In 2022, the vending and micro market industry saw a 20% increase in total revenue, exceeding pre-pandemic levels. Operators are continuing to expand their presence by installing premium kiosks in top-tier locations and introducing compact solutions in unconventional spaces. This strategy captures new revenue streams and boosts profits. However, expansion isn't the only path to success. A robust management solution can significantly improve operations at existing locations.
While basic kiosk management tools can operate your micro market, savvy operators can unlock their full potential by utilizing a vending management system (VMS). Although VMS stands for vending management system, its capabilities extend far beyond that. It can also manage micro markets, office coffee services, pantries, and smart store technologies. Here are five benefits of using a VMS for micro markets.
1. Boost Sales
The 365 VMS takes product merchandising to the next level. With powerful sales metrics, you can arrange products visually in a planogram-like format based on the asset. The VMS suggests products to stock based on the location type.
For example, if you're replacing a product in a manufacturing facility, the VMS will recommend products that perform well in similar blue-collar environments. This level of customization ensures that your product offerings are tailored to each location, leading to higher sales.
2. Enhance Customer Satisfaction
Offering in-demand products naturally results in happier customers. A VMS helps you achieve this by providing pre-kitting and dynamic routing tools, ensuring that the right product reaches the right location at the right time. This minimizes stockouts and improves customer satisfaction. When customers consistently find their favorite products available, their satisfaction and loyalty to your service grow.
3. Lower Labor Costs
Pre-kitting and dynamic routing tools not only boost customer satisfaction but also significantly reduce labor costs. With a VMS, you can monitor live data from your markets and service them only when necessary. By considering factors like Parlevel percentage and current stockouts, you can eliminate unnecessary stops and optimize service routes. Additionally, the 365 VMS integrates with Lightspeed warehouse solutions, enhancing pick rates and pre-kit accuracy, further reducing labor costs.
4. Streamline Operations
Managing data imports and exports can be cumbersome. The 365 VMS simplifies this by enabling you to manage your entire operation from a single platform. You can seamlessly run your micro market operations alongside vending, office coffee, pantry services, or smart store technologies, gaining a holistic view of your business. This comprehensive approach gives you tighter control over operations, making management more efficient and less time-consuming.
5. Gain Valuable Insights
Another significant advantage of using a VMS is access to hundreds of insightful reports about your business. You can review data on route sales, overshort, pre-kit times, profit and loss statements, top ten products, and much more. With accurate and detailed information at your fingertips, you can make informed decisions that positively impact your bottom line. These reports allow you to identify trends, optimize operations, and strategize effectively.
Effective micro market hardware is only part of the equation. Using a VMS to manage your micro market accounts unlocks additional profits at existing locations. By implementing a comprehensive system like the 365 VMS, you can boost revenues, cut costs, and gain better control of your operations. The benefits of a VMS go beyond basic management, offering tools that enhance every aspect of your business. Start using the 365 VMS today and elevate your micro market operations to new heights.
Contact 365 Retail Markets at [email protected] or visit their website at 365RetailMarkets.com.
