Vending Industry Forecast: 3 Key Trends You Need To Know

Mar 18, 2021 | News & Updates

Vending machines have quite a history. You might not realize it, but vending machines were invented back in ancient times. The vending machines that we can find today are different from those created centuries ago. However, the concept of selling vending machines centuries ago is nothing new with what we have today.

There are about 15 million vending machines worldwide and the research forecasts that the smart vending machines worldwide will grow from 4.2 million units in 2019 to 8.9 million units by 2024.

Followed by the technological advancements, vending machines have evolved into a smarter way at the same time drastically influenced by the changes in consumers’ behaviors, especially during the Covid-19 pandemic.

In terms of staying competitive and outstanding among the consumers, your vending machines are equipped with 3 key trends that currently drive vending industry.

Cashless Payment To Simplifying The Purchasing 

We should never limit our profit from vending machines business if there’s an opportunity to grow your revenue – cashless payment. 

It’s nothing wrong with the conventional vending machines that only accept notes and coins.

But this is a scenario that you have to be concerned about. A user is in front of your machine that only accepts money in the form of coins or notes. But he does not have enough cash on hand to buy his snack. So he leaves the vending machine.

Therefore, the vending machine fails to fulfill and satisfy the buyer’s needs and thus your customer faced a bad purchase experience. 

Back in 2019, Vechnology stands out as the first e-wallet vending machine producer in Southeast Asia. Since then, the trend of e-wallet vending machines has evolved into the vending industry in Malaysia.

Cloud Services Keeping A Tab And Boost Vending Operational Efficiency

IoT has provided vending machine businessmen with the opportunity to improve their businesses by tracking products and assessing stocks in machines through connected devices such as a smartphone, tablet, or laptop. Thus the vending machine owners can be instantly alerted about the condition of their vending machines, which ultimately reduce expenses and improve customer service. 

Besides, there is much more potential for IoT deployment in the vending machine industry, including optimizing retaining good stock levels, resolving minor errors, or even understanding customers better through data analytics.

Interactive Purchase Experience

The interactive touch screen vending machines can do so much more than just make transactions.

In terms of functionality, a touch screen vending machine is similar to a smartphone. Even if a person does not have the intention to purchase anything, the larger screen of the vending machine is able to attract the pedestrians due to their curiosity. This is usually considered a great start to promote your vending business.

Besides, the large screen enables to display of a lot of information on full screen at one-time. The buyers can complete their transaction in just 3 steps – select products, view product information, and make the payment. For more than just a purchase function, these smart machines are also able to display interesting animations and fun games which bring interaction between the users and the vending machine itself.

According to Persistence Market Research (PMR), the global intelligent vending machines market is expected to reach $15 billion by 2025. PMR also states that new intelligent vending solutions will attract more customers to retail stores, helping the sector grow.

(source from Vending Market Watch)

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