits of curbside pickup and want stores to implement these measures (self-checkout kiosks or a BOPIS option in the mobile app).
12. POS Analytics Uses
More than 56% of retailers use their POS analytics to prevent losses. Inventory management and control tactics’ effectiveness can be measured with the objective sales data POS systems generate.
13. POS Data Uses
Mining data from all POS analytics allows businesses to benefit from each other’s data, strategies, and lessons. Most businesses can use this information in some way to improve inventory control (theft prevention) and management (logistics and order quantities).
14. The Biggest Users of New POS Systems
Unsurprisingly, restaurants are leading the charge in purchasing and implementing new POS hardware and software. Restaurants are the biggest buyers of new POS systems in 2022.
15. Restaurants and mPOS
Most restaurants report that implementing mobile POS systems in their operations is a priority for 2022. These units make ordering food and paying at the table quicker. They’re also a good fit for mobile confectionary stands, food trucks, and any other free-floating food merchant.
16. Restaurant POS Systems Embracing New Payment Methods
Most restaurants aren’t satisfied with POS systems that only accommodate card and cash transactions. With new POS systems, restaurants can start supporting digital wallets, contactless payments, and more.
17. Omnichannel Integration
Omnichannel integration is quite a popular improvement in customer service in retail, but it can also have great uses in the hospitality industry. Many restaurants report that they want to have POS systems that support omnichannel integrations.
18. POS Migrations
The biggest driver of restaurants searching for and buying new POS systems is their need for digital wallet accommodation and other useful integrations. Many restaurants are ditching their current hardware and software in search of more innovative platforms.
19. POS Software and Customer Loyalty
One of the primary uses of POS software (beyond managing sales and inventory) is tracking customer purchases for loyalty programs. It’s so easy and efficient to keep track of a loyalty program with POS software that most businesses that offer loyalty programs run them with their POS systems.
20. POS System User’s Interest in the Cloud
55% of retailers want POS systems that run on the cloud in the next 3 years. These systems are easier to integrate into common commerce platforms.
21. Interest in Upgrading POS Systems
About 85% of all retailers reported that they wanted to upgrade their POS systems to create a better digital environment for their customers to deal with. Enabling flexible pickup options, customer personalization features, and improving the mobile experience were some of the highest-ranking priorities.
POS Systems Are Growing in Popularity
POS Systems have come a long way since their inception. Even though they started out too expensive for common businesses to use, today operations of any size can afford a POS system. The statistics seem to suggest that an increasing number of businesses are turning to POS systems to improve their operations and customer service capabilities.
If you’re looking for cutting-edge Point-of-Sale systems, then contact us today. We supply smart POS Systems and terminals for your business’s credit card processing needs.
