Market Trends of Sweden POS Terminals Industry
This section covers the major market trends shaping the Sweden POS Terminals Market according to our research experts:
Retail Industry to account for the majority of Market Share
- The retail industry is one of the significant users of POS terminals. Considering the growing need for numerous POS systems among retailers, wholesalers, supermarkets, and department stores, this industry is predicted to hold a significant position in Sweden by moving towards future cash replacement with online payment methods. These systems are implemented by adhering to regulatory norms and providing secure and reliable payments.
- For instance, Worldline announced the LINURA LP 7220 POS terminal that is equipped with form factors like BQR, UPI QR, SMS Pay, Amazon Pay, and others, in addition to Value added services like buy now and pay later, EMIs, and also generates e-charge slip push via SMS and email for records. It also supports report download for TTG (Transaction and Terminal Gateway) and would perform Remote Diagnostics for quicker resolution of operational issues.
- The significant shift in consumer preferences is another factor supporting the change in payments from cash to electronic media, creating considerable demand for POS terminals. Further, Sweden is widely regarded as the most cashless society globally. Many shops, museums, and restaurants only accept card or mobile payments. Most store terminals support contactless card payments, creating demand for POS terminals. Also, integrating POS terminals into the system helps businesses track their expenses conveniently.
- There has been a significant trend toward avoiding cash payments for hygiene considering COVID-19 Pandemic, which has significantly impacted the market and increased demand for POS terminals. Also, companies in the hospitality and retail sectors use POS terminals for payments and additional operational tasks, such as inventory management, sales tracking, and accounting. For instance, bars, restaurants, and food service providers rely highly on POS technology to track sales, operations, products, and inventory, increasing the demand for POS terminals in Sweden.
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E-commerce and Internet accessibility to drive the POS Market
- The market is consumer-driven, and more and more customers are looking at purchasing products at ease. They are looking for the digital presence of the store to know the products, the prices, and reviews by other customers, thus making the purchase decision. This would help the E-commerce and Internet service providers, the best platform to drive the market.
- Integrating point of sale with e-commerce for any retailer doing business both online and offline is a must so that sales, inventory, and customer data flow smoothly from one system to another, thus reducing human errors, saving time, etc. By connecting the POS system to the online store, businesses could create a seamless experience for their customers, allowing them to pay in various ways making online ordering seamless, and even integrating marketing initiatives like loyalty programs using POS Software. This integrated solution would increase customer satisfaction and address business needs in real-time.
- According to Eurostat statistics, last year, the share of European households with internet access grew to around 92%, and broadband internet access was used by nearly 90% of households. This data indicates the growing utilization of the internet for different activities. The rising internet adoption would encourage retailers, hospitality facilities, and healthcare facilities to integrate cloud POS solutions to digitalize their services and enhance the customer's overall experience.
- POS terminal systems have evolved from transaction-oriented terminals/devices to systems that could integrate the company's CRM and other financial solutions to help end-users manage their revenue streams and inventory better.
