Retail Kiosk Market
Market Research For Retail Kiosks
December Editor Update:
- Market Research NRF Special – POS/mPOS ISV Report
- We are offering a one-time discount on the 2021 North America Merchant POS/mPOS Software ISV List With Marketshare. This report is by IHL Research which we have used in the past. POS is at the tipping point between oriented for customers more than oriented for employees. The report purchase includes a 30-minute orientation
- Retail Market Research IoT Impact 2021 – The Digital Transformation
- From Retail Systems IoT Market Research Predictions 2021 Great report from Kinsey listing markets for IoT. It’s hard to argue with RFID checkout and self-checkout payment is growing leaps and bounds. The old stand at cashier model is at or past the tipping point. They point to cost reductions in the store. Key point for us — Adoption of self-checkout…
- Interactive Kiosk Market Research Report – Kiosk Association
- The Kiosk Association announces the release “U.S. Self-Service Kiosks” market research report. 134 pages and 34 graphics covering Market Drivers for the unattended self-service kiosk market. For purposes of kiosk and interactive signage markets, the ATM, Vending and hybrid…
Retail is the global growth engine for self-service kiosks. According to the latest 2018 Frost & Sullivan report Retail, Transportation & Logistics, and Hospitality are the key vertical markets with revenue contributions of 22.6%, 17.7%, and 14.5% respectively. Here is some 2018 data by Frost and Sullivan and their kiosk research report.
Interactive retail kiosks are the largest segment of deployed kiosks. Analysts estimate that retail kiosks comprise at least 30% of the entire self-service kiosk market. Locations include Department Stores, Grocery Stores, Big Box Specialty Retailers and Convenience Stores.
Retail kiosks provide convenient services to customers such as bridal and gift registry, non-stock product ordering, wayfinding directories, employment, product lookup, company information and targeted offers. These services increase consumer awareness and offer new channels for retailers to grow their business.
Interesting New Voice Recognition Kiosks for Retail by Pyramid
Marks and Spencer was the recent subject of a case study written by Harvard Business School [link to case study]. Excerpt and video below which includes a talk from Healey Cypher now with ZIVELO.
Looking ahead: Stores still matter
As the rate of digital sales increases, retailers are faced with the dilemma of what to do with their physical stores. The easiest solution to help their bottom line is accelerating store closures. M&S appear to be doing this, with 60 planned branch closures by 2021 . This can be short-sighted, as it diminishes their catchment area and reduces scale benefits. Looking ahead, the role of the store will still matter, as few categories will reach 100% online penetration, and shopping will continue to be a social and tactile experience .
Instead, M&S should focus on innovating their in-store experience. Their ‘browse & buy’ in-store kiosks are a step in the right direction (Exhibit 6). These enable customers to scan bar-codes on items and order these in their size during stock-outs, or view and purchase items on M&S.com which are not available on display .
- In-store product ordering kiosks reduce on-hand inventory and associated warehouse costs
- Wayfinding directory kiosks reduce employee headcount and improve customer service
- Kiosks offering promotional opportunities through coupon printing and other targeted offers increase revenues
- Loyalty cards reward frequent customers, increasing brand loyalty
- HR Self-Service applications can be utilized in an in-store retail kiosk for after-hours use, leveraging your existing investment
Studies show an average of 7% increase in incremental sales when kiosks are added. More compelling investment returns are as follows:
- Self-service kiosks reduce costs by lowering employee headcount
- Gift card kiosks increase revenue at off-site locations
- More loyal customers encourage new customers
- Reduction in inventory overhead and warehousing costs
- Increased customer satisfaction = increased sales
- Lower headcount for HR departments with multi-use kiosks
Some of the advantages discussed include:
- Virtual sales assistance for customers
- Expanding the footprint of the retailer
- Reducing labor costs
- Redeploy staff to increasing revenues
- Eliminate standing in line (line busting)
Good examples of kiosks like this are the ones in REI where you can look up extended stock and sizes, same thing for Cabela’s and also Kohls.
More Information on Kiosk Industry
- Retail Kiosk(Opens in a new browser tab)
- Retail Technology Landscape Infographic – retail kiosk(Opens in a new browser tab)
- Updated: Retail Kiosk Case Studies(Opens in a new browser tab)
- Ticketing Kiosk Benefits for Customer Self-Service(Opens in a new browser tab)
For more information Contact KMA
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