Vending machines or Smart Micro Retail Kiosks have a rich history since their inception in England in the early 1880’s for dispensing postcards. It has been flourishing ever since and has evolved radically with the rapid changes in consumer demands. Today, we find smart micro retail kiosks taking the toll and unlike most other developing nations in Asia, India too is quickly adapting to the fast-paced trends set by vending machines. According to a recent Bloomberg report, the global vending machine market will surpass US$12.57 billion in this year and is anticipated to increase at a robust 5.7% CAGR by 2031.
But what are the supergiants of the vending machine industry doing differently than what we are doing? Here are some key takeaways that vending machine operators in India can adopt:
Use cases that are beyond just basics
Supergiants not only offer regular coffee vending machine. The new age technology also provides a wide variety of products making them readily available to consumers. From healthy food to beverages and snacks to selling products like vegetables, batteries, ice creams, fresh juices, healthy food, fresh flowers and much more. As the pace of technology continues to astound the world, expansion of products offered via vending machines is rapidly changing with the growing consumption of convenient and dispense items thus, pushing the demand for vending machines. Vendiman offers smart vending machines known as Smart Micro Retail Kiosks for healthy snacks, ready-to-eat nutritious meals, and manages pantry supplies as well.
People across the globe today find peace in getting access to their favourite food anytime, anywhere. Vending machines in Japan and USA are expanding their market by making vending machines available at different places across the city. And so, people no longer have to struggle to wait in long queues or travel long distances to get a small item of their choice.
Choosing Wise Alternatives to Tackle Labour Cost
The technological upsurge and increased labour costs have made vending machines the most lucrative alternative in countries like Japan and China. These nations are the forerunners in the industry, with Japan being the pioneer with 5 million vending machines, followed closely by the USA with 4.6 million. In India, though the labour cost is lower, unattended retail is the need of the hour for efficiency and availability of impulse, last minute needs. For these obstacles, smart vending machines or Smart Micro Retail Kiosks stand tall, becoming a great alternative.
Innovation is the Key
Technology that has the benefit of innovation is what brings in disruption. Developed nations have integrated top-notch technology in vending machines hence, promoting cashless payments that improves efficiency in various ways and contributes to a boost in sales. Vending machine manufacturers in India can incorporate different digital payment options and make available essential products for people. Vendiman’s vending machines make available products like healthy snacks, nutritious meals, beverages, etc.
Constant Adoptance of Technology
Smart micro-retail kiosks in the US and Japan have refined their technology using AI to understand if vending machines can become better than humans. For instance, a beverage vending machine in Japan interacts with its customers to predict their purchases and offer them an engaging buying experience. Technological advancement is one of the major learnings that vending machine manufacturers in India must take up, so as to offer a seamless purchasing experience to their end-users.
Overall, the vending industry is projected to record an affirmative growth majorly owing to the amplifying number of product types that will be sold through vending machines in the coming years. With the rapid pace of technological advancement, all operators are quickly adapting to these takeaways to keep up with the growing needs of consumers. Vendiman – India’s foremost in instant commerce via smart micro retail solutions, offers aspirational vending machines on rent, called smart micro retail kiosks, for office spaces, metro station, airports, colleges, etc. These kiosks are enabled by advanced technology with real time consumption tracking and monitoring, makes these kiosks an enticing proposition for urban India’s needs and demands.