The number of POS software installations in use at retail and hospitality operators around the world surpassed the nine-million mark in June of this year, a new study by research and consulting firm RBR Data Services has found.
According to the Global POS Software 2023 study, in the year to June 2023, there were more than 390,000 new POS installations, as leading retailers and hospitality firms embrace next-generation POS systems.
“In recent years we’ve seen global giants such as Walmart, Taco Bell and Uniqlo rolling out new POS solutions, proving that even the largest chains realise the need to adapt to a fast-changing landscape while keeping customer experience to the fore," commented Jeni Bloomfield, project lead on RBR Data Services’ Global POS Software 2023 research.
Away from grocery retail, a number of fashion chains have upgraded their POS software infrastructure, or embraced next-generation technology, including American Eagle Outfitters and New Look turning to mobile devices to relieve pressure at fixed terminals.
Elsewhere, footwear retailer Aldo and department store chain Myer have sought to boost their omnichannel approach through the use of POS software technology.
In hospitality, meanwhile, US chain chain Culver’s has rolled out a solution to support physical touchpoints and integration with third-party apps, Taco John's has introduced a new system enabling rapid menu and price changes across drive-thru and assisted POS, while IHOP moved to cloud-based software to enable flexibility across its network of 1,600 restaurants.
RBR Data Services has forecast nearly two million new POS software installations over the next five years, with store network expansion forecast to remain strong in developing markets such as in Latin America.
Elsewhere, changes in supplier will drive growth at major retailers in North America and Europe, it added.
Commenting on the increased adoption of POS technology, Brandie E Black, market analyst at Admirals said, "As we move towards a cashless society, we see adaptations on all fronts. Consumers embrace digital payments for their convenience, businesses accept digital transactions to meet customer expectations, and governments encourage cashless transactions to enhance tax collection.
"It's a wide-reaching change that reflects the broader shift towards digitalisation in all aspects of our lives."