Covid scare pushes up demand for currency counting machines by 66%: JD Mart Consumer Insights

Mumbai, February 4: Scare of COVID has pushed up demand for currency counting machines as shop keepers and small and medium enterprise business owners are turning away from the old habit of the use of saliva to technology for counting currency notes, reports the latest JD Mart Consumer Insights.

Currency counting machines were among the top-3 most searched office electronics goods on JD Mart, India’s latest B2B marketplace by Just Dial. Overall, demand for office electronic goods on JD Mart saw a YOY growth of 119% while demand in Tier-II towns and cities was higher by almost 15% vis-à-vis Tier-I. 

Besides currency counting machines, the two other most searched electronic goods for offices were photocopier machines and biometric systems. The rise in demand for currency counting machines and biometric systems indicates an increasing shift towards automation. 

Photocopiers were the most searched category that saw a YOY growth of 149% while currency counting machines were second with a YOY growth rate of 66%. The third most searched category was that of biometric systems that grew by 97% while billing software was the fourth most searched product that saw a demand growth rate of 144%.

Commenting on the consumer trend, Mr. Prasun Kumar, CMO, Just Dial: “It is encouraging to see how small and medium enterprises across the country are now increasingly adopting automation in their sphere of business. The increase in demand for currency counting machines, biometric systems, and billing software signals how MSMEs are trying to optimise time for faster growth. While Tier-I cities have always been in the frontline to adopt technology, over the last 12 months demand in Tier-II cities has outpaced that of Tier-I.” 

For photocopiers, Delhi contributed to maximum demand among Tier-I cities followed by Mumbai and Kolkata in the second and third place, respectively. Coimbatore topped the list of Tier-II cities that saw maximum demand while Chandigarh, Jaipur, Lucknow, and Bhavnagar made up the top-5.

Demand for currency counting machines in Tier-I was primarily driven by the cities of Mumbai and Delhi, contributing to almost 60% of the searches. Mumbai topped the demand while Delhi and Kolkata were second and third, respectively. Among Tier-II towns, the top-5 cities that saw maximum demand were Jaipur, Coimbatore, Chandigarh, Indore, and Rajkot.

Among Tier-I cities, Delhi and Mumbai saw maximum demand for the bio-metric system while Pune was third. Lucknow, Chandigarh, and Surat were the top-3 Tier-II cities that saw maximum searches for biometric systems.