Industry Factors and Trends
Demographic factors and trends - The world is shifting from cash and checks to electronic payments. Functioning POS terminals are the interface between the consumer and the banking networks and service technicians are at the core of the movement.
Social factors and trends
Now, more than ever, retailers are focused on serving their customers. Retailers must run multiple software applications simultaneously at the POS to collect customer information and build meaningful customer relationship. “Customer-centric retailing” has become the mantra of successful retailers with timely customer insight driving next generation merchandising. POS affects key initiatives for Customer-centric retailing such as strategy, architecture, infrastructure and processes. As POS systems grow and improve, the role of POS systems is moving beyond simply improving efficiency and reducing costs. At the same time, the pressure to have these POS terminals updated and functioning at all time is extremely important to boost productivity.
Economic factors and trends
POS efficiency is king in many retail segments and speed improvements can have a significant impact on profitability. One 200 store regional grocer reports that for every one second improvement to the POS checkout process, they add $475,000 to the bottom line. Some larger national retailers have estimated the impact at millions of dollars per second. Advanced POS systems enable faster checkout through faster processing, faster interaction data, and better associate tools. Faster checkouts raise the number of customers served per hour and lower the labour cost per hour and lower the labour cost per checkout. For this reason, the banks are always getting service technicians to update the POS software every few months.
Regulatory factors and trends:
Banks and larger subcontracting companies do not have the time or patience to train employees on these highly interchanging POS terminals. For this reason they prefer to subcontract work out to Technical Enterprises which is reputable, functioning and skilled.
Environmental factors and trends
Increased technology demands for technicians to learn more demanding applications and software. For this reason Technical Enterprises holds meetings to familiarize and adapt to POS systems under consideration.
Increased competition and rising customer expectations will continue to drive retailers towards more customer-centric models. In Conjunction, the banks will require skilled personnel to service and install increasingly advanced POS platforms that will allow the role of POS systems in store operations to grow. Flexible POS technicians will be required well into the future to meet the needs of both the banks and the retailers to help them protect their POS investment.
The POS market is a billion dollar industry that consists of multiple banks that all have similar units but with different POS functions. One thing that all these units do have in common is that they will always require installation, de-installation and servicing. With the demand of the ever increasing technology, it is an industry that will always continue to flourish and grow.