In this ever-changing landscape of the technical industry, QR code reader technology has gained a vital position.
From speeding up the checkout lines at supermarkets to targeting audiences for marketing purposes, QR technology has brought revolutionary impact in this era.
Read on as we uncover the facts and figures about the advancement of QR code technology and how its breakthrough impact is expected to transform various industries all over the globe.
QR Code Reader Technology: What Experts Have to Say?
The Covid-19 outbreak has undoubtedly boosted the concept of using QR codes worldwide. Its easy usage, touchless concept, effective results, and simple interface have contributed a lot to its groundbreaking success.
According to the QR Code expert's analysis, the barcodes on the products will be completely replaced with QR codes by 2027.
According to another report published by Blue Bite, the QR codes are capable of serving its users with multiple purposes. This can be seen from different stats about QR code usage, such as:
- 39% of users scan the codes because of curiosity.
- 36% use it to redeem a discount, coupon, or incentive.
- 30% want to find more information about the product/service/brand.
- 28% use the QR codes to learn and understand the usage process of the product or services.
Not only this but the usage of QR codes has brought beneficial results to companies and brands. As outlined in another report, using QR-optimized Call-To-Action has brought 80% more conversions as compared with the traditional CTA methods.
In addition to these facts and figures, Statista predicted that around 89.5 million US smartphone users will scan QR codes using their mobile phones by 2024.
According to a report by Insider Intelligence (eMarketer), the number of US smartphone users scanning QR codes is expected to rise to 99.5 million by 2025.
The QR Code Reader Technology Forecast in Top Global Industries
The 2024 QR code usage rates reveal that QR technology has made its mark in various industries. From retail to hospitality, from education to e-commerce, the impact of QR codes is noteworthy. Let’s explore the impact of QR code reader technology on the top global industries in 2024.
Healthcare
The healthcare and pharmaceutical industry has shown an elevated usage of QR technology in the COVID-19 outbreak. It acted as a quick approach for authenticating and confirming the people's vaccination status, filling out the questionnaire from the patients, and speeding up and establishing contactless patient tracking and identification.
For example, CVS and Walgreens have introduced contactless payment methods through PayPal and Venmo’s QR code technology. Moreover, PANTHERx Rare Pharmacy provides customized instructions and information about the medicines to the patients and healthcare staff through QR codes.
The QR Code reader technology has impacted the healthcare and pharmaceutical sectors in the most effective manner. It not only provides quick outcomes but has also turned out to be an effective and secure practice.
Marketing
QR code is one of the most influential and impactful approaches in the advertising and marketing industry. According to an analysis, 40% out of 100% of the global QR code scans are attributed to marketing campaigns. This is because:
- QR codes are commonly used to introduce coupons and discounts.
- They provide product or service information and user guides.
- These are also used for landing pages and to ensure increased social media engagement.
It is no doubt a beneficial approach for increasing the user's engagement towards the brand and the products and services it offers.
Moreover, it helps raise brand awareness, driving online traffic towards the website, tracing advertising campaigns, offering digital and smooth shopping experiences, and spreading curiosity and excitement among the targeted audience.
Besides, according to a report by Statista, 59% of the surveyed shoppers believed that in the future, QR codes will be a permanent part of using their phones.
Restaurants
According to research by Wakefield Research conducted in 2021, 61% of the restaurant's operators nationwide plan to continue offering contactless payment options. On the other hand, 88% want to provide digital menus to the customers instead of traditional printed menus.
Certainly, implementing QR code reader technology is the most effective and easiest option for restaurant owners and planners to achieve this goal.
The QR codes not only help in cutting the prices of printing physical menus but also provide quick editing access to the menus, in the case of changing prices, menus, and the addition of more dishes.
Additionally, the effective usage of QR codes facilitates a smooth and hassle-free customer service experience even with fewer staff.
Similarly, the process of booking, payment, ordering, delivering, feedback, and other services can be easily performed with the help of QR code technology.
Finances
The financial sector is the biggest entity behind QR technology's success. From the moment of the invention of QR codes in Japan, payments and finances have shown to be the strongest driving force behind its success and advancements.
According to Juniper Research, the QR code payment sector is expected to reach $3 trillion globally by 2025. The top 5 international QR code payment vendors are Alipay, PayPal, WeChat Pay, Google Pay, and UnionPay International.
Moreover, the same study says that the number of US consumers will increase to 240% between 2020 and 2025, mainly because of the increasing usage of cashless payments.
Apart from providing cashless payments, QR codes can greatly contribute to implementing quick and secure transactions all over the globe in just a few clicks.
Manufacturers and Retailers
International leading brands, like Google, Nike, Amazon, Hershey, and thousands more companies, use QR codes to boost their sales and attract more potential leads to their products and services.
According to a report, 75% of consumers scan QR codes on Fast Moving Consumer Goods (FMCG) products. Moreover, according to an analysis, the Consumer Packaged Goods industry has faced an 88% increase in QR code creation over 2023.
From marketing campaigns to accessing user guides, the manufacturing and retail industry shares 42% of the total QR code usage.
Conclusion
The idea of QR code reader technology has significantly changed the landscape of the IT, finance, marketing, and even the health industries. Whether you're enhancing advertising for a new product or service or launching a budget-friendly restaurant, using QR codes effectively offers a fast, easy, and hassle-free experience.