Dual-purpose cash and cheque scanners can help off-price retailers
Retailers need dual-purpose cash and cheque scanners because they deal with large amounts of currency on a daily basis. And while designer clothes are typically sold at high-end prices, retailers that sell the same designer goods but at discount prices have become increasingly popular among consumers. These stores currently make up a small portion of the Canadian retail market, but their numbers are growing.
Dual-purpose cash and cheque scanners can aid off-price retailers as market presence increases
Off-price stores typically sell designer goods at marked down prices, typically between 20-60 per cent cheaper than the original tagged amount. According to the Financial Post, the number of Canadian discount retailers grew from 288 to 322 in 2015. And that figure is projected to rise to an estimated 380 by 2018, according to apparel market research firm Trendex International. Randy Harris, president of Trendex International, estimated to Financial Post that discount retail sales could account for close to 9 per cent of the total Canadian retail market and could amount to $3.8 billion in sales by the end of 2018, which would be an increase of $1 billion from its 2016 figure.
Retail Dive reported that TJ Maxx is the current leader in the worldwide off-price retailer market with 5,600 stores globally - including Marshall's locations in Canada. Yet more stores are starting to compete with TJ Maxx for the business of discount shoppers,
"There is almost in every sector a point of saturation that is reached," Christina Boni, vice president and senior analyst for Moody's, said to the source. "The off-price sector has not reached that. But, it has continued to be monitored as companies add square footage."
Boni went on to say that these stores do not have much of an online presence and that their focus is getting customers inside their brick-and-mortar locations to shop. The room for even more growth, coupled with increasing demand and customers' preferences to browse physical aisles rather than webpages, means there is potential for more off-price retailers to open.
Dual-purpose cash and cheque scanners can increase back-of-house efficiency in currency handling for these retailers as more stores are constructed and more shoppers increase foot traffic and transaction volume.