LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the retail self-checkout terminals market in the US to grow at a CAGR of close to 16% during the forecast period, according to their latest report.
The report further segments the retail self-checkout terminals market in the US by end-user (convenience stores, hypermarkets, and supermarkets, specialty stores, and others) and by functionality (self-checkout terminals, hybrid terminals, and cash and cashless self-checkout terminal).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the retail self-checkout terminals market in the US:
- Increasing preference for self-checkout terminals
- Reduction in labor costs and associated losses due to manual errors
- Customer convenience, less space, and high speed of processing enhancing shopping experience
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Increasing preference for self-checkout terminals
The increase in population has led to an increase in the number of stores in the US. Customers don’t usually prefer to stand in long queues and gets displeased if the stores don’t enable faster check-out systems, especially the customers that are buying fewer items. Such challenges are encouraging retail stores to adopt self-checkout terminals that improve cash handling, promise better customer service, reduce manual labor, and ensure efficient front-end operations. In the US, one in five shopper prefers to use self-checkout terminals to maintain the privacy of the products they purchase. The use of these terminals makes them feel more in control of the purchases they make.
Reduction in labor costs and associated losses due to manual errors
With most retailers embracing innovative technology, there is an increase in the popularity of self-checkout terminals in the retail sector. The use of these terminals eliminates the need for manual labor and helps reduce the burden of bearing unwanted labor costs. The installation of self-checkout terminals reduces the number of cashiers in the billing counter and requires a single person to monitor several machines at once. These systems help retailers reduce the overhead cost and increase their profits. Automated billing process also eliminates the loss from manual errors caused by employees.
According to Tamal Saha, a lead analyst at Technavio for retail systems research, “The use of self-checkout systems help the retailers employ staff who have high customer interaction skills. These employees can understand customer needs and preferences and helps the companies to increase their product offerings to meet these needs. Incorporation of technological developments like anti-theft mechanisms and advanced monitoring systems near self-checkout terminals also help to reduce manual labor.”
Customer convenience, less space, and high speed of processing enhancing shopping experience
The prominent retailers are investing in R&D to develop quick and user-friendly self-checkout machines with advanced technologies to meet the rising expectation of the consumers. The consumers are expecting ease of use, speed, quality, competitive price, and service. In 2016, NCR, one of the leading manufacturers of self-checkout terminals, invested USD 243 million in R&D to introduce self-checkout terminals with advanced features. The retailers are installing these terminals to enhance the shopping experience for customers and to make the shopping operations more convenient.
“Technologically advanced systems help retailers manage inventory, scale assortments, and create smart pricing algorithms. Self-checkout systems help to enhance the service quality offered to customers. These devices are automated, thereby making the process of payments and scanning products swift and easy thereby, increasing customer satisfaction,” says Tamal.
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