Vending machines are commonly pictured as refrigerator-sized machines that dispense snacks and beverages items with an amount of coins or notes. However, you might need to change your perception with the ordinary dispensers you grew up with.
Today’s smart vending technology is evolving rapidly that offers greater functionality. With the advancements in the digitization era, vending machines have emerged as a low-cost yet convenience option, turning the entire store into a box-sized vending machine. Soon, they will take over the merchant stores without human oversight. Multiple industries of retailing players no longer aiming solely to supermarket or hypermarket, but they are able to expand another new line without physical stores. In other words, savvy retailers are capitalizing on this shift who utilizes the vending machines to develop their own automated retail platform.
The Smart Vending Machine Is Impacting The Retail Industry
The market size of FMCG is expected to hold a significant share in the global market with USD 15,361.80 billion by 2025 (from Global Opportunity Analysis and Industry Forecast, 2018 – 2025). Meanwhile, Graphic Research new growth forecast report stated that the Asia Pacific market size of smart vending machines estimated to cross USD 10 billion by 2025. The driving of digital era thereby giving a positive impact towards smart vending market. Smart vending machines as a total solution for the retail industry who are always finding ways to increase the customer purchase experience by providing them a two-way interact purchase procedure yet faster and efficient payment experience.
Internet of Things (IoT) System For Vending Machines To Replace Retail Stores
Indeed, the vending machine replacing retails stores sounds crazy. People might think there are a lot of products needed the flexibility of humans to explain and promote. A machine will never replace human intelligence! The truth is they can. IoT system enables vending machines to engage shoppers like never before. This is a welcome step in the evolution of the industry.
The smart vending machines managing :
- Interactive multimedia screen display
It provides a more interactive retail experience to customers in terms of sounds and graphics interaction, ensures the process of purchase going smooth without human interruption.
- Cashless with multiple payment methods
Flexible payment method which no more district to only coins and notes. The consumers are able to purchase the selected item with multiple cashless payments, 5 times faster than the cash transaction.
- Digital Signage
IoT vending machine can be a marketing platform to add and remove the marketing videos on the display screen, looping for 24 hours. Additional advertising revenue generated by retailers with the revolutionary on-screen ads.
- Facial Recognition for Customer Analysis
Customer analytics with people counting, multi-camera footage analytic and MAG (mood, age, gender) analysis technologies. It can effectively recognize each consumer’s preference and buying transaction history when he re-purchase next time with product recommendation. That information useful as big data.
- Cloud monitoring system
You can save time from updating prices based on demand, product information, etc from vending machine. Long-distance control to add, remove or edit the details anytime and anywhere is not a problem.
In a nutshell, intelligent vending machines offering endless opportunities for retail industry not only maximize the profitability but also will be the most innovative supply chain technology in extending retail arm in distributing the consumer-packaged goods not less than 10 years from now, bringing the products closer to consumers.