The Importance of a Global POS System
The global POS system market is projected to grow from $75.5 billion in 2020 to $138.1 billion in 2026, a 10.3% CAGR (compound annual growth rate), according to a late 2021 report by Global Industry Analysts. Mobile POS software terminals specifically are predicted to experience a slightly greater growth – 10.4% CAGR – within the next 7 years, adds the report.
Part of this can be attributed to the massive growth some retail markets are experiencing locally in different parts of the world. Another part will be accelerated as retailers spread their assets further and further across the world, diversifying both their business risks and growth opportunities.
As your company takes advantage of global opportunities, you need a POS system that will support your expansion. A POS system that already understands the global marketplace, regulations, payment processors, and more.
How Global POS Terminals Support International Expansions
International expansions require tools that can make the new stage of operations smoother, especially when you look to navigate credit card and customer data processing alongside customer sentiment and trends. A good global POS system is more than simply translated into the native language. It needs to help you meet local fiscal regulations, integrate with local payment providers, and keep your customer’s data secure around the globe.
Law & Regulation Compliance
A POS system is more than a way to track inventory and make sales in a new country. Behind the scenes, it means you’re navigating through local data management, privacy, credit card processing, tax and cybersecurity laws and regulations, to name a few. Not complying could lead to fines, reputation damage, lawsuits, or even a ban on doing business in a given state, region or country.
Therefore, when you set out to choose a global POS system for a specific market, it’s critical to choose one that’s already done the legwork, and integrated all the local laws and regulations into its devices and software products. If you plan on expanding to multiple locations, it’s best to go with a global POS system that’s immersed in as many of them as possible, and has the experts and processes in place to adapt to additional markets.
The first thing many people think about when it comes to localization might be translation. After all, it’s the basic step toward communication in a new country. However, true localization goes beyond that.
It means understanding a market’s unique communication etiquette, the way customers discover products, the type of products they relish most, which sales strategies are acceptable, what they consider a great customer experience, what’s their standard for customer service, what they expect if they need to return a product, cultural phenomena and political climate, among others.
When it comes to customer relationships and transactions, you need a global POS solution that’s as tailored as possible to each market’s needs. It will help you minimize friction at crucial interaction points. Moreover, it will make the final step of purchasing feel like it was created just for your new customers, because when you work with localized global POS terminals, that’s pretty much what happens.
A global POS system makes protecting customer data and complying with local security regulations across the globe simple. For example, stay GDPR compliant through tokenization, which allows you to secure customer data in a central location, and access it locally without ever importing it – or storing it – on the local system.
This enables a secure, compliant omnichannel retail experience for your customers, no matter where in the world they’re shopping.
Set Your Company to Success with a Global POS System that Knows How to Grow with You
Helping retailers grow their companies and improve customer experiences around the globe is why we founded Teamwork Commerce. We believe in the power of localized operations, and embedded our software in the local preferences, regulations and laws of over 20 countries, with more on the horizon. Our POS is fully localized in twelve languages, and will keep you compliant by meeting fiscal regulations in countries like China, Brazil, and France.
Along the way, we’ve also developed teams and processes to support our global customers. We have offices in North and South America, Mexico, Europe, Australia and Asia.
Chinese consumers are loving luxury retail. In 2020, as countries closed their doors to travelers, Chinese consumers used their international tourism budgets for luxury retail therapy. In 2021, that habit accelerated by 36% to $73.6 billion, according to CNBC. While...
Whether customers need entertainment, medical help or professional growth, companies exist to help customers meet these needs and desires. In retail, where the competition is fierce and the industry keeps changing, this truth remains clear: Companies that thrive...
Traditional retail POS solutions have been monumental in helping companies manage in-store transactions, but as the years pass, retailers that aim to stay relevant, or even lead the in-store customer experience in their industry, realize they need more. They need a...