Retail Self-checkout Terminals Market in the US 2017-2021
About Retail Self-checkout Terminals
Retail self-checkout terminals are mainly used at retail stores to process purchases made by customers by self-scanning. These devices accept different payment modes such as cash, cashless, or card. Since all operations executed by these devices are automated, they eliminate waiting time at queues. This makes the process of scanning the purchased items and payments swift and easy. The rise in the number of retail stores and ease of use are the primary factors driving the demand for self-checkout terminals.
Technavio’s analysts forecast the retail self-checkout terminals market in the US to grow at a CAGR of 15.98% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the retail self-checkout terminals market in the US for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Retail Self-checkout Terminals Market in the US 2017-2021
Technavio recognizes the following companies as the key players in the retail self-checkout terminals market in the US: Crane Payment Innovations, Diebold Nixdorf, NCR, Pan-Oston, and Verifone.
Other Prominent Vendors in the market are: Fujitsu, ITAB Shop Concept, NEC, Olea Kiosks, PourMyBeer, and TOSHIBA TEC.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is scan and go pay system. The scan and go pay system is a technology that allows customers to scan objects while going around the mart and carry the scanned products in their trolleys. The scan and go pay system is a self-scanning system where customers pick their desired items while moving around the store and scan them with their smartphones.”
According to the report, one driver in the market is increasing preference for self-checkout terminals. The growth in population has led to significant increase in the number of small stores in the US. Customers shopping fewer items do not prefer to wait in queues for a long time. Although express lines were introduced to enable faster check-outs, these machines require customers to shop a minimum of eight to ten items. Thus, customers buying fewer items get displeased and do not make any purchase at all. Considering these challenges, most retail stores have started adopting self-checkout terminals that promise better customer service, improved cash handling, reduced manual labor, and efficient front-end operations.
Further, the report states that one challenge in the market is increase in swipers, shoplifters, and shrinkage. Swipers are shoplifters who steal products regularly by not scanning them at the self-checkout terminals. They do not target high-value FMCG products but steal small products like vegetables, bread, and fruits. Moreover, cashiers often overlook the items left in the cart due to which one-third of the shoppers steal items by using self-checkout terminals in retail stores. More than 30% of the customers comes under swipers who regularly steal items with the help of self-checkout terminals.
Crane Payment Innovations, Diebold Nixdorf, NCR, Pan-Oston, Verifone, Fujitsu, ITAB Shop Concept, NEC, Olea Kiosks, PourMyBeer, and TOSHIBA TEC.