The point of sales (POS) systems are the most widely used financial utilities in the retail markets around the world these days. The trend which first started from New York City, the United States of America in the early 70s, spread its positive effects throughout the USA, Canada, and the European side with excellent features with great implementation. Within the next 8 to 10 years, this innovation knocked on the doorsteps of Asian retail markets as well, with a promise in growth and development all in all.
South Asian market is amongst the most essential retail markets in the world with hundreds of new companies and brands being launched every month, the point of sale systems industry has prospered a great deal in this part of the world. The retail business owners in South Asian markets are delighted by the deployment of point of sale systems in their businesses, it has made customer dealing and other issues pretty easy, and the customers also have some great feedback regarding the services being offered by the point of sales POS system.
If you look back at our previous blog topic, which was regarding the focus point during the purchase of the pos system. We openly discussed the critical point which users have to keep in mind while selecting any pos system according to their business needs. We also shed light on what sort of approach should buyer have to take when buying pos steam and most importantly the choice between a conventional pos system or cloud-based pos system
POS System in the Retail Markets of South Asia:
Some parts of South Asia consist of underdeveloped countries, or we should say developing countries, which are still in the process of acquiring POS technology completely. Here begs the question of why this acquiring has been so late? The reason behind this latency is the awareness and knowledge which according to the situation and scenarios in the country has been a major issue, the countries like Pakistan, Bangladesh, some part of India, and China are still in the process of reconstructing and understanding the science behind the effective use of point of sale system.
While the North American and European market has seen great growth in the POS business setup and their exports, South Asian market has seen a rapid growth especially in the Chinese and the Japanese and also in South East Asian region. It has seen a great rise in the new technological set up for the financial aspect of their business, people from the other parts of Asia are also contributing in making the POS technology more spread and hands-on in their version. In this article, we will discuss how the POS system plays a significant role in the retail markets of South Asian Countries.
POS Systems in the Retail Markets of Bangladesh:
Bangladesh has made significant progress in recent years. As mentioned by world economic forum edition of July 2018, Bangladesh has been named as Asian tigers in terms of economic growth and there is an estimated assumption that it will take over the Indian economy in growth by 2023, how a country like Bangladesh progressed that much where people with the percentage of more than 40% are living below the poverty belt.
One of the chief reasons why Bangladesh has progressed is because they have restructured their retail businesses & due to its versatile functionalities, most of their retail businesses are using both conventional and cloud-based POS systems in dealing with their financial aspects. Bangladesh normally used to trade with its high quality of jute, cotton, and fish export business has been the icing on the cake of the retail market. Moreover, Bangladesh’s Retail market can be divided into two forms the organized and unorganized retail businesses. Although the organized form of retail markets is yet to be accepted by the masses as the local retail business from the normal vendor shops are still the major contributor to the economy. Bangladesh has a population of more than 240 million people, the POS systems in their retail markets are being used in top brand stores, it is also being used as the main financial aspect in the fishing industry.
POS Systems in the Retail Markets of China:
The retail industry of China is the most promising and safe mode of doing business. China is a country with a population of more than 1.5 billion people living in it, so you can imagine the type of workforce they carry with them every time. From being a country that has a version of itself in anything to the biggest entrepreneurial ground of Asia, China has all the recipes you need to flourish as a businessman in its local market.
China is the biggest economy in the world. China’s merchandise trade is the biggest contributor in its GDP, with a percentage of nearly 32% by the end of July 2018. Not only the merchandise but the local market trends, which include the groceries, utilities, automobile, consumer goods, etc., all of them are well equipped and operated by the financial utility of point of sales (POS) systems both conventional and cloud-based. China also held the crown of being the sole importer of region-based POS systems in South Asia and Southeast Asia, as mentioned above, they have a version of everything in their way, they create good quality of POS systems with complete reliability that these systems can be used anywhere, anytime with proper upgrades whenever required. Normally Chinese POS products are found in the retail businesses of Utilities, Food & Beverage Apps, Multiplex malls, and there are many different industries as well, where they are using POS systems.
POS Systems in the Retail Markets of India:
India is the second-largest economy of Asia and fifth overall in the world. In the past decade, we have seen some great advancements in IT and economic whereabouts. Being the IT hub of South Asia, India has invested greatly, and in return, they got the best possible result from the retail industries. India is amongst the fastest growing economy in the world. It can easily be analyzed by the fact that just in 2018, there profits from retail businesses have reached a mammoth 950 million US dollars making up to 17.6 % of their GDP. It is expected to grow up to 1.1 billion US dollars by 2020.
The retail industry in India is considered as its backbone and why it shouldn’t be because it has raised from 13.51 billion US dollars to 26.67 billion dollars from 2016 to 2019. The POS systems are the heart and soul of their retail businesses, Being the largest entrepreneurial ground of South Asia and with the developing industry of point of sale systems, India is flourishing in the retail business not only in the developing cities but also the major cities and metros.
They have ranked all of them in tier 2 and tier 3 cities, and would you believe it, the expenditure and the growth of retail businesses in the POS systems, both conventional and cloud-based being used in there is more or less equal. People in India are using the new technology of point of sale systems in their retail business and making the profits available to them 24/7. The retail Businessman in India relies a lot on their Point of Sales Systems. They are using in Booking apps, Largely at Retail stores, BPO services, and even in the Policy Booking apps as well.
POS Systems in the Retail Markets of Malaysia:
An Honorable mention, not part of the South Asian market, but due to its great influence in the region, we got to discuss something about the Malaysian market. The Malaysian retail market has seen quite a variation in the recent years, for example, the retail trade in Malaysia as increase up to 7.2 % in this year till September 2019, but it has also seen a significant deprivation in the first part of 2018 where it has dropped by 6.2 % the initial part of the year, but steadily it gain some momentum thanks to the retail mobile phone & grocery businesses the people own there.
Being a highly tax regulated country, Malaysia has given a great opportunity to the people of the country to start their own business with easy loan schemes, and it has paid very well to them, with a good revenue collection and a good growth rate. The point of sale systems in Malaysia are being used at their hotels’ fast-food chains, and their tourism industry is also so using these technologies to manage their financial settlements and businesses.
POS Systems in the Retail Markets of Pakistan:
Pakistan being the Fourth-Largest entrepreneurial ground, the 13th Largest economy of the world has some mixed opinion about the POS systems deployed in their retail businesses. People are using the old cashbook method normally in the markets of undeveloped places of the country, but as far as the metro centers, the cities are concerned there is a much better situation. The Shopping malls, the cafes, Multiplex theatres, and the restaurants as well are using POS systems for their financial setups.
With the new regime in power, it is assumed that this technology will reach all the places so it may get more spread out. Reforms are being made for the people, so they will use the POS systems in their retail business, which will surely be a positive aspect of retail businesses for the people of Pakistan.
We at CIS provide you all the day to day services required in managing POS systems in your businesses, we are the only one in Pakistan who are providing Point of sales services in 8+ industries, that includes the point of sales system being used in Hospitals, Restaurants, Pharmacy and even for the armor management systems as well. We are amongst the top-rated Solution providers in the country working on this domain. With our Clients all over Pakistan, UAE, and other countries we make sure to provide you the best possible service and support in the Point of sales systems 24/7.