Business
The Cashless Vending Revolution
The reason vending machines appeal to so many of us is because of the convenience it offers at all hours of the day. Vending machines are strategically placed in areas where consumers need quick and easy access to a product at the right time. All that’s required is some cash or a card to purchase exactly what’s needed. Can it get more convenient than that? It appears there’s a trend that’s increasing in popularity that will take vending machine convenience to the next level.
In a digital era, more and more we find that our transactions are less cash focused. Many people find the hassle and risk of carrying lots of cash inconvenient and choose to make payments through digital channels instead. In the minds of many, vending machines and cash go hand in hand. Well, some revolutionary cashless vending machines are on the increase and as this practice increases, our perceptions of vending machines may change forever.
We’ve mentioned the hassle and risk of carrying cash. As consumers become wearier in having cash on hand, vending machines end up losing out on sales. Cashless forms of payment are a no-brainer to make it easier for consumers and help vending machine operators become more profitable.
Consumers are given more convenience and flexibility to use any form of payment at vending locations and vending machine operators are guaranteed a steady flow of sales. The options of debit and credit card purchases have now become a reality and in areas where this innovation has been implemented sales are up and consumer satisfaction is too. The era of the smart vending machine has arrived.
Through some market research carried out by Pepsi, it estimates that by 2018 approximately 2 million smart vending machines will exist in the U.S. To boost sales, vending companies are installing new
machines that accept credit cards and mobile payments and feature digital screens, video cameras, and smartphone charging stations. Professor Michael Kasavana of Michigan State University who studies self-service technology says, “Machines that accept plastic can lift sales 25% to 30%. Revenue per transaction can rise 15 – 20% when the machines can prompt consumers to buy a Snickers bar along with their bag of Doritos”.
The vending machine has been around for a very long time. The popularity of the concept remains, but the features and sophistication of the machines change with the times. We are now in a period where hard cash is not ideal for consumers to carry around. As other areas of our lives move toward a more integrated digital environment, vending machines seem to be following the trend. It’s only a matter of time before this becomes “the new normal”. The methods of payment may change, but vending machines are here to stay.
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provides flexibility to businesses in need of quality vending solutions through rental or sales options.
Rental and sales options include maintenance, competitive pricing, and guaranteed professional service. Professional service includes the added benefit of operational services, ensuring that the task of keeping machines stocked is taken care of. For further detail and guidance on coffee vending solutions, turn to the trusted, industry-leading coffee vending machines of Top Vending.
