Just like any other form of investment, the figures must be crunched in order to determine if it is financially feasible and how long it would take for the revenue to outweigh the expenditures and maintenance costs.
To give you a heads up, Allied Market Research projected that the global self-service technology market will surpass $31 billion (USD) by 2020. It is estimated that the market will have an annual growth rate of 13.98%, mostly spurred by businesses operating in sectors like banking, healthcare, and retail. Clearly there is a demand and self service kiosks are raking in substantial results.
What are the Average Costs of a Self Service Kiosk?
So, how much do you need to spend for a self service kiosk? The cost of the hardware, software and subsequent maintenance will depend on your requirements. Each unit can cost several thousand dollars depending on the intricacy of the operations that the kiosk needs to perform. However, lighter and smaller kiosks, like those utilizing tablets for interactive display functionalities, tend to be more cost-effective.
If you are contemplating on purchasing a self service kiosk, you must have a clear understanding of the installation requirements in your particular setting. The price is generally lower if the unit is a standard one, but if you need a customized model to suit your needs, this means you must consider the design and development process when allocating a budget.
Maintenance cost must also be factored in, and the false economy of purchasing the unit from a cheap manufacturer can come back to haunt you if the quality of the kiosk is poor. If your self service kiosk will be used by a large number of people in a high-traffic area, durability and the use of premium quality materials are essential.
How Self Service Kiosks helps with the ROI
Companies with the best winning strategies are adopting new technologies that are meant to improve customer experience in meaningful ways. This means providing benefits like faster, more accurate service, and/or targeted services that make customers feel more attended to. With this concept in mind, there are three ways through which self-service kiosks improve customer experience and increase ROI for businesses…
Faster Service Means More Customers Are Served
Long queues are beneficial to any business; but if you cannot serve customers within their expected timeframe, it will surely have a negative effect. Some customers may decide to leave even before reaching the counter, while others are simply annoyed that they had to wait. Either way, it can have a significant impact to your bottom line.
By leveraging the potential of a self-service kiosk, you give your business the opportunity to double the volume of orders without hiring more staff.
Targeted Service Boosts Customer Satisfaction
There are high maintenance customers who are ‘ready to order’ but have lots of questions that hold up the line. Such customers require extra attention and often, they must get the service they want. However, the amount of service that such customers demand may negatively affect the rest of your customers as they wait to be served.
Self-service kiosks offer a catered experience to your customers that don’t require as much attention. If you allow some customers to skip the line, your staff will be able to spend more time with customers who have plenty of questions to ask. In this way, you are able to meet the needs of both low-touch and high-touch customer preference and both will have greater satisfaction in terms of the type of product or service that you offer.
Better Accuracy Translates to Less Waste
This applies largely to the food and hospitality industry. For instance, in the U.S. food waste is a major problem. One study projects that up to 10% of food ordered in restaurants is wasted even before it reaches the customer. The same study estimates that reducing food waste by 50% can cut food prices by as much as 6%.
With smart technology, business owners can take proactive steps to reduce their food waste so they can also drive down costs. The use of self service kiosks helps improve communication between front and back of house so there’s less mistakes in the kitchen. By taking advantage of this innovation, companies and entrepreneurs can maximize their menu offerings and increase efficiency across their operation.
Over the past years, as businesses tried to introduce self service kiosks, sensationalism took the media by storm as news agencies put forth the concept that kiosks were robbing people of jobs. However, savvy business owners are introducing technology to deliver better service, which still involves a human element. When both are used together, businesses will have a stronger competitive advantage.
At Jhavtech Studios, we offer a range of software, apps, and mounting solutions to meet your specific needs and quick turnaround times. Whether you need a store information kiosk, a survey system, a test taking environment or a banking application, we can create the perfect solution for you.