The global cloud-based point-of-sale (POS) system market is expected to grow at a CAGR of more than 10.0% during the forecast period. The major factors contributing to the growth of the market include the increasing number of organized retail stores and the expansion of e-commerce industry. As per the United Nations Conference on Trade and Development (UNCTAD), in 2017, the global e-commerce sales grew 13%, hitting an estimated $29 trillion. Apart from a large number of internet buyers bought products from domestic vendors, the share of consumers buying products from abroad increased from 15% in 2015 to 21% in 2017.
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As a result, the cross-border business-to-consumer (B2C) sales reached an estimated $412 billion in 2017, which is accounted for nearly 11% of total B2C e-commerce, a 4% hike as compared to 2016. The top ten countries by B2C e-commerce sales include China, the US, UK, and Japan with nearly $1,062 billion, $753 billion, $206 billion, and $147 billion, respectively. The major e-commerce companies include Amazon, Inc., Alibaba Group Holding Ltd., and eBay Inc. This shows increasing e-commerce transactions, which in turn, drives the adoption of cloud-based POS systems.
Cloud-based POS systems are considered as less costly and convenient as it allows merchants to access data of customers from any place through the internet connection, which makes it ideal for retail and e-commerce store. A centralized inventory system with e-commerce and POS integration enables to make everyday tasks 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.
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Global Cloud-based POS System Market Segmentation
By Component
· Solution
· Service
By Vertical
· Retail and Consumer Goods
· Travel and Hospitality
· Healthcare
· Entertainment
· Others (Transportation and Logistics)
By Organization Size
· Large
· Small and Medium Enterprises
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
