[Basingstoke, 20 Nov 2014] - Planet Retail, in conjunction with Glory Global Solutions Ltd., today announced the publication of the latest edition of “Getting a Handle on Cash - Trends in Automated Retail Cash Handling”.
The study, built on best practice case studies from retailers around the world, focuses on identifying the challenges associated with handling cash in the retail environment; offering transparency on available cash automation solutions across the major vendors and helping retailers select the right products and services to address their specific business challenges.
In the era of the omnichannel consumer and the hype around electronic payments, it might appear that the use of cash is becoming a thing of the past. But to borrow from Mark Twain, when it comes to cash, “reports of my death have been greatly exaggerated”. According to central banks around the world, the volume of cash circulation continues to rise. Just like every other payment instrument, however, processing cash payments in the retail environment has a cost - whether that’s staff time, fraud or security. Smart retailers around the world are implementing solutions to automate the handling and management of cash within their stores to reduce costs and improve profitability.
Joachim Pinhammer, Research Director at Planet Retail comments “It is safe to say that cash will continue to play a significant role at retailers’ checkouts for many years to come. Even if less notes and coins have to be processed over time, their handling will put more strain on operations in the as central banks are cutting down on service and handling costs are increasing. From automating cash processes and ultimately closing the cash cycle, retailers should expect to cut processing costs and reduce, if not eliminate, the risks involved.” Key findings of the study include:
- Cash payments will remain popular with consumers and will represent a significant share of checkout transactions for many years to come
- Automation technologies can be instrumental in making store processes more efficient, reducing if not eliminating cash-related security risks and helping to improve the shopping experience for customers.
- Cash recycling solutions deployed in the back office are an investment priority for large stores and provide fast return on investment. Smaller stores primarily benefit from front of store implementation of cash recycling technology.
- Ultimately, retailers can benefit from closing the in-store cash cycle, completely eliminating manual handling of cash, however, the future vision of a fully-closed cash cycle between banks, CIT companies and retailers is still far from becoming a reality.
Commenting on the new research, Paul Adams CEO of Glory Global Solutions said, “We are delighted to have worked with Planet Retail to update this global study. Around the world, consumers continue to choose cash as a preferred method of payment. According to recent study by a global leader in the payment processing industry, 85% of all transactions around the world involve cash. Glory Global Solutions works with all industries across the cash supply chain and this gives us unique insights into the opportunities for delivering increased efficiency.
Download the full report at no charge exclusively from Glory Global Solutions.
About Glory Global Solutions
Glory Global Solutions is a global expert in cash management and business optimisation, delivering innovative technology and service solutions that improve security and productivity. Our customers span the financial, retail, amusement and gaming industries.
Headquartered in Basingstoke, UK, Glory Global Solutions employs over 2,500 professionals worldwide and has a distribution network reaching over 100 countries. It is supported by the technical expertise of parent company GLORY. With nearly 100 years history, headquartered in Japan, GLORY is a pioneer in the development and manufacture of money handling, cash management, vending and automatic service equipment.
Glory Global Solutions was formed in 2013, following the acquisition of Talaris by GLORY LTD.
For more information please visit www.gloryglobalsolutions.com
About Planet Retail
Planet Retail is the number one trusted provider of global retail forecasting, trend analysis and market information. The company partners with over 30,000 retail professionals around the world to deliver essential data and actionable insights through an intuitive online platform and bespoke advisory service. The world's leading retailers, suppliers, banks and consultancies rely on Planet Retail's expertise to power brilliant commercial decision-making across unique retailer, market, channel and shopper intelligence.
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