In the US alone Vending Machines generated revenues of USD 21 Billion, of which > 80% comes from the sales of Snacks and Beverages. Vending machines are supposed to be a convenient solution for grabbing a bite/drink on-the-go, and a great way for F&B Brands to place their products within the consumer’s reach (quite literally!)
But all this “self-service” convenience means that there is a precise orchestration of operations required behind the scenes.
Most operators spend a majority of their time optimizing operations of their existing routes for sustained profitability instead of focusing on new ways to expand the business.
Vending machine operators face multiple challenges in operations on a daily basis. Here are just the top 3.
1) Stock out and loss of sales: For a customer, there’s nothing worse than finding a near-empty vending machine when they’re hungry- except when they find that the vending machine has everything but the very snack or beverage they are craving. If they have a couple of such experiences at the same machine, it’s unlikely they will return. And as every retailer knows, acquiring new customers is far tougher than retaining existing ones.
As an operator, you don’t want to let a potential customer feel disappointed (or lose a sale) because you didn’t restock!
Vendekin tracks sales and transactions as they happen; you are sent real-time mobile alerts, so you know what is at full capacity and what is about to run out. Plus, stocking can be planned & executed cell-by-cell – which means no inventory overhang.
a. Sales Analytics: Vendekin doesn’t just help you restock, it actually helps boost sales. As sales intelligence builds up at the machine level, the Vendekin Operator app and Predictive analytics dashboard help you gauge what sells more (when and where), what moves consistently, and what isn’t a hit with your customers.
So you can stock more of what they like, when and where they need it. This translates into more sales for you, and happier customers overall.
b. Remote pricing Control: You can also decide to remotely change stock price through the Vendekin Operator mobile app, based on real-time feedback of slow/fast sales.
2) Consolidating accounts: With plain-vanilla cash and card vending machines, the turnaround time between payment, collection, consolidation and credit to stakeholders is long.
a. With vendekin, there is a clear reconciliation of cash vs. cashless transactions- with reports being available for
either or both.
b. The various stakeholders’ payments are consolidated and can be split-credited in real-time.
c. Refund requests are submitted automatically and immediately and will reflect in the accounts instantly.
3) Change Issues: Vendekin offers the ease of cashless transactions, which makes a world of difference to not only the end consumer but also the operator.
a. With coin-and-cash vending machines, operators are forced to stock products priced in multiples of standard denominations like INR 5 and 10; cashless payments enable the stocking of your products at precise price-points translating into more sales and higher margins.
b. The chances of a loss of sale due to the hassle of digging for cash are eliminated, as is the need for the operator to store endless amounts of change.
c. With vendekin, there is the added reassurance for consumers that the payment is secure, and the machine won’t eat up their card or cash!
Vendekin has been designed by experts with deep domain knowledge of vending, and it aims to integrate the vending ecosystem through a comprehensive digital solution which solves the challenges faced by all the stakeholders while providing a superior cashless and touch-free vending experience to consumers.
These are just some of the issues vendekin can resolve. In our upcoming posts we will discuss the various features of vendekin that help resolve niggling operational issues for vending machine operators, features that can boost your sales by 15% or more and set you free to focus on business growth – see how here.
To know more about the vendekin Smart Vending Solution, write to us at sales@vendekin.com