Self-service coin counters part or larger technology movement
Self-service coin counters in grocery stores are expected to become a larger part of the self-service technology movement over the next six years. According to P&S Market Research, the global self-service technology industry registered an approximate revenue of $16 billion in 2015 and is expected to peak at $42 billion by 2022. During this time, the automated and self-service technology industry is expected to grow at a CAGR of 15.6 percent during these six years. Grocery stores can keep up with this self-service trend by using self-service coin counters to effectively draw in new consumers.
The self-service movement
When did consumers start making the shift from checkout lane attendants to movie tickets via computer in the theaters? It is difficult to pinpoint the exact time, but the idea can be linked back to the late 1980s and early 1990s. According to NV INCO, the first self-checkout stand was installed in 1992 at the Price Chopper Supermarket in New York City. Throughout the 1990s, Kroger chose self-checkout services to appeal to its consumers. Today, self-checkout lanes are widely available throughout the United States, Canada, United Kingdom and Australia. Self-checkout services have also grown increasingly popular in Japan where novelty vending machines are a prominent figure in pop culture.
According to the Technavio, the number of self-checkout lanes is expected to double by 2019. However, is this advent of self-checkout technology a symbol of gradually decreasing social contact? Many generation X and baby boomers feel that self-checkout lanes make consumers more antisocial and it takes away valuable job opportunities for individuals. Others feel that they would rather interact with a person while shopping, as it increases social skills. Regardless, the truth is that self-checkout technology is on the rise and expected to stay a permanent feature of our society. As such, self-service coin counters will help further these trends into the future.
Why invest in a coin counter?
Self-service coin counters are useful for grocery businesses for a variety of reasons. As soon as a consumer uses a self-service coin counter, they will also feel inclined to make other purchases at the establishment. Self-service coin counters also give children and millennials a satisfying way to see their savings pay off by watching their coins turn into cash. As such, self-service coin counters are a powerful investment for grocery stores.