LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global POS cash drawer market to grow at a CAGR of close to 7% during the forecast period, according to their latest report.
The report further segments the global POS cash drawer market by interface (printer-driven cash drawer, Ethernet-driven cash drawer, serial and USB-driven cash drawer, and manually-driven cash drawer), by end-user (retail and hospitality), and by geography (APAC, EMEA, and the Americas).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global POS cash drawer market:
- Safety and effective cash management
- Growing organized retail format
- Continued dominance of cash in consumer transactions worldwide
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Safety and effective cash management
Retailers are significantly investing in internal control measures to safeguard their cash and equivalent assets. It is essential to ensure the safety of cash with reliable and stringent controls as cash is the most important asset of the business. Following proper cash management practices is also relevant to maintain accurate financial reporting. Cash drawers are designed to ensure both safety and effective cash management. They collect, record, and track all cash and non-cash receipts and disbursements.
According to Narendra Nandaigari, a lead analyst at Technavio for retail systems research, “Theft and robbery are common issues that retailers encounter. By ensuring proper controls at checkouts, cash loss from such incidents can be limited. Cash drawers require cashiers to log in with unique credentials each time to gain access to the cash in it. Each time a cash drawer is opened or closed, it makes an employee accountable for the cash in the drawer. This ensures complete cash safety even when the checkouts are unattended at times.”
Growing organized retail format
The global organized retail market is witnessing rapid growth due to the changing macro and microeconomic factors, increasing customer preference for global brands, and growing competitive pressure in the industry. Changing demographic profile, increasing disposable incomes, changing consumer tastes and preferences are driving the growth in the organized retail market. The rapid emergence of organized retail formats such as mega malls and hypermarkets are supplementing the growth of organized retail across the globe. Regardless of the economic turbulence, developing economies across the globe are offering retailers several growth opportunities.
Retailers are using technology to modernize their stores and enhance customer experience. These additions comprise of the introduction of barcode scanners and self-checkouts for easy billing, RFID technology for real-time tracking, retail analytics for a better understanding of consumer preference, and ERP software to manage suppliers.
Continued dominance of cash in consumer transactions worldwide
Though the demand for digital transactions is growing exponentially across the globe, cash continues to dominate consumer transactions around the world. Cash gives buyers the anonymity they cannot get with plastic or electronic transactions. Furthermore, payments in cash also make negotiations easier for consumers, while some larger retail stores prefer cash to avoid credit card merchant fees.
“In 2013, cash transactions accounted for around 86% of the regular retail payments across the globe, equating to about 62% of the value of retail transactions. Despite governments of various nations taking several initiatives to promote cashless transactions and reduce dependency on cash, their efforts have not yielded expected success,” says Akash.
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