How consumer service should dictate your vending business model

No matter which industry you work, consumer satisfaction is of utmost importance. In fact, according to a study conducted by HBR, customers who had a good experience with a company tend to spend about 140% more than those who had a bad experience.

However, providing good consumer experience isn’t as easy as it once was. With a plethora of options to choose from, consumers today are spoiled for choice. US businesses, across the board, are estimated to be losing $83bn every year due to poor customer service.

How does this impact your vending machine business? Like any business, the vending industry thrives on positive consumer experience. Even then, not many organizations try to invest time to quantify the effect of consumer satisfaction on their turnover. Most consumer strategies are created based on personal bias, or localized feedback. However, the vending industry is unlike others. For example, in a restaurant, an owner can gauge the reaction of a consumer related to the service and make changes if needed accordingly. But, most of the times when the consumer is interacting with the vending machine, there is no human intervention. Currently, the vending business may lack a bird’s eye view. Hence, it is of utmost importance to build a consumer satisfaction strategy based on facts.

Vending machines are arguably the ultimate answer to consumer cravings. Be it a cool drink on a hot day, or a healthy snack while waiting for the train, vending machines have it all and more! However, consumers are still hesitant to use vending machines. In e-commerce and retail stores, if a consumer is facing an issue, it is resolved almost instantly. The same cannot be said for vending machines. With no immediate point of contact, it is widely assumed that vending machines are consumer “unfriendly”.

Vending machine operators can follow the steps below while creating an effective consumer satisfaction strategy that is sure to improve their turnover.

Step 1: Identify Your Ideal Consumer

Before you can build a strategy for your consumer, you need first identify who is your consumer. What are their likes and dislikes? Where are they located? What mode of payment are they most comfortable with? Unless you can answer these types of questions, you won’t be able to create an efficient plan. For example, if a consumer is using a vending machine to get a bag of chips in the subway station, they are probably in a hurry to catch their train. Hence, you should provide them with simple payment methods like Vendekin’s consumer app- that allows smooth and simple cashless transactions.

Step 2: Track your supplies

Imagine the consumers disdain when they reach your vending machine only to find that the product, they are looking for is out of stock. But, tracking which products are available in the vending machine in real-time, or which products are selling well, is difficult. Here is where our vending solutions come in handy. Vendekin Analytics Portal not only provides real-time data of the products present in the vending machine but also provides detailed insights into best-selling products and consumer behaviour. Using this data, you can easily get insights on which products are most likely to sell-out first and be sure to restock if within time. Furthermore, you can also price your products remotely and apply for promotions if needed, to sell certain products before they expire.

This will ensure your customers are happy and you never miss a sales opportunity again!

Step 3: Consumer Interaction

Bad experiences happen. An unforeseen machine breakdown, or a payment transaction error, things like these are inevitable. Most businesses solve this problem and quickly change a catastrophic negative consumer experience into a positive one by simply interacting with the consumer. In fact, a study conducted by The Cary School of Business found that 74% of consumers are satisfied when a brand apologizes for poor customer experiences with compensation.

However, a vending machine owner is highly unlikely to ever know if a consumer is facing certain issues with the machine. This ultimately costs a sale opportunity and a bad user experience, which could blow out on digital platforms. To refrain this from happening, you can easily leave your contact information on each machine. Your phone number is the bare minimum, added to that your email ID and the company’s social media profile pages will help as well. This will ensure that a consumer can easily reach out to you, helping you conduct damage control and potentially gain a satisfied and loyal consumer.

With Vendekin consumer app- you can skip the above process completely as we make sure refunds are processed automatically in case of failed dispensations. Furthermore, consumers can reach out to us via the App Chat Support in case of any other issue. Thus, resolving a problem is not only faster but also more efficient.

These three steps are just a start to creating an effective consumer satisfaction strategy. It is always important to know ‘what the consumer wants’ and ‘what is the best way to deliver that’. Using our vending machine solutions, you will not only automate a lot of your processes to ensure you can spend time on acquiring loyal consumers but will also ensure your consumer always has a happy experience!