5 WAYS IN WHICH MOBILE BASED, CASHLESS PAYMENTS CAN TRANSFORM THE VENDING INDUSTRY

It is known that Japan has the longest working hours in the world at 46 hours per week, which is still lesser in comparison to the 52 hours per week that Indian millennials log in.

Looking at the amount of time we spend in the office, the supply-demand graph for eatables such as snacks and beverages is skewed. The demand is ever increasing, and the supply has remained stagnant due to an increase in maintenance costs. Hiring manual labor for food and catering and offering 24/7 services is burning a hole in the pockets of employers. The disparity between demand and supply only gets more pronounced in the bigger corporations.

Cashless vending machines can reduce these hiccups by offering a variety of choices for all types of consumers and augment the existing experience of manual catering!

The luxury of making a quick vending machine purchase in a touch-free and cashless way is increasingly becoming a reality. Whether you need a healthy chocolate bar or ready-to-eat food products, everything can be purchased without needing to take out your wallet. Consumers just have to find a cashless, mobile operated  vending machine, purchase the product, and make the payment from your phone. It is that simple!

Let’s find out the reasons why Operators should utilize a mobile based, cashless vending machine:

1.    Consumer Convenience

In 2018, the total amount of digital transactions in India was approximately USD 51,756 million.

Cardless vending machines are convenient for everyone. The consumers don’t have to wait for their turn in long queues to place requests for meals. The transactions are faster and simpler as users don’t have to provide the exact change or swipe cards.

The office administrators and employers will also have fewer troubles as cash related disruptions would reduce. The employee satisfaction will enhance with the increased availability of different food and beverages at all times.

All in all, a cashless vending machine will decrease the efforts users have to make.

2.    Rapid Transactions

Digging into the wallet just for a fresh cup of coffee or a morning snack doesn’t sound very appealing to consumers. Your users should be able to make rapid transactions. Since users now prefer card or e-wallet payments, cashless machines that enable mobile based payments are an obvious and highly useful alternative for vending machine owners, employers, and office administrators.

3.    Enhanced Security System

Mobile based payments can increase security for both users and owners, and here’s how:

  • A lot of cash in your vending machine can be a cause for concern. Instead of worrying yourself sick every time while carrying cash from the machine back to office or the bank, you can simply shift to cashless payment mode.
  • According to a Nielson Report, worldwide losses from card fraud rose from USD 8 Million in 2010 to USD 21 Billion in 2015. It is expected to reach USD 31 Billion by 2020. Through mobile based payment, users have significantly reduced chances of their information being stolen since they do not have to swipe their card. Everything is contactless, and the transaction is carried out securely.

4.    Increased Sales

Collaborating your cashless transaction with your vending management will give you a detailed analysis of user behavior. What types of products are being sold? At what time is the purchase of a particular product heightened? For instance, the employees who stay back during night shift purchase water and instant noodles. This kind of analysis will help you arrange your inventory accordingly. Now, consumers would get what they want exactly when they want!

5.    Superior Consumer experience

Many office users may skip on an impulse purchase because they do not have the exact change. It will be difficult for them to arrange for change easily especially if they are working at night. With cashless payments, consumers will be able to pay with ease. With the added benefit of a captive audience and a common platform through the mobile app, operators can entice more consumers through loyalty programs thereby increasing sales as well as consumer retention.

With the help of mobile based payment solutions, operators can enable their corporate clients to give employees benefits of using corporate e-wallets or food cards.

Vending At Your Fingertips: Mobile Based Transactions

There is no denying the fact that Mobile App based transactions offer convenience and ease-of-access to both, users and operators. The transparency increases for owners of vending machines, which also lets them analyze inventory trends. As for consumers, things become simpler & faster. The vending machine owners can additionally decrease the cost of management, & implement a future-proof payment solution.

Vendekin offers a seamless integration of cashless, touch free vending solution as a part of its complete suite of digital vending solutions. Contact us to know more!

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