Here’s something to think about – the global self-service technology market is expected to touch $83.5 billion by 2021, a 35% jump from $54 billion in 2016, and achieve a five-year CAGR of 8.9%.
Meanwhile, vending machines, the largest segment in the self-service sector, stand to benefit the most. The industry is predicted to grow from$30.1 billion in 2016 to $42.8 billion by 2021, a staggering 30% jump in just 5 years.
Technological advancements, faster wireless communication and remote management have helped facilitate overall market growth.
Here are a couple of growth opportunities in the self-service technology industry, and vending in particular.
Being able to perform financial transactions at vending machines via smartphones is high-priority for consumers today. They also want speed, at the point of purchase and beyond. One-click payments, touch-free transactions and automatic refunds should be part of the retail experience. The speed of service and accessibility also counts on the vendor/operator side of the business – being able to view transactions and monitor your vending machines and kiosks in real-time, for example.
Today’s consumers are comfortable with mobile technology, especially intelligent technologies that can provide a personalized retail or checkout experience. A smart mobile solution that can gauge customer preferences and store transaction history provides brands with better insights and customers with a shopping experience.
The Internet Of Things:
One of the key growth drivers in the Intelligent vending space is the demand for cashless payments and an interactive retail experience. IoT insights and data are transforming unattended retail. The right IoT technology tools can track service requests and restocking requirements as they happen and aid in device diagnosis. Pre-emptive service is a win-win for brands and customers.
The Asia-Pacific region:
While the USA and Europe are the top two markets regarding revenue generation, Asia-Pacific is witnessing an impressive demand and is all set to grow at a CAGR of over 17.0% from 2015 to 2022. As far as the vending machine sector is concerned, the region is expected to flourish at 21.7% CAGR from 2016 to 2023.
To sum up, quicker transactions, easier connectivity and real-time data – the key to getting more out of self-service technology and unattended retail. Vendekin offers end-to-end vending machine payment systems for the distributor and consumer. Our app and easy-install hardware is a 360-degree solution for vending machine payments and transactions. See how it helps distributors and consumers alike!
Check out more on our website – vendekin.com