ID: MRFR/ICT/8896-CR | December 2020 | Region: Global | 195 pages
Fuel and Convenience Store POS Market is projected to expand at a 24.9% CAGR during the forecast period. The Fuel and Convenience Store Point-of-sale software solutions are deployed in the convenience store that is a part of the gas stations. The time taken to fill fuels to their vehicles can be spent on shopping for the regular goods. Since the business activities in the convenience stores will be moving at a fast pace, the accounting and billing department has to be efficient to promote the business and reduce any data corruption or loss. The Point-of-sale software solutions are capable of analyzing the stock on inventories, sales reports, managing cash flow, and similar other parameters which facilitate the business operations.
The convenience stores built near the fuel stations are more likely to be crowded since productive customers would like to spend the time efficiently prefer shopping the essential things for their house while they fill the fuel to their vehicles. Hence the software solution is expected to be precise and efficient. Recently, fuel retailers are shifting towards the trends of cloud-based payment systems, which enable them to receive payments via cards, and other contactless payment methods. The increasing EMV technologies, software solutions with higher performance and reliability have increased the Fuel and Convenience Store POS market demand in recent years.
COVID 19 Analysis:
The COVID 19 pandemic has impacted several growing industrial sectors and commercial units including the construction and oil and gas industry. Since the Convenience store linked with the gas station is highly influenced by the gas station, the Fuel and Convenience store POS market size has witnessed a sharp decline in recent years due to the pandemic hit. The pandemic has changed the shopping method of the public; a large population has shifted towards E-commerce as the governments of several countries have imposed severe restrictions of movements. This factor has reduced the revenue rate of the retail stores and thereby affected the Fuel and Convenience Store POS Market growth in recent years.
Additionally, the market value of oil and gas is currently witnessing a sharp decline. This factor has reduced the demand for convenience stores associated with gas stations. The movement restrictions and strict lockdowns have restricted the travels. Therefore the Fuel and Convenience Store is currently affected severely by the lockdown. However, Convenient stores are looking for contactless payments to avoid the spread of the coronavirus. Such factors are likely to aid the Fuel and Convenience Store POS market growth.
Several companies are focusing on developing software solutions and applications that foster the transaction processes. Several leading vendors in the developed countries are aiming to build their businesses by offering advanced solutions that are easy-deployable and can be deployed on multiple hardware platforms/devices. Essentially, the retailers prefer to have the POS software on their iPad and their PC. This way the processes are carried out effortlessly. The increasing development of such software just the way the retailer's demand has bolstered the overall growth of the Fuel and Convenience Store POS industry.
The integration of POS software solutions with the Customer Relationship Management solutions and Enterprise Resource Planning solutions has aided the growth of the Fuel and Convenience Store POS industry. The vendors are increasingly building the software according to the preference of the retailers. Such attitude of the vendors has helped the growth of the industry.
Customers prefer contactless transactions in recent years. The advent of advanced technologies like cloud computing, data transferring technologies has increased the growth of the Fuel and Convenience Store POS industry which attracts several retailers to the market. The POS software is now able to be compatible with multiple devices like tablets, iPad, smartphones, and PCs. This has provided the required flexibility to the users.
The growth of AI and smart wearable are intensively used in developed countries for contactless transactions. This also has aided the growth of the Fuel and Convenience Store POS market growth in recent years. Additionally, the new functionalities added to the software like augmenting the cloud POS solutions with the fuel stations enable the organization to carefully monitor the financial status of the retail store and the gas station. This factor has simplified the workload. Training the staff about the software requires time and energy, since the software can be deployed on personal devices, the training process is simplified. This has significantly increased the productivity of the business.
Poor connectivity can reduce the user experience, which could potentially affect productivity and Fuel and Convenience Store POS market growth. Since the software requires the devices associated with it throughout the working hours, the poor connectivity will hinder the services and reduces the reliability of the overall system.
Scalability and lack of customization are considered as the major restraining factors of the Fuel and Convenience Store POS market growth. The software developers are capable of developing the software according to the requirement of the retailers. However, the system must be able to adapt to the environment in which it is installed. If the systems lack customization options, the overall growth of the Fuel and Convenience Store POS industry is affected.
Lack of customer support is considered the major challenge. Retailers are increasingly expecting online support and effective customer support, especially in cloud-based POS systems. Lacking effective customer support has significantly affected the growth of the Fuel and Convenience Store POS system.
Compatible with Mobile:
Although the retailers install the on-premises Fuel and Convenience store POS systems, retailers or accountants can't be present in the retail stores. Therefore mobile compatibility is essential in such situations. The software doesn't support multiple devices or mobile devices, and then this factor imposes a significant challenge to the growth of the Fuel and Convenience Store POS market.
Cumulative growth analysis:
The Fuel and Convenience Store POS market is currently facing steady growth as the vendors are increasingly emphasizing the features of the software solutions. The customizable reporting options allow the user to review the financial status and the sales reports every day. The mobile-based solutions and continuous generation of reports enable the retailer to view the entire status and sales improvements. This has impacted the Fuel and Convenience Store POS market growth. The advent of new technologies has aided the market growth and the Global Fuel and Convenience Store POS Market is projected to expand at a 24.9% CAGR during the forecast period. Although the COVID 19 pandemic has affected the market growth, it is expected to pick up the pace sooner.
Data breaches are considered as the most crucial factor in the POS systems, as the accounting data is entirely taken over by the software, any minor data breach could lead to a huge loss for the organization. Therefore the vendors are providing passport Edge subscription that secures the data effectively.
Value chain analysis:
Protecting the customer's critical data is considered the primary duty for the Fuel and Convenience store retailers. Data breaches in accounting software are increasing in recent times. The increased usage of the internet and smart devices has increased security issues and cybercrimes. The passport EDGE subscription models with the integration of EMV solutions are capable of protecting the crucial data of the customers.
The scalability and mobile-based POS are increasing the deployment of Fuel and Convenience Store POS solutions. The vendors with the help of these advanced solutions can take up orders from the customer's device and offer service immediately. Such faster transaction and service has increased the business growth and overall revenue. Additionally, the vendors are providing quality customer service after the deployment of the software solution. Such services help to reduce software crashes and other issues.
Based on the component:
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Geographically, the countries like Middle Eastern countries and African countries are witnessing a decline in the Fuel and Convenience Store POS market growth. This is due to the lower penetration of internet connectivity in those countries. Additionally, countries like Brazil, Peru, and Argentina are witnessing a slight growth in the Fuel and Convenience Store POS industry with the increasing number of vehicles in those countries.
However, North America is considered as the biggest revenue holder among other countries. The growing digitalization and industrialization have increased the Fuel and Convenience Store POS solutions. The efficient management of inventory, sales, cash flows, and other store operations has increased the demand for the Fuel and Convenience Store POS market growth in North America. Among other regions in North America, Canada is currently witnessing rapid growth.
In the year 2020, several vendors have invested in the research work related to the improvement of Fuel and Convenience store POS solutions. The Australian company has brought in a solution that meets every requirement of the small and medium-sized retailers in the country.
The Pinnacle Corporation has recently developed the existing software solution with cloud-based mobile ordering technology. This has increased the demand for software. This enables the customer to transact without actually visiting the retail store. The cloud-based solution has provided additional space as well.
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