Transaction Printing in North America & Europe

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1 Transaction Printing in North America & Europe Market Trends & Outlook January 2015 Sponsored by:

2 CONTENTS Introduction 3 Transaction Printing in North America 4 Transaction Printing in Europe 8 Outlook 13 2 Transactional Printing in North America & Europe

3 INTRODUCTION Digital production printers were prime movers in reshaping transaction printing in the late 1970s by enabling companies to quickly and efficiently produce bills, invoices, and other account-based documents in a single computer-based operation. Today a new generation of digital printing solutions is enabling the industry to respond to the challenges and opportunities created by electronic alternatives to the mail. Producing transaction documents was one of the earliest applications of high-volume digital printing, and remains an important market world - wide. Today transaction mail faces serious and ongoing competition from electronic forms of delivery; as a result, like many print markets, it is consolidating. An increasing percentage of consumers are opting into electronic delivery, and are encouraged to so by transaction mailers eager to move away from paper in order to cut costs. Transaction print providers are thus tasked with main taining production costs in the face of over-capacity in a shrinking market. At the same time the appetite of transaction mailers for higher-quality full colour output continues to grow unabated. Transaction print providers in North America and Europe are responding to these challenges by adopting a new generation of print and mail technology. Faster, more capable and more economical full-colour inkjet and toner systems are helping transaction providers and their customers enhance transaction mail and improve production and delivery operations. This report explores recent trends, challenges, and developments with transaction printing in North America and Europe. It also examines the critical and evolving role of digital printing technology, and how it is enabling providers to successfully compete in a shrinking market. Transaction Printing in North America & Europe 3

4 TRANSACTION PRINTING IN NORTH AMERICA BACKGROUND Transactions sent and received constitute about 26% of all household mail (including Standard Mail) in the U.S, and about 62% of First Class household mail. According to the 2012 USPS Household Diary Study, about 41% of the transaction mail pieces sent and received in 2012 were bills, nearly 20% were bill payments, and about 16% were statements. Social and charitable transaction mail, including requests for donations, donations, bills, and confirmations represented about 3.5% of transaction mail. Transaction Mail Mix TRANSACTION MAIL VOLUME From 2010 to 2012, bills, bill payments, and statements, which collectively account for more than three-quarters (77%) of transaction mail, experienced double-digit reductions in volume. Bill payments by mail declined by -16.2%, bills mailed declined by -12.7%, and statements dropped in volume by -12.4%. As a category, social and charitable transaction mail declined -23.6% in volume from 2010 to During the recession of First Class business mail volume, which is dominated by transaction mailings, was initially more resilient than Standard Mail volume. Standard Mail advertising is discretional spending, but for the most part companies must always send transactional mail. In the years following the recession, the decline in First Class business mail has continued at a higher rate than Standard Mail. From 2010 through 2013 the rate of decline in Standard Mail improved to about -0.6%. The drop off in First Class business mail volume, however, has shown little to no improvement as the economy has stabilised; from 2010 through 2013 it declined at a rate of -3.8%. In fiscal year 2013 First Class Mail generated about 55% of USPS revenue and accounted for about 43% of its mail volume, while Standard Mail accounted for about 32% of revenue and 52% of volume. For its full fiscal year First Class Mail revenue declined by -3.1% while Standard Mail revenue increased by 1.6%. First Class Mail volume dropped by -4.2% and Standard Mail volume increased by 1.5% over the prior year. Source: USPS, 2012 According to an ebilling study sponsored by Citibank and published in 2013, total bill/invoice volume (electronic and print) increases about two to three percent per year. 4 Transaction Printing in North America & Europe

5 TRANSACTION PRINTING IN NORTH AMERICA Source: USPS data, INTERQUEST Transaction Printing in North America & Europe 5

6 TRANSACTION PRINTING IN NORTH AMERICA ELECTRONIC DIVERSION The decline in transaction mail is caused by an increase in the adoption of electronic delivery. In 2012 U.S. house - holds paid more monthly bills electronically (6.7) than by mail (4.8). Since 2000, the average number of bills paid electronically more than quadrupled in the U.S., while payment by mail dropped about 45%. Third-party and inhouse transactional printers we survey cite electronic diversion as the leading trend in the market. According to Fiserv s Sixth Annual Billing Household Survey (2013) of 3,004 U.S. bill-paying respondents 21 years of age and above, U.S. bill payers are now using an increasing number of ways to pay bills. This makes it important for billers to provide a cohesive experience across all channels, including paper, web sites, consolidator sites such as banks and credit unions, and tablet and smartphone optimised sites and apps. As with other print markets, transactional printing is not a zero sum game; many consumers still prefer printed delivery, and many others prefer both. Despite gains in electronic forms of presentment and payment, in 2012 bills and statements received by mail accounted for 84% of the total volume (including electronic) received by U.S. households, down from 94% in According to the USPS, household characteristics based on age, income, education, and internet access influence the amount of transaction mail sent and received. Across all income levels, younger households send and receive less transaction mail, in part because they are less likely to own their own homes and therefore have fewer insurance policies, and in part because they are more likely to be active users of electronic alternatives to mail. The number of U.S. online households that have made a mobile bill payment doubled from 8 million in 2012 to 16 million in 2013, and the average number of bills paid by mobile bill payers increased 19% over the same period. The ebilling Benchmarking Study conducted by Blueflame Consulting and sponsored by NACHA in 2011 found that only 6.5% of customers in the water and sewer industry who had adopted ebills had completely turned off paper statements; 7.7% of ebill consumers in the insurance industry had turned off paper; and 11.8% of customers in the telecommunications (wired line) industry, who had adopted ebills, had turned off paper. Among the highest levels of paperless adoption: 21.2% of consumer loan customers 19.9% of wireless phone users 19.6% of credit card consumers 18.1% of cable and satellite customers 15.7% of mortage loan holders Source: Doxo 6 Transaction Printing in North America & Europe

7 TRANSACTION PRINTING IN NORTH AMERICA MARKET TRENDS According to an INTERQUEST survey of leading trans action printers in North America, the top two trends in the market are the adoption of fullcolour printing, cited by 70% of the respondents, and the migration to electronic delivery, cited by 60% of respondents. Slightly more than one-third of the respondents cite white paper factory solutions designed to eliminate preprinted forms. Leading Market Trends North America High-speed inkjet printing has taken the trans - action print market by storm. More than half (55%) of the output currently produced by the respondent companies INTERQUEST recently surveyed is printed on inkjet equipment, and 45% is produced on toner-based systems. Continuous-feed inkjet systems have enabled printers to consolidate large volumes of bills and statements on fewer systems and to offer economical full-colour printing. Respondents expect full colour to account for about 58% their total transactional volume by Source: INTERQUEST Colour printing is being used for a variety of purposes on transaction documents. Relational marketing applications account for over one-third (34%) of the respondents colour transactional print volume produced on digital equipment; about 17% of the colour output is used to replace preprinted offset shells; 38% of the colour output involves the enhancement of documents through the use of personalised colour charts and text; and 11% involves the production of marketing material, news letters, annexes, and other information integrated with the workflow and inserted in the transaction mailings. The colour transition is happening because of new technology which is driving the unit cost down, and it s even a faster transition than we expected. Large North American transaction printer Transaction Printing in North America & Europe 7

8 TRANSACTION PRINTING IN EUROPE BACKGROUND Over the past seven years letter mail volume has declined in all European countries due to electronic diversion and struggling economies. From 2008 to 2013 addressed mail volume declined by about 5% annually in Western Europe. Mail volume declined at the highest rate (8%-10% per year) in Italy, Spain, and the Netherlands, while it dropped less (2%-3% annually) in Germany, Belgium and Austria. Annual Growth of Letter Mail Volume, Many E.U. postal markets have been liberalised, but former national postal companies dominate delivery with a 90%+ market share in most countries. Leading postal operators such as La Poste Group in France, Poste Italiane in Italy, Coreos in Spain, PostNord in Denmark and Sweden, and Itella in Finland are still 100% state owned. 38% of U.K. Royal Mail, and 21% of Germany Deutsche Post are state-owned, while PostNL in the Netherlands is entirely privatised. Source: WIK-Consult, 2013, TÜV Rheinland 8 Transaction Printing in North America & Europe

9 TRANSACTION PRINTING IN EUROPE Deutsche Post, 2014 According to Deutsche Post the average price of a standard domestic letter adjusted for inflation increased by 19.2% in 31 countries in Europe between 2004 and Prices rose the most in the U.K. (63%), while dropping by 5% in Italy and 8% in Germany. Transaction Printing in North America & Europe 9

10 TRANSACTION PRINTING IN EUROPE TRENDS According to European transaction printers recently surveyed by INTERQUEST, the leading trends in the transaction market include: Leading Market Trends Europe the migration to electronic delivery, cited by 43% of the respondents; a decline in transaction print volume, cited by one-third of the respondents; and the adoption of white paper factory solutions, cited by 30% of the respondents. Source: INTERQUEST, 2014 We see a step forward in the move to electronic delivery, with corporate billers forcing their customers to move away from paper. Nevertheless, there is still a lot of paper printed because print provides a better response rate than electronic. French transaction printer Transaction Printing in North America & Europe 10

11 TRANSACTION PRINTING IN EUROPE CHALLENGES Nearly one-quarter of the European transaction printers surveyed by INTERQUEST cite price competition as their leading market challenge. About 20% of the respon - dents point to a decline in print volume as a major challenge, and the same percentage cites the resources and efforts required to help customers migrate to multichannel communications as a challenge. The top challenge for us is the decline in volume. I hope volume is going to come back with the new law protecting consumers, but in the end the trend is to go electronic especially with the younger generations. The second challenge is the price war, with some competitors fighting to win business with no profit margin. Spanish transaction printer Leading Challenges Europe Source: INTERQUEST, Transaction Printing in North America & Europe

12 TRANSACTION PRINTING IN EUROPE ELECTRONIC DIVERSION Nearly half of the large European transaction printers recently surveyed by INTERQUEST view electronic diversion as the leading market trend. Respondents estimate that about 83% of their clients customers currently receive paper bills only, 13% receive electronic bills only, and 4% receive both. Delivery of Bills & Statements in Europe According to Billentis, 6% of all bills and invoices (B2B and B2C) produced in Europe in 2009 were presented electronically; the company estimates the percentage increased to 18% in 2013, and will reach 21% in Nordic countries, the U.K., Ireland and the Netherlands are experiencing the highest penetration of electronic presentment in the European B2C market. Source: INTERQUEST, 2014 European Electronic Invoicing Directive In May 2014 the European Directive on electronic invoicing in public procurement came into effect. The Directive calls for the reception and processing of e-invoices using the new European standard to become mandatory around the third quarter of However, Member States can postpone this deadline by a further 12 months for regional and local authorities. The Directive calls for making the receipt and processing of electronic invoices in public procurement obligatory, and for the development of a new European e-invoicing standard by the European Committee for Standardization (CEN). The European Commission estimates that the adoption of e-invoicing in public procurement across the EU could generate savings of up to 2.3 billion. A recent report commissioned by the UK government stated electronic invoicing could save the public sector and its suppliers a minimum of 2 billion annually. According to newspaper Les Echos the French government expects e-invoicing to save 710 million annually. Transaction Printing in North America & Europe 12

13 OUTLOOK FOR U.S. & EUROPE Transaction Print Volume Source: INTERQUEST, 2014 INTERQUEST forecasts that transaction print volume will decline by -2.8% per year in Europe, and by -3.6% annually in the U.S. from 2014 to The decline will be driven primarily by the electronic diversion of print; the drop off in transaction mail pieces will be higher than the decline in print volume due to consolidation of mailings into the transaction workflow. Transaction Printing in North America & Europe 13

14 2014 INTERQUEST, Ltd. About the sponsor Ricoh provides technology and services that can help organisations worldwide to optimise business document processes. Offerings include managed document services, production printing, office solutions and IT services.

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