If you’re a vending machine operator or run another kind of self-service or automated business, you’re always looking for ways to stay ahead of the game. You know how important innovation is to your growth and want to make sure you harness this new technology to help your business develop. To help you do this, we’ve compiled a list of trends to look out for this year so you can ensure your business’ success in 2024.
1. Loyalty Schemes
If you run an automated or self-service business, you may not think about building a relationship with your customers because you’re generally not on site. However, when you think about it, many of your customers may be regulars, especially, but not exclusively, if your machines or self-service markets are located in a closed environment such as offices or universities. However, even if your machines are located in a public environment, you may still have regulars such as commuters or people who work and live nearby and purchase from your machines on a near-daily basis.
Building relationships with customers is crucial for your growth. This is where loyalty schemes come in. Specialized promotions and discounts can be used as incentives for customers to return, and digital, prepaid cards enable you not only to incentivize your customers, but to engage with them, gain their loyalty, and promote your brand.
Monyx Wallet is Nayax’s loyalty solution for unattended businesses. The easy-to-use payment app can be downloaded by your customers when they scan a sticker with a QR code on your machine. As an operator, you easily set up and customize the discounts you’d like to offer via the Nayax Core management suite.
In a recent survey conducted by Nayax, operators who use Monyx Wallet reported an 80% increase in transaction volume, and business owners such as Elie Hannoun of Powerdose report that “customer engagement grows on a day to day basis… our increase will be somewhere between 100 to 200 people a day.”
Additionally, operators can use their POS screens, whether it be on a vending machine or a micro market self-checkout kiosk, to advertise promotions, new products, and more, providing customers with valuable information. Loyalty schemes are a must have for your self-service or automated business, and if you haven’t implemented one yet, now’s the time!
2. Innovative Vending Solutions
Vending businesses are diversifying more and more, coming up with new and innovative vending solutions in addition to traditional food and beverage vending machines. This diversification, which enables customers to buy anything from fresh Norwegian salmon to ready-made pizza to books, help operators raise their revenue. Smart vending machines can also help vending operators sell more diverse and expensive products with their secure systems.
Micro markets are another innovative vending solution, which helps operators easily upgrade to a more diverse product offering and higher profit margins. Vending businesses that integrate micro markets report 60-75% more sales compared to standard vending locations. This is due to several factors including: the diversity of products and the ability for consumers to purchase several items in a single transaction. Most micro markets are located in closed environments such as workplaces. Easy access to not only snacks and drinks but meals and sometimes even necessities such as over-the-counter medication and umbrellas right in the workplace makes these very attractive for employees.
And if you’re a vending operator, you should consider opening a new vending or micro market operation at a new location such as a hotel, forecourt, amusement center, or mall. The convenience of having items at your fingertips with no need to wait in line and a seamless payment experience makes consumers not only want but expect to find vending machines anywhere they go. If you’re a vending operator thinking about diversifying your business can be a gamechanger in 2024. Feel free to reach out to our team to see how our experts can help you achieve this goal.
3. Smart Servicing
And lastly, another trend to look out for is that of smart servicing. The vending industry has only just begun its digital transformation, from machines that continue to operate despite connectivity outages, to telemetry and POS updates that can be made directly from a driver’s handheld device. Servicing routes, employee communication, inventory tracking: it’s all about efficiency.
Innovative vending technology is proving to be an inherent part of operators’ and their teams’ day-to-day, and a robust vending management system or VMS is crucial to a business’ success. According to vending operators, Nayax’s vending management app MoMa 2.0 helps operators save 3-4 hours a week on average, helping free up that time to work on growing and expanding their business instead of just tending to day-to-day operations.
There’s a lot to look forward to in 2024, and keeping your business up to date by harnessing this new technology and evolving with the market will help you achieve the goals you set out. With loyalty schemes, innovative solutions, and a robust management system, you can lead your vending business to success. To learn more about Nayax’s solutions for automated and self-service businesses, contact us today.