The retail industry is now standing on the threshold of essential changes. The sector faces a set of up-to-date challenges that constantly revolutionize the basic understanding of needs and technologies. According to Statista, total retail sales reached the mark of $27.34 trillion in 2022, while the experts expect the industry to rise by 14.3% within the upcoming 3 years.
The retail industry development under the impact of COVID-19 and migration waves
Offline retailers have to adjust to antiutopian conditions like social distancing and face-mask requirements. Coronavirus disclosed the weak points of the industry and persuaded that giant queues lead to both time wasting and infection spread. As for the first case, time wasting is a personal pain, infection spread is a true threat for stability.
Migration waves make the situation even more urgent, as population flows in large cities are constantly on the rise. According to the World Migration Report, there were 281 million migrants in 2020 (3.60% of the worldwide population), while the year of 2020 had brought new migration waves. People go places seeking a better future.
Owners of supermarkets and other retail points of sale need to understand that the industry will never be the same again. The retail revolution is something they are facing right now. What should you do as a business owner? There are two possible paths: either to transfer into other industries, or to adjust to new realities and demands.
Self-Checkout - a panacea for the retail industry
Self-checkouts head the ranking of technologies that are changing the retail landscape. The first retail self-checkout system was invented by Howard Schneider in 1992; meanwhile customers had managed to become rather conservative. According to Bizrate Insights research held in 2019 among US customers, 47% of respondents stated they were using self-checkouts regularly. The pandemic has changed those numbers a lot.
The survey made by Toshiba and PYMNTS in 2021 showed that 80% of customers are interested in self-checkouts. Grand View Research expects the growth of the global self-checkout market by 10.2% within the next 5 years, while in 2021 the market size reached $3.44 billion.
What are the key reasons self-checkouts are favored by both customers and business owners?
Customers put an accent on the following advantages:
Speed. Customers are sure that self-checkouts lead to a faster payment.
No wasted time. Buyers hate to wait in line, and self-checkouts solve this problem as well.
More checkouts available. A self-checkout machine needs no breaks and is available in the 24/7 mode; this is why a purchaser may easily find a free machine in a retail point.
Innovation. That’s somehow strange but buyers aged from 18 to 30 prefer technologies that fall into the category of “innovations.”
As for customers, reasons are evident. What about a business owner? Why should you implement such innovations? There are some solid reasons as well:
Minimum contacts. Such a factor becomes exceptionally important under the impact of COVID-19. Self-checkouts never force customers to wait in lines; this is why your sales point may enter the list of queue-free supermarkets.
Enlarged customer flow. Self-checkouts increase your customer flow through speeding up payment processes. As such, sales volumes are about to rise as well.
Pros for business owners are obvious. Furthermore, you need to meet your shoppers’ demands; otherwise, your competitors will do it.
Where to place self-checkouts: regulations, guidance, and pitfalls?
Let’s imagine that with regard to the pros and perspectives of SCO machines, you understand that such a technology is truly urgent for your business. What is the next step? Where to place a self-checkout to meet regulations and avoid pitfalls?
Divide your payment area into two zones where customers won’t bother each other. Think over the required self-checkout area, depending on the number of SCO machines you are about to install. Never forget about COVID-19 norms and distances.
Train your employees to service SCO machines. An employee should understand how those machines function, what are the possible problems, and how to fix bugs.
Create brief guidelines for customers on how to use self-checkouts. Those who use such machines for the first time, may face some hurdles.
Purchase a SCO model that entirely meets your demands and expectations. The sector is in demand now; this is why the market offers a wide range of self-checkout models.
HiStone – among the leading representatives of the SCO market
The HiStone company is proud to be a part of the “family” that drives the retail industry towards new peaks and progress. With more than 30 years in the POS industry, the company understands what your business needs and how to meet the demands cost-effectively.
As of today, HiStone is ready to offer five SCO terminals designed to fit diverse demands and purposes.
The company is primarily interested in your business progress; this is why specialists are always ready to provide business owners with comprehensive information related to each SCO model so that you could understand which terminal is the best option right now. Apart from self-checkout terminals, HiStone offers retailers to connect Shiji Group software solutions (payment gateways, retail systems, online distributions, and more) to get turnkey services.
Quality, market research, and constant development are the three milestones the company’s success is based upon.
HS520M – shopping experience has never been as easy and convenient
The HS520M self-checkout model is the company’s flagship solution for retail points. Ultimate efficiency is mixed with next-level reliability to impress your shoppers. The model is equipped with the 27-inch touchscreen, ID/security camera, and a bracket for disinfectant/sanitizer (optional). Furthermore, the eye-catching design makes this model clearly visible in supermarkets, restaurants, coffee shops, etc.
Bottom line: Now, not never!
The world moves forward, and businesses need to either keep up with the times, or get off the train. Customers are interested in self-checkouts and understand their benefits. As such, it is just a matter of time until your competitors will implement such innovations. Should you wait until the last moment or get ahead of the curve?
It’s high time to make the next step, and HiStone is ready to assist your business. Get high-class SCO machines and enter the next Retail era.