‘Modern consumers demand convenience’, this is the constant truth within the evolving retail environment. Thus businesses are opting to buy vending machines that aid cashless payments and provide instant gratification to their consumers.
So much so that the global vending machine market showcases an opportunity of $6.97 billion in revenue from 2019 to 2027. What is even more astonishing, is that with 43% of global revenue, the food and beverage industry is not the only one to have a strong hold over vending machines.
Multiple businesses including cosmetics, fashion, mobile phones, gold, medicines, etc are investing heavily in vending machines.
But acquiring the right vending machine can be a daunting task. With so many types and brands of vending machines available, it's important to weigh your options carefully to find the best option for your business needs.
Here is a comprehensive guide to help you choose the right vending machine.
What to consider before buying a vending machine
Before you start looking for a vending machine, it's important to evaluate and assess your specific needs. Consider factors such as size, capacity, features, type, location, the technology used, etc.
Evaluating your requirements can help narrow down your selection to the ideal machine for your business. This must include:
Type of vending machine
Machine size and space availability
Location. Location. Location.
Ease of use and management
Technology used and features provided
Let’s discuss them in detail.
Type of vending machine
Every product has its own unique requirements to maintain its ideal condition. Hence each product demands different features from a smart vending machine.
For instance, a cashless coffee vending machine for office spaces would require a heater, while an ice cream vending machine would require a refrigerator. Likewise, for more delicate products like milk packages, you might want an elevator vending machine and not a spiral one.
Apart from these types, there are also vending machines for snacks, drinks and even combo products. All these little considerations can impact which vending machine you purchase.
Vendekin’s Expert Tip: Choose the product mix first. Identifying the products for your target audience in a particular location, will help you find the best vending machine for your business.
Machine size and space availability
Another interesting consideration should be the machine size, after all this small point can make a big impact on your business.
If you have the right location selected and have fast-selling products like snacks and beverages, you would want your machine to be big enough to store a decent amount of the product to avoid frequent refilling of the inventory.
The second factor that will guide you in selecting the right machine size is the space available to you. Office spaces can only hold a mini coffee vending machine while much larger automatic vending machines can be placed in public spaces like parks, metro stations and malls.
Consider your location
It is important to consider the location of where the machine will be placed. As it helps to look for a machine that can handle the traffic patterns and conditions of the area.
Additionally, consider factors such as clearance space needed, access to power outlets and any additional security measures you may need to take for the vending machine unit.
Vendekin’s expert team can help your business identify more profitable locations on the basis of the analytical data collected by their smart cloud-based vending machine software vNetra.
Taking these into consideration when selecting a smart vending machine can help ensure a successful purchase!
Ease of use and management
Before you buy a vending machine, test its usability for you and future consumers.
An automatic vending machine is all about convenience and an enhanced shopping experience for end-consumers. At the same time, as a business, you want to be sure of the various nitty-gritty of the vending machines.
With Vendekin-powered vending machines, the shopping experience is cut down to 3 steps: scan >> select >> pay. All this digitally! Moreover, the machines connect with smartphones via Bluetooth making it possible to experience seamless transactions even in cases of low internet connectivity.
And with Vendekin’s onboarding process, vending machine operators are fully trained to interact with the complexities of a smart vending machine.
Vendekin’s Expert Tip: Evaluate what services or maintenance the vending machine manufacturer provides. Will they manage and restock products? Who will handle technical issues or repairs? How often should it be serviced? And so on…
Technology in use and features provided
Understanding the range of payment technologies, features, services and options offered by different vending machines is important to ensure that you invest in the best machine for your business.
Consider which payment methods would apply to your customers, such as cashless payments. Also, think about additional features like flexible pricing options and product promotions.
By selecting the right technology and features, you'll be able to maximise the financial performance of your machine in the long run. With Vendekin’s smart vending machine software you can easily remotely manage your vending machines and use the analytical data for enhancing your business strategies.
These are the few considerations you must take into account before you opt to buy a vending machine.
How does Vendekin help businesses?
With Vendekin’s smart vending machine software, you always have access to the data of all your automatic vending machines. How does this impact your business?
In simple terms, with Vendekin’s automated vending machine solutions you can collect, maintain and analyse data collected over a period of time and utilise the same to evolve your business strategy. This helps you build an immersive, inclusive and immediate shopping experience for your consumer.
Additionally, Vendekin helps vending machine operators buy FMCG/CPG products at the right price from the best source, so that they enjoy better profit margins.
Investing in a smart vending machine is equivalent to investing in the future of your business. And if you are looking to venture into this growing industry, start on the right note with Vendekin. Reach out to us at marketing@vendekin.com or give us a call at +91 9555712713 to start a conversation.