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NCR Strengthens Partnership With Royal Farm, Boosts Presence

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NCR Corporation (NCR - Free Report) recently announced the expansion of its partnership with the Baltimore-based convenience store retailer, Royal Farm, to provide self-checkout solutions in more than 250 stores.

The NCR Self-Checkout solution ensures touch free customer interactions through scan, bag and pay options, thus enabling fast and flexible services. It also enables the shoppers to opt for mobile shopping in support of cashless self-checkout services.

The convenience store operator had already been utilizing NCR’s enterprise point-of-sale (“POS”) software solutions. The latest move will not only enhance its in-store customer experiences but also improve staff efficiencies in all of its retail stores.

With retailers globally seeking technology to automate their processes in light of the COVID-19 pandemic, the concept of self-service has been gaining traction across convenience store chains. Per a latest Global Market Insights report, the global market size for self-checkout systems is estimated to surpass $6.5 billion in 2027, witnessing a CAGR of 11% during the 2021-2027 forecast period.

Thus, the enterprise technology provider’s growing exposure in the self-service kiosk space is likely to act as a catalyst in the days ahead. In the last quarter, NCR’s revenues from the retail segment grew 19% to $576 million, primarily due to growth in POS and self-checkout revenues across its food-drug-merchandise and convenience-fuel-retail customers.

NCR currently provides self-service kiosks for the financial services, retail, hospitality, travel and gaming industries. The kiosks are well-equipped to support numerous retail self-service functions, including self-check in/out, way-finding, bill payment and gift registries. These solutions create pleasant and convenient experiences for consumers, while enabling NCR’s customers to reduce costs.

Zacks Rank & Key Picks

NCR currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader computer and technology sector are Salesforce (CRM - Free Report) , TD SYNNEX (SNX - Free Report) and Infineon Technologies (IFNNY - Free Report) , all sporting a Zacks Rank #1 (Strong Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The long-term earnings growth rates for Salesforce, TD SYNNEX and Infineon are currently pegged at 16.8%, 10.4% and 33.0%, respectively.