Starting a new business can get a bit scary, especially when the industry you are entering is rapidly evolving. And with the introduction of the latest vending machine technology in India the vending industry is going through a period of growth and disruption. This also means more opportunities for entrepreneurs and brands! And with that come questions.
Team Vendekin Technologies compiled a list of the most frequently asked questions by new vending entrepreneurs and brands as they enter the vending machine industry. And these FAQs have been answered in detail by Vendekin’s marketing and product experts to ease the journey for anyone starting out in the vending industry. So, let’s dive right into these questions...
How much does a vending machine cost in India?
The costs of vending machines may vary depending on its size, type and the customisation done on it. The smallest machine may cost anywhere close to Rs. 1 lakh and may go up to Rs. 8-10 lakhs. Having worked with various vending machine suppliers in India, we have found that a vending machine made to sell delicate products like sweets and snacks can cost between Rs.2.5-3.5 lakhs, while combination machines that have a built in chiller for refrigeration can cost anywhere between Rs. 4-4.5 lakhs.
How often is restocking a vending machine required?
Vending machines are stocked by vending machine operators. Refilling depends on the frequency of sales. And sales depend on the location where the machines are installed. It goes without saying that places with high footfall will see increased usage of the machines. When a new vending operator (NVO) or brand gets onboarded to Vendekin Technologies, they get more than just smart vending machines installed with the latest vending machine technology in India. The marketing team at Vendekin helps identify locations with better footfall. Moreover, with the help of our vending machine management software, vNetra, NVOs and brands in India can track and analyse sales from all their machines as per location and tweak their efforts accordingly.
How big can vending machines get?
Vending machines come in a great variety of shapes and sizes. The smallest machines powered by Vendekin are 3 x 3 feet in height and width, while the biggest Vendekin smart vending machine, a hot food vending machine has dimensions of 6.5 x 5 x 4 feet in height, depth and width respectively. To reiterate, the size of the vending machine purely depends on the product being sold.
What do I need to install a snack vending machine?
The requirements for a snack vending machine are very basic, that is enough space to install the machine and move it for restocking, repair and maintenance and an uninterrupted power supply. This is because Vendekin-powered machines can be plugged in and made operational as soon as they are delivered by any vending machine suppliers in India. For the safety of the machine and the product, another recommendation is to place the vending machine under the supervision of a 24x7 CCTV Camera or the presence of a security guard.
How long does it take to install a vending machine?
Installing a Vendekin-powered vending machine doesn't take a whole lot of time and effort. The machines are customised as per the requirements of the vending operator, tested multiple times to ensure error-free function, and the vending machine management software comes pre-installed. Simply put, our vending machines are “plug and play.” You can be up and running within 24 hours of getting delivery.
Does Vendekin Technologies offer vending machines for rent?
Vendekin Technologies does not offer vending machines for rent, as we are a technology company that develops smart vending machine technology in India, creating solutions for all types of vending machines both in India and abroad. However, one of our beliefs is to democratise vending across the board, so sometimes we do go the extra mile or two to help brands and NVOs, when they are setting up 5 or more machines, by helping them source machines from vending machine suppliers in India on some form of lease arrangement.
How are refunds on customer purchases made?
It used to be that end-consumers had to wait for the machine refiller to come, check and refund the money back for a failed transaction performed through a vending machine. However, Vendekin-powered smart vending machines refund the money back into the consumer's account automatically. This is because Vendekin-powered smart vending machines accept payments from all digital platforms and e-wallets, and the entire transaction can be done via a smartphone in a touchless manner. We also provide a 24x7 support helpline, displayed prominently on the machine, which the consumer can contact, provide their order number and get a refund instantly.
How are vending machine repairs handled?
The first year of repairs and fixes are provided free of cost by Vendekin through a warranty. Post which there is an annual maintenance contract fulfilled by Vendekin at a very competitive price.
When can I start earning a profit on my vending machine?
A smart vending machine powered by Vendekin can start turning in profits anywhere between 18 to 36 months. Of course a lot depends on the location of the vending machine, the marketing done to promote it, including any offers.
Do I need a licence to set up a vending machine?
No special licences are required to start a vending machine business. Except the usual basics of getting the company or business name registered, in the case of NVOs.
How can I get more people to use my vending machine?
The marketing team at Vendekin Technologies helps NVOs with promoting vending machines through offers on products, connecting with residential complexes, corporate parks and companies which may be end-customers. We also provide access to various FMCG companies through our platform to help get better costs for the products being vended. Apart from all these, brands and NVOs can also promote the machines with guidance of our marketing team to reach out to maximum people.
Does a vending machine require software installation?
No additional software is required to be installed in the vending machine. The Retrobox device, which makes any old vending machine a smart vending machine, comes installed with the requisite software, and they get updated automatically.
Whether you are reading this as a brand or an operator, we hope this answers some burning questions with regard to setting up a vending machine business or retail channel for your products. If you have any more questions do call us on +91 9555712713 or email us on firstname.lastname@example.org.