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Self-Service Kiosk Market: How Businesses Benefit from Self-Service Kiosks

Self-Service Kiosk Market: How Businesses Benefit from Self-Service Kiosks

Self-Service Kiosk Market Growth - Inkwood Research

A self-service kiosk is a device that allows consumers to interact directly with a company, thus acquiring a diverse range of services at their own convenience. The key function of these interactive touch-screen devices is to help customers complete common tasks, ranging from purchasing bus tickets, ordering food, or withdrawing and depositing money, without the assistance of a dedicated employee. According to Inkwood Research, the global self-service kiosk market is forecasted to grow with a CAGR of 6.65% during the projected period of 2022 to 2030. The need for an improved and user-friendly consumer purchasing experience, as well as high investments by private companies and governments in kiosks, are primarily accredited to the global market’s notable growth.

Self-Service Kiosks: Combining Digital Solutions & Customer Experience

Businesses globally are implementing self-service kiosks in the form of automated ticketing booths, self-checkout stations, smart vending machines, information desks, and others, in order to effectively streamline their services. In addition to labor cost savings, self-service kiosks significantly enhance customer experience and further accelerate business profit margins. Moreover, the wide array of applications provided by these devices can fundamentally transform how retailers augment their brand presence, while improving customer experiences throughout the purchasing process.

Aligning with this, let’s find out how brands across the globe are benefiting from the adoption and implementation of self-service kiosks –

  • Personalized Customer Service – As per a survey conducted by Forbes, 1,000 customers accredited impulse purchases to personalization, subsequently leading to increased customer loyalty and higher revenue. Since self-service kiosks offer a wide range of personalization options, businesses can leverage familiar interfaces customized as per their customers’ preferences in order to drive increased sales and repeat clientele.
  • Greater Profitability – The adoption of self-service kiosks for customer management helps companies cut costs significantly, since the organization no longer requires investments in a larger workforce to cater to customers’ needs. Instead, employees can concentrate on more demanding and critical tasks essential for the smooth functioning of the company, thus positively influencing profitability.
  • Multiple Functions & Features – A key advantage of self-service kiosks is that an individual device can perform multiple functions. For instance, a self-service kiosk can provide information, print tokens or tickets, open a new account, and receive payments, while also generating additional revenue through advertising on-screen.
  • Increased Efficiency – Self-serve kiosks make a business’ services faster and more accurate, primarily owing to the highly user-friendly facilities they provide. As a result, the brand can gain added momentum, characterized by an increasing customer base as well as greater revenue.

At the same time, enterprises may also incur a variety of additional expenses, such as self-service kiosk operational and implementation costs, software administration, and 24×7 technical support outlays, likely to hinder their adoption across industry verticals. However, according to experts, the initial costs for a self-service kiosk can be recovered in up to two years, following which ongoing costs plummet to a lower, more predictable sum for occasional device maintenance and upgrades.

Retail Automation – A Step Forward in Resource Management

One of the key advantages of self-service kiosks is that it minimizes the work pressure on on-site staff members in terms of attending to customers. Furthermore, retail automation in the form of installing self-service kiosks also helps reduce the deployment of a larger workforce on-site, thus playing an integral role in employee resource management.

As per Inkwood Research, retail is expected to be the largest vertical in the global self-service kiosk market. Retail end-users, such as quick-service restaurants and e-commerce retail stores, install self-service kiosks to allow customers to scan and pay for their purchases, thereby facilitating contactless transactions. Through the integration of software, such as kiosk management software and bill processing solutions, businesses can also manage the activity of interactive display kiosks remotely, while keeping up with the devices’ settings and updates. In this regard, software & services is expected to be the fastest-growing offering in the global self-service kiosk market.

Self-Service Kiosks Market Future: Leveraging Digitization Trends

With the emergence of innovative corporate trends, it is easier for businesses to adapt to newer digital trends, such as accepting instant digital payments and switching to online portals for transactions. While self-service kiosks can be used for the automation of complex activities in an organization, these devices also enable the provision of a wide range of services at comparatively lower costs.

For instance, self-service kiosks can offer customized service to the customer on a need-to-need basis, in addition to helping stores reduce labor costs on sales professionals. As a result, the implementation of interactive kiosks helps brands acquire greater scalability in terms of digitalizing repetitive tasks, thus further contributing to the notable growth of the global self-service kiosk market.

By Shruti Vanjare

FAQs:

Which are the leading players operating in the global self-service kiosk market?

Some of the leading players operating in the global self-service kiosk market include Kiosk Information Systems, NCR Corporation, Olea Kiosks Inc, etc.

What contributes to the Asia-Pacific being the fastest-growing region in the global self-service kiosk market?

Given the positive economic outlook, governments, as well as public bodies across the region, have implemented investment-friendly policies, thus contributing to the dynamic growth of the Asia-Pacific self-service kiosk market.