To keep up with today’s convenience-focused society, traditional vending machines are being upgraded with technology to provide better service to consumers. Operators are finding that switching from vending machines to markets can greatly increase revenue. This shift toward innovative alternatives in the unattended retail sector is fueled by a desire to meet changing consumer preferences and achieve greater returns on investment.
Among the transformative options reshaping the unattended landscape are micro markets, smart cabinets, and smart coolers. By replacing a vending machine with these technologies, vending operators can increase their return, and 365 Retail Markets has a calculator to measure the exact amount. Before anything else, we should explore each of these emerging technologies to discover their benefits.
1. Micro markets
The emergence of micro markets has posed competition to vending machines by offering fresh, high-margin products in an automated setup. Snack racks, coolers and freezers are placed conveniently next to self-checkout kiosks, offering gourmet snacks, nutritious meals and everyday necessities.
Customization options make micro markets unique, letting vending operators cater to location-specific preferences. By catering to the unique needs of each market, this flexibility not only boosts sales but also increases customer satisfaction.
Advanced technology, such as touchscreen interfaces and digital displays, enhances the shopping experience in micro markets. The combination of high margins, improved customer engagement, and product promotions allows operators to stay competitive and maximize revenue in the expanding vending market.
The MM6 and MM6 Mini by 365 Retail Markets show how micro market kiosks can deliver a shopping experience that is both seamless and immersive. Profit-seeking vending operators are opting for these kiosks because of their customizable offerings and advanced payment options.
2. Smart cabinets
Unattended retail is witnessing rapid growth in the segment of smart cabinets. By combining AI-product recognition, high security and advanced technology, they are transforming the way consumers shop. Smart cabinets offer a unique vending model that combines product diversity and security, creating new location possibilities for operators with higher margin products.
Smart cabinets also have a futuristic appeal thanks to their attractive aesthetic and innovative technology. These cabinets incorporate modern features like automatic checkout systems, interactive displays and sensor-based inventory management. This enhances efficiency and captivates customers by creating a visually appealing and interactive retail environment.
The Stockwell 2.0 is a standout solution in the Smart Stores category. This smart cabinet can be filled with in-demand products across both refrigerated and ambient space. Customers simply issue payment, grab a product and walk away. Its attractive design helps operators service new, profitable locations like luxury apartment complexes, airports, hotels, hospitals and other untapped accounts.
3. Smart coolers
Smart coolers are not your ordinary refrigeration units; these vending machines bring a revolutionary shift to the industry, offering various advantages that redefine the conventional cooler. What makes these coolers unique compared to vending machines is the wide range of fresh, cold food and drink options available to consumers.
Similar to vending machines, smart coolers have strong security measures and only unlock once payment is made. If theft is not a concern, operators can choose not to lock the cooler door. The scan-pay-go feature streamlines the buying process, enabling users to choose items, review labels, and make transactions effortlessly, improving the shopping experience.
ROI calculator
Operators are swiftly embracing these emerging technologies. While vending machines certainly have a place in many accounts, these new solutions are increasingly favored – and for good reason. These innovative point-of-sale machines enable operators to gain new accounts, provide superior customer service and enhance overall revenues. It's never been easier to upgrade from vending and the benefits are crystal clear.
Curious to know just how profitable they can be? 365 Retail Markets created an easy-to-use calculator that identifies your potential upside when making the switch from vending to micro markets. Simply select the type of product you are most interested in, and then enter your annual revenue generated from vending. The calculator will then generate an estimated profit number based on real-world applications of the associated technology.
The calculator has three built-in formulas that will produce three different results:
- Your estimated total profits if you were to stay with vending.
- The additional profits generated by replacing vending with the technology you are interested in.
- Your total profits if you were to switch from vending to the technology you are interested in.
- Try out the ROI calculator today and see how you can boost your bottom line.
Where to start
In order to thrive in the vending industry, it is essential to deviate from traditional norms with a strategic approach. Vending operators seeking new opportunities should turn to 365 Retail Markets, the leading technology provider in our industry. Transitioning is simple with the help of 365.
Leverage the ROI calculator to precisely quantify the financial gains associated with the shift, make informed decisions and optimize your returns.
