The market is currently in the growth phase and portable shopping devices have seen widespread adoption in Europe and North America, while the pace is picking up in the Asia Pacific region and Latin America. Faced with increasing competition and diminishing margins, retailers are going the extra mile to overhaul their business models to provide innovative and viable shopping solutions for techno-savvy customers.
New analysis from Frost & Sullivan (kiosks.frost.com), World Customer Shopping Devices Markets, finds that the portable shopping devices market earned revenues of over $59.2 million in 2007. Frost & Sullivan intends to offer two perspectives on the future of this technology – at a global level having arrived at two potential scenarios based on the analysis done during the research phase.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the world customer shopping devices market, then send an email to Mireya Castilla, Corporate Communications, at mireya.castilla[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, an overview will be sent to you by email.
“The primary driver behind the implementation of portable shopping devices or mobile self-scanners is the significant improvement in the customer’s shopping efficiency and labor productivity,” says Frost & Sullivan Research Analyst Prasanna Prakash. “Using these systems, customers can eliminate waiting time in queues, leading to faster checkouts while retailers can streamline operations and redeploy staff to other functions within the retail environment.”
As 25 percent of personnel are deployed at point-of-sale activities, portable shopping devices enable labor reduction at checkout points and increase labor productivity as well as utilization. Workforce reduction can have positive consequences for organizational success because it enables the utilization of personnel to augment customer relationship management activities.
Though the advantages have become apparent, some factors impede the uptake of these systems. The high cost of installation and the availability of cheap labor, especially in the Asia Pacific region and Latin America, deter widespread deployment.
“In the Asia Pacific region and Latin America, labor rates are extremely low, curbing product penetration,” observes Prakash. “Further, there is always a trade off between investing the money in IT and spending the same on other short-term benefits such as price reductions and promotions.”
To move forward in business, high standards of customer care are required. As it is easier to retain the established customer base rather than acquire new ones, vendors must continue to please existing customers. Delivering enhanced customer relationship management (CRM) is a surefire strategy for advancing business. These strategies will help promote long-term customer loyalty and maximize customer lifetime value (CLV) and engender customer retention.
The incorporation of digital signage solutions into store environments can also help increase product penetration. Digital signage helps improve interaction levels with customers at the point of purchase. The process and method of delivery is crucial to generate the maximum effect to achieve well-executed sales strategies.
Overall, the multi-pronged benefits offered by portable shopping devices, such as speed, customized services, and convenience has helped streamline and automate business procedures. Vendors and retailers have found these devices highly advantageous, as they alleviate labor shortage issues and drastically reduce labor expenditure.
World Customer Shopping Devices Markets is part of the Kiosks and Retail Systems Growth Partnership Service program, which also includes research in the following markets: EFT terminals, digital signage, ATMS, self-checkouts, kiosks, and point of sale systems. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
Frost & Sullivan, the Growth Partnership Company, partners with clients to accelerate their growth. The company's TEAM Research, Growth Consulting and Growth Team Membership™ empower clients to create a growth-focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents.
World Customer Shopping Devices Markets