Various retail outlets such as clothing shops, convenience stores, department stores and mom-and-pop shops that dot the streets have to deal with a large number of transaction orders every day. Relying on traditional manual methods for order opening and bookkeeping is not only inefficient, but also leads to a poor customer experience and is prone to errors. According to retail fair, this method of operation often requires time-consuming and repetitive account reconciliation work. However, many wise retail shop operators have begun to adopt retail cashiering systems. Through mobile phones or computers, they are able to process sales orders in just a few minutes and generate sales data in real time. Such systems make the financial picture crystal clear and greatly improve operational efficiency and customer satisfaction. Currently, the mainstream brands in the retail cashier system market include Si Xun, Techmart, Fang Xiang, Zhi Bai Wei, Taige and Jiawei. Most of the cash register systems of these brands are designed based on BS architecture, and all of them also provide SaaS (Software-as-a-Service) model services.
It is worth noting that current retail system vendors are gradually shifting their SaaS system strategies towards serving small and medium-sized businesses or waistline merchants. This means that these vendors are trying to adapt and meet the needs of merchants in this market tier in terms of flexibility, cost-effectiveness and convenience by providing more customised and efficient retail solutions through cloud technology. According to retail fair, the total asset size of China's retail industry reached RMB 5.42 trillion in 2020, an increase of RMB 0.22 trillion compared to 2019, with an annual growth rate of 4.23%. During the five-year period from 2015 to 2020, the asset size of China's retail industry showed a stable growth trend, with its compound annual growth rate of 4.54%. Globally, the smart cash registers market reached $19 billion in 2019. This market size is expected to further expand to $19.5 billion by 2026, growing at a CAGR of 4.14% during the period.
According to retail fair, the government of China has introduced policies in several areas to support the development of the retail cash register system industry. The Announcement on Several Matters Concerning the Management of VAT Invoices (No. 9 of 2019) issued by the State Administration of Taxation (SAT) stipulates that taxpayers shall issue VAT invoices or ordinary invoices to purchasers or transferees when they sell goods, services, services, intangible assets or real estate. This policy facilitates the procurement and use of retail checkout systems for tax purposes. The Measures for the Administration of Commodity Barcodes (Revised 2018) issued by the National Standardization Administration Committee also provides standards for the implementation of cash register systems in the retail sector. The Measures stipulate that commodity barcode is a unique code used to identify commodities in the circulation of commodities and is an important tool for the exchange of commodity information. In addition, the State Council's Opinions on Promoting the Development of E-Commerce (Guo Fa [2015] No. 24), emphasises the need to promote the integrated development of online and offline, and encourages enterprises to make use of Internet technology, innovate business models, and improve the level and efficiency of services. This has undoubtedly had a positive impact on the retail checkout system industry.
The Several Opinions on Promoting the Modernisation of the Postal Industry issued by the State Postal Bureau (State Postal Development [2015] No. 1) proposes to promote the informatisation of the postal industry and accelerate the construction of an intelligent, networked and informatised postal service system. This also provides guidance and support for the development of informatisation in the retail checkout system industry.
Source:
https://mp.weixin.qq.com/s/DdbUAYaAjLvlY8dcBZtp_w