Growth of Interactive Kiosk in Retail Sector

Almost every day, a new study extolling the phenomenal expansion of the kiosk and automated retail industries is released.

According to a January 2019 report by Grand View Research, the global interactive kiosk market will reach $41.88 billion by 2025, increasing at a compound annual rate of 8.9% from current levels. Increased consumption in the retail sector will contribute to this expansion.

In a 2017 post on the retail news site, Luke Wilwerding, director of retail solutions at interactive touchscreen vendor Elo, argued that retailers of all sizes may profit from employing interactive technologies in-store.

Many merchants are experiencing the benefits of incorporating kiosks into their business.

To tackle the limitations of exhibiting the company’s customised closet designs in stores with limited square footage, California Closets, for example, is employing kiosks in its remodelled “Showroom 2.0” locations. Close rates and average order values have increased in stores where the kiosks have been installed.

Millennials are devoted online shoppers, but they still seem to crave the rush of physically entering a store, browsing, and selecting the ideal purchase. According to Deloitte’s 2018 Millennial Survey, about half of all young people still shop in a physical store at least once a week. It’s not just Millennials’ credit cards that are being swiped at checkout counters. According to the International Council of Shopping Centers, 93 percent of shoppers visited a brick-and-mortar store during the 2018 holiday shopping season. As a result, the potential for using linked services to enhance the shopping experience in physical locations is enormous.

Retailers whether you operate a virtual or real store, a customer’s technological experience can determine whether they buy or leave. Nike’s ‘House of Innovation’ omnichannel offers convenience features like mobile-checkout and customised lockers that can be operated using the customer’s smartphone. Audi is using virtual reality showrooms to offer a personalised, immersive consumer experience, while Topshop’s ‘VR waterslide’ experience lead to a 100 percent rise in swimwear sales. To create those experiences, a technologically advanced store needs have adequate connectivity. Data is generated as a result of customers using your store: what’s popular and what’s not, typical customer stay times, and what retains customers longer and therefore more likely to buy. All data that can be used to improve a customer’s experience while also increasing profits.