Are the Days of Self-Checkouts Numbered?

Most people have used a self-checkout at least once or twice in their lifetimes, if not every time they go grocery shopping or hit up a big-box store. Self-checkouts are very common throughout the United States and, whether you like them or not, sometimes they are unavoidable if they are the only lanes that are open.

Soon, however, things may be changing. There are problems with self-checkouts that have led to some companies beginning to pull them out of stores, and others could jump on the trend of removing them from their aisles in favor of putting human checkout clerks to work again.

Here's what you need to know about the fate of self-checkouts in the future -- and how it might impact your personal finances.

There are serious problems with self-checkouts

Some stores both in the United States and across the globe have begun to reconsider whether self-checkouts deserve a place in their stores.

There are lots of reasons for this, including customers not liking the process of having to check out their own items or consumers being confused and ringing up the wrong products, such as choosing a different variety of apple than the one they are actually buying.

For many retailers, however, the biggest issue might be the fact that self-checkouts can lead to "shrink," which is a fancy retail term for inventory that is lost due to mistakes or intentional shoplifting.

Studies have shown shrink is a far bigger problem in stores with self-checkouts, with those companies that use this technology experiencing a loss rate of around 4%. This is more than double the average rate of loss across the industry.

These stores have already begun eliminating self-checkouts as an option

Stores have started to get tired of losing a big portion of their inventory due to either mistakes or intentional theft, and are getting sick of fielding customer complaints due to problems with self-checkouts. As a result, a variety of big-name retailers have already begun making important changes. Specifically:

• Walmart has removed self-checkouts from certain stores in specific regions, including stores within New Mexico.
• ShopRite responded to customer complaints and removed self-checkouts from some regional stores, including grocery shops in Delaware.
• Wegmans stopped allowing customers to use a scan-and-go mobile app that allowed them to pay for groceries as they were added to their carts while they moved throughout the store.
• Costco has increased the presence of staff members in self-checkout areas to crack down on shoppers coming to the warehouse club and shopping with membership cards that don't belong to them.

With so many big-name companies making changes, it is possible that shoppers will begin seeing fewer self-checkout lanes and will have to start handing their credit cards to cashiers again rather than managing the process of checking out all on their own.

The end of self-checkouts, if it should happen, shouldn't have any impact on your checking account as long as you're being honest and legitimately checking out and paying for all the products you buy. But it could change your experience at the grocery store. If you've gotten used to just zipping through self-checkout, you may have to prepare yourself and leave a little extra time for your store trip so you can go through a regular lane if your self-checkout disappears for good.