Benefits of technology-supported Vending machine

While the vending machine industry may seem like an old school, outdated service, there's actually been constant innovation and expansion in the technologies that company's use to better serve their customers.

This has ranged from expanding payment methods, improved security, innovative machine models, and the increasing implementation of AI. All these factors come into play and ultimately create a better experience for the consumer. Today we will walk through a few of the primary benefits that technology can bring to vending machines.

Accurate Inventory Management

If there's one thing that ruins a vending service, it's outdated and spoiled product. It pushes away consumers from ever purchasing from that machine again and can negatively impact the way the vendor and location are perceived.

Today, many vending operators who use credit card readers are able to remotely monitor all their inventory levels and expiration dates. Without having to go on-site to check, an operator can view how much stock is in the machine and prepare to restock and remove any products that are near or past their expiration date.

Data & Analysis

Along with managing inventory levels, vendors can collect a massive amount of data through the use of technology. Operators can view metrics for each machine and analyze consumer behavior, allowing them to make informed decisions within their business to create better experiences and service for their customers.

By collecting real-time data, operators can pick more popular products and adjust pricing in a more efficient manner.  This leads us into our third point.

Improved Customer Experience

With better collection of data through the use of innovative technology, vendors can create a better full-service experience in three distinct ways:

1. Personalization: as mentioned, greater access to sales data reveals our customer's tendencies and allows vendors to offer more of what customers want.

2. Always Stocked: Vendors can remotely check, monitor, and restock faster and more efficient than ever before through technology-enabled solutions.

3. Multiple payment methods: in today's world, many people are using cash-less payment methods for all of their purchases. Offering these types of payment options allows more people to purchase from a vending machine and create a more inclusive experience.

Increased revenue 

Lastly, if you happen to partner with a vendor and have a revenue sharing agreement set in place, implementing technology can result in drastically increasing the amount of revenue the machines generate.

Based on industry statistics, just implementing a basic credit card reader on a machine can increase sales by 20%, and that's being conservative.

Overall, when vendors approach their business with a technology-first focus, it can drastically improve the overall customer experience because of the increased convenience it creates and data it provides. When searching for a vendor, ensure that they are up to date with the latest technology and offer solutions that are supported by technology.

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