In the last few years, automated retail systems have taken over the world. Smart vending machines are one such extraordinary innovation that is assisting businesses and customers alike. SVMs are the next step in the evolution of conventional vending machines. They are infused with intelligent vending software to provide a more engaging shopping experience, overcome customer experience hurdles, and improve convenience.
In this blog we will examine what are smart vending machines, how the smart vending machine market is growing, and why smart vending machine solutions are a game changer for businesses.
What are Smart Vending Machines?
Smart vending machines have revolutionised the shopping experience for users. They are remotely operated kiosks that come equipped with numerous technological features that allow them to offer customers a more interactive and engaging retail journey. This gives them the ability to overcome common customer experience hurdles, since they contain everything that the modern shopper wants from their shopping experience.
These machines can provide users with a multitude of different items such as cosmetics, packaged food & drinks, electronics, pharmaceuticals, travel essentials and more. But what sets smart vending machines truly apart is their intelligent vending software. This allows businesses to analyse key sales data and user purchase history to better tailor their services to their audience.
Complete with touchscreens, cashless payment options, and real-time inventory tracking, smart vending machines assist businesses to grow their sales and boost their profitability. Understanding the power of these smart vending solutions is central for brands if they hope to compete in today’s increasingly challenging retail landscape.
Smart Vending Machine Market
According to Grand View Research, the SVM market is pegged at an incredible $20.5 billion. But that’s not all! Their research suggests that this is just the beginning. Indeed, the smart vending machine market is projected to grow exponentially- at a CAGR of almost 15% for the next decade. This encapsulates the sheer size of the market, and the demand for these unique automated retail systems.
How Are They Different from Traditional Vending Machines?
Conventional vending machines have been around for decades. But these unique new automated retail solutions are the long-awaited technological upgrade for them. By incorporating the latest technological advancements, these once-basic product dispensers have been remarkably transformed into intelligent machines capable of catering to a customer’s every need.
Data Collection and Analytical Capabilities
Perhaps the most pivotal difference between conventional kiosks and these smart vending solutions is that SVMs come with their very own intelligent vending software. This smart vending machine software provides valuable real-time data and analytics to businesses. By analysing product preferences, purchasing patterns, and user interests, brands can formulate better targeted ad campaigns and marketing strategies.
Cashless Payment Options
Another difference between conventional kiosks and smart vending solutions is their ability to process and accept any form of payment. With the big push in India to move towards a more digital society, SVMs are equipped with cashless payment functionalities like from UPI, credit cards, or virtual wallets. This also makes transactions more convenient and effortless for customers.
Live Inventory Management
A common problem with traditional vending machines is that there is no way to know if the machine is out of product. And making regular trips with lots of inventory can be costly, and lead to capital wastage. That’s where smart vending machines are so efficient. These automated retail solutions are capable of monitoring inventory levels in real-time, thus limiting the chances of missed sales opportunities or running the risk of wastage through overstocking.
SVMs do this through the use of sensors and Internet of Things technology to track and monitor inventory levels. When a kiosk is low on a particular item, it can automatically send a message to the company for replenishment of that product only. This reduces needless trips to every kiosk, and greatly enhances operational efficiency.
Remote Monitoring and Maintenance
Lastly, smart vending machines are capable of remote monitoring and maintenance. These are important in ensuring that the kiosks are operating with full efficiency, and aren’t suffering any bugs or issues.
Smart vending machines can carry out remote diagnostics, schedule software updates at optimal times and even remotely send alerts to the tech support team. All of these features reduce downtime for the machine, thus ensuring that sales are not hampered.
Embrace the Future with Smart Vending Solutions!
Smart vending machines have revolutionised the retail industry, offering greater convenience to users and helping overcome frustrating customer experience hurdles. By incorporating OgmentO’s innovative automated retail systems, businesses can elevate their profitability and solidify their revenue stream. OO’s smart vending machines can assist businesses in outpacing their peers, helping brands establish themselves firmly as industry leaders in their product segment.