Last week, we focused on how self-serve kiosks can be a benefit to one of your most valuable assets, your employees. This week, our discussion centers on the specifics of how self-serve kiosks positively impact your bottom-line.
The degree to which a self-serve kiosk positively impacts the profitability of a business involves evaluating revenue and operational costs over time against the initial cost of investment. Accountants, investors, and business owners typically refer to this as ROI or Return on Investment.
While it’s true kiosks can deliver a whole host of other benefits from data analytics assessing customer behaviors and employee satisfaction to name a few, the basic bottom-line calculations involve those measures.
Being able to serve more customers obviously increases the top-line revenue but kiosks also allow this to be accomplished without increasing the number of customer-facing staff. Once the initial investment of a kiosk or kiosks is made, very little upkeep or maintenance is required.
Training and turnover of staff cost a business. Reducing those costs results in operational efficiencies being gained. Therefore, you have increased revenue without the commensurate increase in operating costs. It doubly impacts your bottom line.
Studies have also shown that kiosks can affect customer behavior in ways that results in an uptick of order value. So not only are you increasing the number of customers served, you are also increasing the average price per order.
Yet another positive impact can be felt in customer order accuracy. When customers order themselves without the interaction (or stress) of conveying an order verbally, order accuracy results in less waste.
Interpreting data captured through technology (i.e. self-serve kiosk) provides greater insight into customer behaviors. Recognizing customer tendencies and preferences not necessarily captured through human interaction can result in a form of 'intelligence'. The potential to identify top-selling products can be a key to success.
Lastly, it’s important to note that Kiosk Group’s tablet-based kiosks can deliver in all these ways while keeping the initial cost of investment lower than that of computer or large PC based kiosks. Kiosk Group has helped thousands of businesses become more profitable in this way.
Lowering your investment while increasing revenue can result in a winning combination for your business too.