Introducing micro markets present a lot of value to operators, as well as benefits for employers and employees. Since this segment of the vending industry has been experiencing tremendous growth, micro markets deserve a deep dive by Nayax.
Micro markets offer more variety
Micro markets present a lot more leeway for operators as more items can be offered than a traditional vending machine. Micro markets also involve less machine maintenance than keeping vending machines on a premise and being in closed environments also lowers the security concerns of theft and vandalism. The layout of a micro market can be customized to suit different workplaces and therefore no space is wasted. They can fit in a corner or take up a whole room.
For employers, micro markets provide the opportunity to offer healthier, fresher food choices and change up the traditional breakroom. Employers can support more diverse dietary needs and non-food items can also be offered. This perk saves employees from buying food at restaurants and saves employers from needing to employ staff to run a cafeteria. Micro markets make warm, fresh food more accessible to round the clock workplaces.
Micro markets improve workplace satisfaction
Introducing a micro market demonstrates that companies care about their employees and supports a work life balance and a productive environment. Workplaces that choose a micro market have been known to improve satisfaction and having one attracts top talent.
This perk is conducive to a lot of high paced workplaces where employees often want to grab food quickly. Micro markets cater to this pace because they rely on self-service and cashless payments, which speeds up the sales, making for a better customer experience.
Employee cards and prepaid acceptance
Another factor that makes micro markets highly suitable for many workplaces is that they can accept prepaid cards, and employees don’t have to remember to bring their wallet to the breakroom to buy something to snack on. Employees can be given preloaded credit on an employee card or post payment cards. With a payment application like Monyx Wallet, employee cards can become virtual cards and employees can pay with their mobile phones. Consumer engagement capabilities enhance the customer experience and can reward employees with staff discounts or digital punch cards.
Better ROI and higher average spending
Micro markets are appearing in more locations, and they’re lucrative. At present there are approximately 23,600 locations in the US, going up 6% from the previous year. In 2017 this segment of vending generated close to $1 billion in sales. By 2022 it’s predicted that there will be 39,000 micro market locations in the US (reported in Automatic Merchandiser).
Vending operators who have introduced micro markets have 4% higher revenue growth, gain 1.2 sales more than a vending machine and 18% more daily visits. Those who replace a vending machine with a micro market have increased their sales on average by 80%. The market also appears to be shifting towards micro markets, as the number of vending machines drops, and micro markets growth accelerates.
Traditionally micro markets have been marketed to companies with 150-200 employees however now they have been found to work well in companies with 50-150 employees too. This increases the market size significantly. If you want to know more about Nayax’s micro market solution, head over to the Payment Premium page.