U.K. Point Of Sale Software Market: Impact of E-Commerce Integration

U.K. Point Of Sale Software Industry Overview

The U.K. point of sale software market size was valued at USD 549.0 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.1% from 2021 to 2028. The demand for Point-Of-Sale (POS) software can be attributed to the rise in cashless economy, demand for mobile POS terminals, and increasing number of payment applications. The U.K. is rapidly moving toward a cashless economy, furthered by the COVID-19 pandemic. This is expected to increase the usage of payment wallets and budget-friendly mPOS terminals, favoring the market growth. Moreover, mobile and tablet-based POS terminals are more economical for small and medium-sized businesses and the availability of affordable iOS and Android compatible software is driving the adoption of POS software over the forecast period.

Gather more insights about the market drivers, restrains and growth of the U.K. Point Of Sale Software Market

A POS system has become a vital tool for many businesses in the U.K. to manage long queues and provide quick payment facilities. Initially, POS terminals with compatibly integrated software facilitated cashless payment transactions. However, upgrades in POS software offer multiple functions such as employee management, loyalty and gift card management, inventory management, everyday sales tracking, and insights on popular products and sales trends.

The add-on POS functions help scale the business competitively and manage multiple location information for a holistic view of sales and other functions. The U.K. restaurant industry has more widely adopted POS solutions to run the business. The average cost of POS software ranges between USD 79 to USD 150 per month while the hardware is a one-time investment starting at nearly USD 799. The cost of software usually increases for retailers as they need multiple functions for a successful business operation. The robust online retail industry in the U.K. and the increased offline retail space has further bolstered the demand for POS terminals and their software.

The country witnessed severe setbacks due to the COVID-19 pandemic, which led to the temporary shutdown of businesses across the retail, restaurant, hospitality, and other industries. While BFSI and healthcare sectors continued to operate amid the pandemic, owing to the necessity of attending patients and keeping the economy running, retail and restaurant industries suffered heavy revenue loss in 2020, which led to a decline in the sales of POS terminals and subsequently impacted the POS software demand during the year. Hence, the industries shifted to using alternative POS solutions such as mPOS and mobile wallets for payment transactions. While restaurants upgraded their software to provide online food sales and delivery, small retailers started promoting their business online and using compatible POS solutions to facilitate sales. This support of POS software in online sales, tracking, and payments helped businesses thrive during the pandemic. With the third wave in action and the looming fourth wave in the U.K., business owners are opting for POS software, which is continuously being upgraded with features to support online sales and transactions without the physical presence of the customer.

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Key Companies profiled:

• Lightspeed

• Square Inc.

• PayPal Inc. (iZettle)

• TouchBistro

• Oracle

• NCR Corporation

• ShopKeep

• Revel Systems

• iiko UK & Europe

• Clover Network Inc.