Intelligent Vending Market Set to Witness Exponential Growth Across The Globe
With consumers today demanding exceptional shopping experiences, it was only a matter of time that historic vending machines underwent a complete makeover. Adoption of smart technologies like the Internet of Things (IoT), telemetry, digital signage, cashless payments, e-wallets, etc., have led to the birth of a new breed of vending machines that are a perfect combination of convenience and accessibility.
These intelligent machines not only guarantee a smooth, interactive and connected retail experience for the buyers, they also give vendors more control over their assets by making real-time information available through the Internet. Is it a surprise then that a new report by Research and Markets forecasts the global intelligent vending machine market to grow at a CAGR of 34.41% between 2018 and 2022?
According to Research and Markets, “Intelligent vending machines are being equipped to handle in-data collection, data transfer, and data analysis. These advanced features enable the retailers to focus on their core competencies of timely distribution and product quality. Vending machines use customized software analytics and cloud-based services to manage large real-time customer data.”
A major driving force behind the growing uptake of the intelligent vending machine, according to the report, is the advent of cashless payment systems. Since companies don’t have to worry about cash collection, they can install vending machines in popular and busy places like commercial complexes or large office spaces. The machine adds on to their brand value and allows them to collect payments through digital means like credit cards and mobile wallets.
However, there are some financial bottlenecks that still remain. The initial cost of installation and continued maintenance of intelligent vending machines requires a capital investment that not all retailers can afford. Further, if a vendor wants to customize the software, it would make up for an additional cost component.
In this light, one trend that is coming to fore is that of retrofitted vending machines. Retrofitting allows vendors to enjoy the same benefits of an intelligent vending machine without incurring the huge costs of buying a new asset altogether. This is exactly what Limitless Mobility Solutions is doing to transform ‘dumb’ vending and dispensing units into highly-capable and technically-superior Internet-connected devices.
By equipping machines with geofencing and telemetry sensors, cashless dispensing options, and Internet connectivity via the Cloud, Limitless Mobility Solutions gives businesses a real-time look into what is happening inside an appliance. Write to firstname.lastname@example.org to know how we do this, and how we can help your business grow.