The global point of sale display market is expected to grow at a CAGR of around 8.0% from 2020 to 2027 and expected to reach the market value of around US$ 17.5 Bn by 2027.
A POS display (Point of Sale display) is a type of sales promotion in which products are displayed near, next to, or on a transactional purchase area. When used to display or promote convenience goods, point of sale displays are most effective. The purpose of such displays is to draw the attention of consumers to products and encourage them to make an impulse purchase. Point-of-sale displays are used to elicit what marketers call a "problem recognition response" in customers. Products on a point of sale display are typically items that are not at the top of a consumer's mind. Point-of-sale displays expose products visually and help consumers realize that they may require that specific product to solve a problem. Point-of-purchase displays draw the consumer's attention and encourage impulse purchases.
Future of the Point of Sale (POS) Displays-A commentary coupled with technology and trends
Selling merchandise is no longer just about making a sale; it's about engaging customers by providing them with a more targeted, personalised, and streamlined shopping experience. Because the millennial generation has such a large influence in today's retail sector, digitization has begun to play an important role in the overall customer experience. Advanced technologies, ranging from mobile applications to digital point-of-sale displays, are an important part of in-store digitization. Sensors in advanced POS displays, for example, can detect individuals in close proximity. When a customer approaches the screen, the display can transition from general promotion images to detailed product information. Digital POS displays can also be programmed to recognise customer characteristics such as gender and skin tone, allowing you to tailor your content accordingly. Customers will be able to showcase a wide range of relevant products by integrating such features. According to Shopassociation research, more than 70% of purchase decisions are made in-store as a result of visual and emotional stimuli, which have a significant impact on the consumer experience and shopper behavior. Because overall customer experience is viewed as a key competitive differentiator, more than half of retailers intend to make significant investments in customer experience strategies by 2018.
Technological advancements coupled with rising adoption of mPOS machines take a forefront lead for the growth of global point of sale display market
A smartphone, tablet, or dedicated wireless device that wirelessly performs the functions of a cash register or electronic point-of-sale terminal (POS terminal) is known as an mPOS (mobile point-of-sale). An mPOS can also be inexpensive, allowing a small business owner to conduct transactions. mPOS technology is significantly less expensive than traditional POS technology, and it is based on cloud-based subscription models with low initial costs and monthly maintenance payments. In addition, mPOS systems can result in shorter checkout and return lines. The mPOS market has reached a tipping point in recent years, with even larger retailers adopting the technology to help update their customer experience and improve satisfaction in the face of declining foot traffic. According to a Juniper Research study, mPOS transactions will account for 24% of all POS transactions by 2023. Businesses can choose from a variety of mPOS options. Square, Lightspeed, Shopify, PayPal Here, ShopKeep, Intuit, and SalesVu are some of the most popular mobile POS vendors.
Point of sale display improve customer engagement by stimulating growth of overall market
A good POS system is integrated with the store's CRM and ERP systems, which means that all data is updated in real time. This means that retailers can personalize the customer experience by offering special promotions and loyalty program offers at the point of purchase. Store associates can look up transaction data, including past purchases, even if a network connection is unavailable, thanks to an intuitive and touch-enabled user interface that is simple to learn. POS systems contribute to a better shopping experience by speeding up purchase transactions, providing faster responses, and improving customer service. The widespread use of touch screens in POS by retailers has resulted in quick and centralized transaction processing functionality. Furthermore, it has enabled retailers to save space that is often taken up by keyboards and other data entry accessories, simplifying and streamlining the checkout process. Restaurants and retailers, for example, frequently use point of sale marketing tactics to entice customers to make last-minute purchases. However, because retailers resell the products of other businesses, point of sale marketing is important to any company that sells items at/near a retailer's POS.
The global point of sale display market is segmented based on type and application. By type, the market is segmented as countertop displays, free-standing displays, floor displays, and others. Based on application, the market is segregated as retailers, auto dealers, banks, construction companies, restaurants, community events, and others
Floor displays will dominate the global point of sale display market by type until the end of the forecast period. Floor displays provide accurate product information to consumers and allow brands to capitalise on ongoing customer engagement, which bodes well for segmental growth.
Retailers have dominated the global point of sale display market in the past and are expected to do so again in the coming years. Because point-of-sale merchandise focuses on low-ticket impulse items that can be easily added to other purchases. They are most appealing to impulse buyers who aren't particularly loyal to a brand (brand shoppers will typically find their preferred brand on its normal shelf, instead of discovering it at the POS). While different types of retailers may have vastly different customer bases, POS displays tend to be universally appealing. These are the factors that are fueling the growth of the global point of sale display market.
North America dominates, Asia Pacific to register fastest growth during the analysis period
Historically, North America dominated the global point-of-sale display market. In this region, the strong regulatory support stimulates demand for the integration of innovative marketing strategies for point-of-sale display from established retail chains such as Target and Wal-Mart. This is one of the most important factors driving the growth of the global point of sale display market. Asia Pacific, on the other hand, will experience the greatest growth in the global point of sale display market in the coming years. Attracting significant investments from a variety of retailers as part of aggressive marketing strategies is the primary driver of the global growth of the point of sale display market.
The prominent players of the global point of sale display market involve IPC, WestRock, DS Smith plc, Georgia-Pacific LLC, The Smurfit Kappa Group plc, Sonoco Products Company, BPKC, and among others
Market By Type
Market By Application
Point of sale display market is expected to reach a market value of around US$ 17.5 Bn by 2027.
The point of sale display market is expected to grow at a CAGR of around 8.0% from 2020 to 2027.
Based on type, floor displays segment is the leading segment in the overall market.
Rising adoption of digitization is one of the prominent factors that drive the demand for point of sale display market.
IPC, WestRock, DS Smith plc, Georgia-Pacific LLC, The Smurfit Kappa Group plc, Sonoco Products Company, BPKC, and among others.
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years