Vending Times Article: 4 Strategies to Elevate Your Snack Vending Machine Business
- Vita Vend
- Sep 21, 2024
- 5 min read
Below we share an article from “Vending Times” with great tips on how to succeed in vending beyond the unreasonable get-rich-quick narratives on the Internet. The vending industry is not a side hustle that you can set and forget and expect big returns. Operate your vending business as a set and forget venture and your potential customers will reward you by forgetting your machines.
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4 strategies to elevate your snack vending machine business
The snack vending machine industry is booming but to succeed you need a strategy. Here are four ways to take your snack vending machine business to the next level.
Photo: Adobe Stock
June 13, 2024 | by Sandra Carpenter
The snack vending machine industry is poised for significant growth, fueled by increased urbanization, busy lifestyles and the ever-present desire for convenient snacking options.
However, online portrayals of the business can be misleading, often painting a picture of the snack vending machine business as an easy side-hustle or passive income stream. According to a Wall Street Journal report, "Vending machines might seem an unlikely candidate for trending investments of the 2020s, but the idea has captured the imagination of Americans dreaming of easier money."
Reality dictates a more strategic approach to snack vending machines, one that prioritizes customer experience, caters to evolving preferences and leverages technological advancements. Here are four key strategies designed to elevate your snack vending machine business and ensure it thrives in a competitive marketplace.
1. Implement seasonally curated inventory
Move beyond the one-size-fits-all approach to vending and embrace a dynamic vending inventory strategy that reflects seasonal trends. Your customers will appreciate the thoughtfulness and variety.
Capture the essence of summer with dried fruits like raisins, cranberries, or apricots. Individually packaged nuts like almonds, cashews, or a mixed nut blend are another great grab-and-go option.
Embrace the cozy fall season with snack mixes featuring dried fruits, nuts, and warm spices like cinnamon or pumpkin pie spice. Individually packaged baked apple slices with single-serve packets of brown sugar or cinnamon sugar for dipping add a festive touch.
Winter is the time for comfort food cravings. Stock up on a variety of hot chocolate packets in classic and flavored varieties to satisfy those seeking a warm beverage. Winter candy canes, peppermint bark squares, or even individually wrapped gingerbread cookies add a touch of holiday cheer.
Celebrate spring’s renewal with lighter fare that reflects a fresh start. Offer a variety of trail mix options featuring nuts, dried fruit, and whole grains for a balanced snack. If your vending offers cold options, yogurt parfaits layered with granola and dried fruit provide a healthy and refreshing grab-and-go option. For those seeking a sweet treat, fruit-flavored sparkling water offers a bubbly and thirst-quenching beverage.
2. Prioritize exceptional customer service
In a world increasingly dominated by self-service, exceptional customer service can be a powerful differentiator. Move beyond the transactional and actively solicit customer feedback.
As Ray Friedrich, CEO of East Street Business Advisors, stated: "'Get the feedback any way the customer wants to give it to you,'" This could involve implementing a multi-channel feedback system that allows customers to provide input in various ways. Clearly displayed QR codes on each machine can link to a dedicated feedback form. Offer a text message hotline with a designated keyword for easy access. Implement a dedicated email address specifically for vending machine inquiries and concerns.
By actively listening and addressing concerns, you demonstrate a commitment to building long-term customer loyalty. Consider offering a customer loyalty program that rewards repeat purchases, further incentivizing customer engagement. This program could offer tiered benefits, with discounts or free snacks awarded to frequent customers.
3. Embrace the power of diversified payment options
The days of vending machines solely accepting cash are rapidly fading into the past. To remain competitive, it is essential to offer a comprehensive range of payment options that cater to diverse customer preferences. While reports suggest a potential decline in cash usage, it remains a significant factor, particularly for smaller transactions. Robert Blythin, of Crane Payment Innovations, dispels the myth of a cashless society: "Recent reports indicate that consumers use cash for over a third of all transactions valued at less than $25." Ignoring this segment of the market could lead to a significant loss in potential sales.
Conversely, embracing cashless payment options through contactless readers can yield substantial benefits. Sam Roberts, digital marketing manager at Connect Vending, highlights the positive impact: "From our own company's experience, we saw a 5% to 35% uplift in additional sales depending on location and footfall if a contactless payment device was added... Today if a contactless payment device is not fitted we can see as much as a staggering 80% decline in sales."
Consider offering mobile wallet compatibility with services like Apple Pay and Google Pay for a seamless user experience. Offering a balanced and convenient payment ecosystem ensures a seamless customer experience for all.
4. Strike a balance between indulgence and health
Consumers today are increasingly health-conscious, yet the desire for occasional indulgence remains strong. To cater to this evolving landscape, it is essential to offer a balanced selection of snack options.
A recent Vending Times article highlights the trend: "Consumers are increasingly turning to 24/7 meal vending machines looking for more convenience, better nutrition and affordability." Include healthy choices such as trail mix, with nuts, dried fruit, and whole grains, for a balanced snack. Protein bars offer a convenient and portable source of energy. Single-serve fruit options, like apples or bananas, provide a natural source of sweetness and essential vitamins.
Don't forget to cater to those seeking a sweet treat. Offer a limited selection of indulgent snacks, such as dark chocolate or cookies, in portion-controlled packages. This allows customers to satisfy their cravings without compromising their health goals. By offering a balanced selection that caters to diverse dietary needs and preferences, you can attract a wider customer base and foster repeat business.
Ultimately, the snack vending machine industry presents a lucrative opportunity for savvy entrepreneurs. By implementing these four key strategies – seasonal inventory curation, exceptional customer service, diversified payment options and a balanced product mix – you can help your existing business stand out or create a new corner of the market for yourself with a new venture. A customer-centric approach, coupled with a strategic embrace of technology, is the recipe for thriving in this dynamic marketplace.
Sandra is the editor of Kiosk Marketplace and Vending Times. She has been working in editorial and research roles for over a decade and has experience in print, blog, social media and peer-reviewed publications.
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