With fast-paced lifestyles and the need for convenience, it’s the age of Millenials. Right from the 5G network to driverless cars, every industry is striving to meet consumer demands with the help of technology. The vending industry is no different. Equipped with the right technology, vending machines can quickly become a consumer’s best friend, right from satiating impromptu snack cravings, to ensuring consumers’ preferences are met with every time they find a vending machine!
Due to this, many businesses are investing in the vending niche. In 2019 alone, the market size, measured by revenue, of the vending machine operators industry is $7.7bn in the U.S. These high numbers don’t come as a surprise because the introduction of technology in other niches have changed their entire dynamic too. For example, the travel industry has seen incredible growth in the past few years. According to the WTTC, last year travel and tourism grew 3.9%, above global GDP growth of 3.2% and contributing a record $8.8 trillion and 319 million jobs to the world economy. This growth is credited to the introduction of multiple applications that make planning an entire trip possible with one simple click, right from booking tickets to food and accommodation.
That being said, when it comes to the vending industry, which technology is actually worth the investment? The real question is which technology is apt for your business. With the help of technology, you can scale your business and bring greater discipline to your vending business.
Here is a list of the top technology trends that are shaking up the industry and transforming vending experiences:
Multiple Payment Options
With a host of applications that allow you to make secure payments via your smartphone, as well as debit and credit cards, consumers have forgone cash! So, providing them with multiple payment options is crucial.
However, that’s not all. At least once in their life, a consumer who frequently uses a vending machine has slid a five-dollar bill into a vending machine, selected the product they want, and then disappointedly watched the product get stuck in the machine. They are left with two choices; give up or pay twice as much for the product. However, with smart vending solutions like Vendekin, the consumer can use an app to get their money back if the machine fails to deliver their product.
Most consumers are in a hurry and want to complete their transaction as soon as possible. Imagine this, the vending machine recognizes a regular consumer approaching and keeps the proper order ready for dispensing as soon as the consumer arrives. Sounds like a real seller, doesn’t it? That’s the use of facial recognition technology.
While this may sound like futuristic technology, this technology is already being used. The Luce X2 vending machines have a motion sensor which can identify when a user is approaching the machine. Then, a camera recognizes the consumer and is ready to provide a customized service!
Almost every vending machine is providing digital payments, so what are you doing differently to attract consumers? The latest up and coming technology in the vending machine niche is integrating your vending machine to a consumer’s smartphone. With the help of an app like Vendekin, a consumer can carry out the entire interaction with your vending machine via their smartphone. This includes using the app to check which products are available, making the payment and requesting for a refund it the machine fails to deliver the product.
Instead of just making the consumer’s life easier, this technology is used to appease to the personality of a Millenial. According to a study conducted by the Shelton Group, 90% of Millenials will buy from a brand whose social and environmental practices they trust, and 95% of them will recommend that brand to a friend. There are multiple ways to save energy. For example, by opting for LED lighting and movement-activated features, smart vending machines can turn off their interior lights when not in use. This reduces their carbon footprint. You can use this to market your machine, which is sure to attract consumers, as well as do your bit to protect the environment. Coca-cola is a great example of using this technology as a marketing tool. They launched an ultra-energy savings vending machine in Japan that can cool beverages at night, yet keeps them cool in day-time with airtight doors and vacuum-insulated material.
There you have it! The ideal combination of technologies that you should invest in to ensure you make enormous profits from your vending machine business. If you want to make your vending machine smart, contact Vendekin today!