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19/02/2010 -
The point-of-sale terminal market has not been immune to the tough economy, as most retail segments held off on purchasing or replacing POS terminals, according to the latest North American market report from IHL Group, a global research and advisory firm for retail and hospitality technology. The report, cited by StorefrontBacktalk.com, found that department stores purchased 24 percent fewer POS terminals in 2009 than they did in 2008, while bar restaurants purchased 19 percent fewer. Just quick-service restaurants and warehouse club chains saw an increase in POS terminal purchases, but even then the growth was just 2 percent.
However, the website reported that the total POS terminal market in the U.S. and Canada will reach $5 billion in 2010. IBM in particular is expecting growth in the double-digits this year.
In addition, the study noted that the decline in POS terminal purchases may not necessarily be a result of lack of payment processing demand - it may be a consequence of the reliability of the equipment.
"The fact that many [older POS terminals] kept on working, extending the lifecycle, has hurt [vendors'] replacement business in the last couple of years," StorefrontBacktalk.com cited from the report.
However, experts say that merchants with outdated POS terminals should seriously consider upgrading, not only for customer service and checkout speed purposes but also for the sake of PCI compliance.
