The retail automation industry has been on the rise for a while now, and is expected to reach a market size of $33 billion by 2030. This is due to two major reasons: an improved customer experience and advances in technology. With more and more self-service kiosks popping up at grocery and convenient stores as well as at airports and hotels, customers are getting used to the concept and are demanding more of this seamless experience. Self-service solutions not only provide customers with a quick and easy way to pay for goods and services, but frees up retailers, hoteliers, and other employees to focus on the more important parts of their business: helping customers with decision-making rather than with transaction completion.
Below we’ll highlight different ways that you can incorporate retail automation and self-service technology into your business to improve your customers’ experience, increase sales, and keep operational costs at bay.
Vending machines are one of the oldest versions of automated retail. Though they were previously more commonly found at locations with no other businesses such as factories and transit stations, vending machines are starting to pop up at retail stores around the world. Business owners such as butchers and florists are starting to use these alternatives to generate revenue around the clock instead of just when they can have staff at their location. By simply propping up a vending machine outside of their business, they can stock them daily with fresh products that customers can buy even after closing time. This also gives them an additional opportunity to sell products that are near their expiration that they weren’t able to sell during normal business hours, helping them protect their profit margins.
This is a great advantage for consumers who don’t always have time to stop by the store in time on their way home from work. It also enables operators and business owners to continue to sell their goods after hours in a safe and secure manner. With a solution such as Nayax’s EMV-certified and vandalism resistant card readers and 24/7 management capabilities, operators can rest assured that their business is run smoothly.
Nayax’s solution includes customizable alerts so that operators can be the first to know if there is a machine malfunction or other adverse incident. It also enable them to keep track of sales, inventory, machines, customers, and more. Nayax’s powerful management system helps businesses gather valuable insights about which products they sell more or less of and what hours consumers tend to buy products. This can help them understand which products to stock after hours and can help them create special, personalized promotions for loyal customers.
Automation in the Retail Industry
On top of adding vending machines to your retail business to continue to make sales outside of regular business hours, you can also consider self-checkout options that can be available at any time. Self-checkout kiosks such as Nayax’s Nova Market can help you speed up the checkout process for customers and can enable you and your staff to become more available to answer customer questions. This will help you build a relationship with customers, help them get to know your product better, and all in all have a better experience at your store or business.
Service Automation in Hotels
For hoteliers, service automation can be a game changer. Automation provides a simpler experience for travelers, and helps them save time when they’re in a rush. It also helps hotels provide 24/7 service even with limited staff. For example, setting up a self-service market in a hotel lobby provides guests with easy to access snacks, drinks, and other necessities such as toiletries.
This added convenience helps you both boost your guests’ experience and improve your profit margins. Having these services available at your hotel at any time encourages your guests to buy them there instead of elsewhere. Advertising this can help you attract more millennials and light travelers to your hotel, many of whom fly low cost and may not be able to pack everything they need because of baggage restrictions.
On top of a self-service market in your hotel lobby, you can use other sorts of hotel service automation to generate more revenue per guest such as massage chairs, EV charging stations, kiddie rides, laundry machines, and much more.
In conclusion, retail automation and self-service technology can be extremely beneficial for your business, your customers, and your bottom line. If you’re interested in incorporating Nayax’s end-to-end solution for automated or self-service retail, contact us today.