With smart technology and healthier options, the vending machine business provides a solution for on-the-go refreshments and much more. There are unique and creative products within vending machines all around the world. However, technical improvements and changes in customer behaviour have impacted vending machine market trends. Here are some of the latest trends in the vending machine sector.
1. New locations for vending machines
Vending machines are commonplace in offices, schools, hospitals, and railway stations. However, there are plenty of other excellent locations. As vending machine design advances, selling products in various venues becomes possible. This has been helping in growing the industry.
Meanwhile, the introduction of high-quality and specialised coffee vending machines by leading companies like Godrej has boosted the industry’s growth. What was initially a “cheap-and-cheerful” refreshment solution has now been upgraded to a more sophisticated option. Upscale hotels, airports, and university campuses are now popular destinations for vending machines.
2. The application of IoT technology
People enjoy surfing the web as much as purchasing goodies from a vending machine. As a result, this new trend incorporates both. The Internet of Things (IoT) is a network of the following:
· Interconnected computing devices
· Mechanical equipment
· Digital equipment and items
This technology allows many devices to communicate with one another.
Surprisingly, IoT provides businesses with an unprecedented opportunity to improve their operations. Even tea vending machine companies have been able to streamline their systems, thanks to IoT technology. It allows them to keep track of inventory and analyse the best locations for machines.
Companies get notified when the top vending machines are out of stock. This significantly decreases operating costs while improving customer service. Some vending machines use IoT technology with plug-and-play smart button devices. This then allows customers to contact facility management immediately.
Vending machine owners can get many benefits from IoT, including:
· Enhanced maintenance schedules
· Increased stock levels
· Faster issue resolution
· Better understanding of a business’s target customer through data analytics
3. Cashless payments
Carrying cash all the time is cumbersome. For this reason, more and more individuals use debit and credit cards or mobile payments. Coffee and tea vending machines have traditionally accepted only coins and notes. However, cashless payments are about to change that. Buyers can now swipe their credit card, and a machine will receive payment.
Furthermore, customers may access newer vending machines via mobile apps. These apps accept payments and display inventory. They also make targeted offers depending on a buyer’s purchase history.
4. Personalisation using smartphones
Like everything else in our lives, vending machines will evolve to the point where they generate their algorithm. While many smart vending machines accept cashless payments, other vendors are going a step further. Some intelligent vending machines may now interact in real time with smartphones.
A buyer takes out their smartphone, launches the vending machine app, and signs into their account. The rest of the process is easy:
· They select many products from the machine
· Check out the app
· Retrieve the items from the machine
The benefit of this entire procedure is that it enables a personalised user journey. The app remembers what a customer likes. Therefore, the next time they check-in, they’ll get recommendations and updates about new vending machine items.
Smart vending machines are already widely available. They allow businesses to connect with customers in novel and interesting ways. From easy payment to personalised service, the future of vending is bright.
Smart technology and connection will also enable owners to track sales and revenue patterns. Data is becoming more detailed, and analysis is becoming easier. Therefore, merchants can stock the appropriate products on the right days and places.
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