Market Trends of Self-checkout System Industry
This section covers the major market trends shaping the Self-checkout System Market according to our research experts:
Retail Segment is Expected to Occupy a Significant Share of the Market
- Self-checkout systems are becoming increasingly popular in retail stores across the world. In addition to the checkout process, these models are also used for digital promotions, cross-selling, and displaying attractive loop videos that provide detailed information about the product features, prices, and offers in retail stores.
- Further, the growing demand for less installation space forced retailers to adopt countertop self-checkout systems in their retail stores. In addition, stores with space constraints (mostly retail) are more inclined towards deploying these systems as they usually occupy less space than stand-alone systems.
- Further, several players in the market are increasing their investments in R&D activities to provide advanced software solutions integrated into these checkout models to enhance retail stores' performance and features. Such expeditious developments are expected to boost market growth during the forecast period.
- In September last year, MUJI announced the deployment of MishiPay's self-checkout kiosks at their London location. The self-service kiosks integrate MishiPay's Mobile Self-Checkout technology, which the company has previously implemented in its European locations, to provide a comprehensive self-checkout solution and enable autonomous checkout for all customers.
- Furthermore, the growing need for a self-checkout system in retail stores augmented the market's growth, resulting in widespread adoption among retail stores worldwide. For instance, in September last year, Grupo Exito, one of Latin America's largest grocery retailers, announced the deployment of Toshiba Global Commerce Solutions' self-checkout solution at its Exito and Carulla branded stores, according to a press release. There will be 300 system installations in the company's Columbia stores.
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North America Expected to Dominate the Market
- North America has a huge amount of growth potential for the vendors in the studied market. This is because more and more retail stores, like hypermarkets, supermarkets, department stores, and convenience stores, are using these systems.
- Further, the increasing minimum wage levels across the United States and Canada (for example, the minimum wage exceeded USD 15 nationwide in the United States) are forcing employers to relieve their cashiers and deploy these systems. For instance, recently, McDonald's deployed self-service ordering kiosks at all their U.S. locations. Similarly, casual-dining brands like Chili's and fast-casual brands like Panera have already embraced this trend.
- Retailers in the region have recognized the need to incentivize digital payments and, thus, are offering more tangible benefits in the mind of the consumer, such as loyalty benefits. The technology has been better connected to a number of apps and mobile shopping sites to make things run more smoothly.
- Self-checkout kiosks are among some of the standard automation solutions deployed in supermarkets. Grocery chain Kroger uses sensors and predictive analytics to forecast when more cashiers will be needed.
- For instance, using interactive kiosks at the checkout counter in several stores, such as Wal-Mart and other big retail stores, may also drive the market in the United States and North America. Self-checkout systems are expected to become more popular and grow in North America because of these initiatives and the large investments made in the regional market.
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