Self service solutions are ideal for merchants who handle a large volume of transactions and have medium-sized baskets. However, before installing any new equipment, you should thoroughly examine these self checkout statistics to achieve the desired synergies and improvements.
Necessary self checkout statistics for retailers
The global market for self-checkout systems was valued at USD 2.8 billion in 2019, according to a Grand View Research report. It is expected to rise at a CAGR of 13.3 percent from 2020 to 2027. An increase in the number of retail customers and, as a result, in their waiting time during the checkout process is a key factor driving the development of self-checkout systems.
Retailers now must develop new strategies and implement new technologies in order to improve income and save expenses. The key reasons might be the growth of eCommerce channels, competition from virtual stores, and a shorter product life cycle.
Self checkout statistics on market share
With a market share of around 56%, hypermarkets and supermarkets dominated the market 2019. And they are likely to continuously dominate the self checkout system. The growth of affluent consumers in supermarkets and hypermarkets, as well as the desire for shorter checkout lines, is a major reason for the segment’s development.
In addition, rising labor expenses, the necessity to replace large-scale tills, and proper floor space management have prompted supermarket and hypermarket owners to implement self checkout systems.
Self-checkout systems’ popularity among convenience retailers is growing. This market is predicted to reach a CAGR of 14.6% over the forecast period. Convenience stores are adopting sophisticated technologies, such as enhanced self-service systems, in order to give customers faster service.
Moreover, the adoption of alternative self-service systems such as mobile scan-and-go solutions is also a growing trend among convenience stores. For instance, in November 2018, OKay convenience stores, a subsidiary of Belgium-based family-owned retail chain, launched the “Scan.Pay.Go” mobile app. Its aim is to provide consumers with an easier method to scan and pay for their purchases in-store.
Self checkout statistics on customer demographic
In a December 2019 research by Bizrate Insights, nearly half of respondents (47%) said they use self-service checkouts on a regular basis. Meanwhile, 31% said they have used them before but not as regularly. Only 2% of those interviewed had never heard of self-service checkouts.
Both females and males regularly use self checkout (46-47%). Self-service checkouts were more common with millennials (18-34 years old) than with other age groups. Meanwhile, less than half of Gen X (35-54 years old) and almost 40% of boomer (55-65 years old) respondents also used self checkout.
A consumer survey, sponsored by Shekel, worked with 18-60 year old respondents, and it revealed some interesting self checkout statistics.
90% of shoppers want self checkout devices to recognize products automatically. Touchless self checkout provides items which are instantly scanned and recognized without touching a pad or screen to input their names. These options are popular with exactly half of the consumers.
Compared to roughly 29% of shoppers who shop online, more than 70% of consumers use touchless, robust self-checkout alternatives or shop at frictionless micro-markets. Self checkout remains popular, with roughly 75% of shoppers utilizing it to pay for groceries on a regular basis.
With the increasing demand for multi-channel interaction, shopkeepers need to take advantage of software like ConnectPOS to optimize the omnichannel solution for their sales boosts.
When self service is becoming a trend, retailers must understand the above self checkout statistics to plan up potential strategies. If you want to know more tips and advice, call us immediately to figure out the best solution for your business.