DUBLIN, June 5, 2019 /PRNewswire/ --
The "India PoS Scan and Go Market Outlook to 2030" report has been added to ResearchAndMarkets.com's offering.
The report focuses on the market potential, target audience, business side potential, target audience and future outlook and penetration in different end user segments. The report also covers Business models, Trends and Developments, Issues and challenges, Case studies where the Scan and Go technology has been successfully implemented, Snapshot of the digital payments market, Regulatory Framework in India, Competitive Landscape and Company profiles of major players involved in this market.
Current scenario in India PoS Scan and Go Market
The shopping experience in India has evolved from manual billing to digital billing over the past few years, in which the user receives a printed invoice. Now days, the companies are moving a step ahead to provide digital invoice. While there have been many PoS Scan and Go applications released in countries abroad, in India this technology is still developing, especially in the country's Retail Grocery Sector.
The potential customer base for this market consists of consumers in the middle, upper middle and high income groups who have access to a smart phone and are willing to adopt digital payments.
The potential customer base can be segregated according to:
- Age of the Consumer: The population in the age group of 15-64 years is likely to form the potential customer base for self-checkout technology in Indian market. The younger population would be much more open to try out the new technology as they happen to be fast learners and early adopters.
- Technology Adaptability of Consumer: Indian customers have entered an era of extraordinary technological pervasiveness and are driven by increasing internet penetration, rising smart phone usage and growing social media presence in the country. The rising smart phone usage and penetration implies that the self-checkout technology will be definitely tried and tested by a sizeable set of target audience, when it will be launched in retail and other end users on a mainstream level.
- Income of Consumer: Self-checkout technology will be used by those customers who have a smart phone and also have higher internet accessibility. These customers generally fall in the middle, upper middle and high income groups.
- Location of Consumer: Demand for PoS Scan and Go will be present largely in Tier 1 cities with a limited potential in Tier 2 and 3 cities. People in tier 1 cities are generally more tech-savvy than the other cities and hence these consumers are highly likely to shop and make payments digitally through the Scan and Go application.
Business Side Potential
There are certain product characteristics which must be present for the self-checkout technology to be on-boarded in a store. Products which are bought on a need basis and those that are relatively inexpensive fall under this category.
Some end users who have been addressed already or may be addressed in the future by PoS Scan and Go solution are:
- Retail Sector: The retail industry in India consists of multiple departmental stores, supermarkets, hypermarkets, convenience stores, specialty stores and cash and carry stores. Self-checkout is rapidly attracting customer attention and is quickly becoming a trusted method of checkouts internationally; how-ever it is yet to become popular in a developing country such as India.
- Office Cafeterias: This basically includes cafes and food outlets present within a particular office space or multiple co-working areas. Scan and Go technology in office space can help in reducing the waiting time in cafeterias by making the payment process faster when compared to the traditional system of placing order on the spot.
- Restaurants / QSRs / Cafes: This includes stand-alone restaurants, Quick Service Restaurants (QSRs), take-away food joints and cafes within India. The above mentioned entities can increase the convenience offered to their customers by allowing them to pre-order their food items, thereby reducing the waiting time, especially in rush hours. Most of the restaurants and cafes in this segment already offer pre-order services through their own online apps, telephonic order placing or through their already existing mobile applications or through third party apps.
- Airports (Food Courts and Duty Free Areas): This includes duty-free apparel stores, restaurants, cafes, QSRs and other retail formats established within the airport in order to cater to both local as well as foreign tourists. In accordance with the Airports Authority of India (AAI), the country was evaluated with a total of 464 airports and airstrips located across the country, out of which 125 airports are owned by the association and the remaining 339 are non-AAI airports and airstrips. The self checks out apps have not addressed this market yet.
- Electronics Stores: This includes all types of standalone electronics stores, mom and pop stores, departmental stores, supermarkets and hypermarkets which may be brand specific or stores located within shopping malls. The potential for this technology in India is extremely restricted towards electronics stores as majority of the customers would require staff assistance while purchasing any type of electronics products, especially when the product is expensive
- Drugstores/Pharmacies: This basically includes standalone drugstores and pharmacies, community/clinical pharmacies and retail pharmacies as well as those located within malls. The list of actions for this technology is fairly limited in this case as majority of the products at these stores are medicines that cannot be bought without a prescription.
- Entertainment Centers: This includes entertainment centers such as theatres, cinemas, concerts, amusement parks, trade fairs, exhibitions and sport stadiums. The use of Scan and Go apps in the entertainment centers is extremely limited. As most of the tickets are purchased online way before the show/match, the opportunity to use Scan and Go is negligible.
Competition Scenario in India PoS Scan and Go Market
The market was observed to be a nascent stage along with the emergence of a limited set of self-checkout companies, whose products are either into Beta Testing or are yet to launch such technology in the market. It is only Perpule 1Pay, which has well penetrated this technology in the market and are currently catering to several clients. Firms operating within the market were witnessed to compete on the basis of users on-board (number of app downloads), user interface, payment options and number of stores on-board. Other players in the market include Zwing, iRetail, SkippQ, Infinia Retail and the self-checkout solution through partnership between SIGNCATCH and Axis Bank.
India PoS Scan and Pay Market Future Outlook and Projections
In the future, it is expected that a larger portion of the population in India will be using smartphones, therefore leading to increase in smart phone penetration in the country. Amongst the end users, the retail industry is anticipated to be the fastest growing segment in the PoS Scan and Go market in India. Within retail sector, the self-checkout apps are likely to be implemented in grocery stores across tier 1 and few tier 2 cities.
Whereas, the growth of PoS Scan and Pay technology in dine-in restaurants, QSRs, food joints sector may be extremely limited and restrained due to the presence of apps which are already used in this sector. In addition to that, the technology in the food sector is continuously evolving and more features may be introduced which will further reduce the use for PoS Scan and Go apps. Also, over the long term, restaurants themselves may come up with pre-order services or fast checkout counters which will prevent queues.
Growth in other end users such as office cafes, bookstores and stationary stores, airports (food courts and duty free area), electronic stores, drugstores / pharmacies and entertainment centers are also projected to rise in the near future.
Key Target Audience
- PoS companies
- Scan and Go Technology Companies
- Retail Sectors
- Restaurants, Cafes and QSR
- Bookstore and Stationary Stores
- Electronic Stores
- Drugstores and Pharmacies
- Airports (Food courts and Duty Free shops)
- Entertainment Centers
Time Period Captured in the Report
- Current Year: 2017
- Forecast Period: 2018-2030
Key Topics Covered in the Report
- Executive Summary
- Research Methodology
- India PoS Scan and Go Market
- India PoS Scan and Go Market Potential
- Business Models/Revenue Streams in India PoS Scan and Go Market
- Trends and Developments in India Scan and Go Market
- Issues and challenges in India Scan and Go Market
- Snapshot on Digital Payment system in India
- Regulatory Framework for India Scan and Go Market
- Case Study for Successful Implementation of PoS Scan and Go Technologies
- Evaluation Parameters of Consumers in India Scan and Go Market
- Pain Points faced by End Users in India PoS Scan and Go Market
- Competitive Landscape of India PoS Scan and Go Market
- Company Profiles of Major Players in India PoS Scan and Go Market
- India PoS Scan and Go Market Future Outlook and Projections, 2018-2030
- Analyst Recommendations
- Axis Bank
- Infinia Retail
- iRetail (Xlogix Technolytics Private Limited)
- Perpule 1Pay (Delvit Solutions Private Limited)
- SkippQ (AI Magnifi Technologies Private Limited)
- Zwing (Roxfortech Infosolution Private Limited)
For more information about this report visit https://www.researchandmarkets.com/r/udbz41
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