Vending Machine Software: How to Manage Your Vending Machines Remotely

Imagine this:

You decided to buy vending machines and place them at different locations. Now one of them starts facing difficulties and you receive a notification, another requires restocking, you receive an alert and if a product is performing well, you receive its data evaluation.

All these little nudges by your vending machine software can help you save a lot of money every month, that otherwise would go into repairs from unnoticed malfunctions, unplanned refilling logistics and even weak business strategies.

That is why a majority of businesses in India, are focusing on investing in the best vending machine software that eases the process of maintaining and monitoring their vending machines remotely.

Taking it one step ahead is Vendekin’s vNetra, a cloud-based, GDPR-compliant, AI/ML-driven vending machine software that aids in making your vending machine business in India futureproof.

Read ahead to know how.

How to remotely manage and maintain smart vending machines

With Vendekin’s vNetra, you can take your automatic vending machine business in India a notch above with its live inventory checks, smart alerts about the machine status, in-depth transaction details, access to refunds and discounts offered, timely performance reports, CSV reports and much more for multiple vending machines.

These are filtered under the following services:

Descriptive Data Analytics

At its base, vNetra gathers, examines and reports all the information regarding the operation of your vending machines. This entails capturing and disseminating all data that informs you of what is happening currently with all of your smart vending machines at various places.

This includes analytical data about:

• Machine inventory levels
• Refilling requirements by individual vending machines
• Errors faced by them
• Transaction details
• Periodic (daily/ weekly/ monthly) performance reports
• Machine activities
• Discounts and offer analytics

All of this is available all the time, anywhere in just one click! With this, the vending machine operators can properly plan and execute maintenance trips and efficient inventory restocking.

The descriptive data allows you to gauge, diagnose and hence improve your business strategy with the aid of predictive analytics.

Predictive Analytics

The term predictive analytics indicates employing descriptive data and modelling techniques to determine what is likely to happen in the future.

Hence, vNetra’s AI-based attributes help in studying historic data patterns and identifying upcoming trends in sales. This allows businesses to allocate their resources smartly to increase operational efficiency and reduce risks in running their vending machine business. This makes it favourable for those looking to buy a vending machine.

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Vending Machine Buying Tips: How to Choose the Right Vending Machine for Your Business?

‘Modern consumers demand convenience’, this is the constant truth within the evolving retail environment. Thus businesses are opting to buy vending machines that aid cashless payments and provide instant gratification to their consumers.

So much so that the global vending machine market showcases an opportunity of $6.97 billion in revenue from 2019 to 2027. What is even more astonishing, is that with 43% of global revenue, the food and beverage industry is not the only one to have a strong hold over vending machines.

Multiple businesses including cosmetics, fashion, mobile phones, gold, medicines, etc are investing heavily in vending machines.

But acquiring the right vending machine can be a daunting task. With so many types and brands of vending machines available, it's important to weigh your options carefully to find the best option for your business needs.

Here is a comprehensive guide to help you choose the right vending machine.

What to consider before buying a vending machine

Before you start looking for a vending machine, it's important to evaluate and assess your specific needs. Consider factors such as size, capacity, features, type, location, the technology used, etc.

Evaluating your requirements can help narrow down your selection to the ideal machine for your business. This must include:

• Type of vending machine
• Machine size and space availability
• Location. Location. Location.
• Ease of use and management
• Technology used and features provided

Let’s discuss them in detail.

Type of vending machine

Every product has its own unique requirements to maintain its ideal condition. Hence each product demands different features from a smart vending machine.

For instance, a cashless coffee vending machine for office spaces would require a heater, while an ice cream vending machine would require a refrigerator. Likewise, for more delicate products like milk packages, you might want an elevator vending machine and not a spiral one.

Apart from these types, there are also vending machines for snacks, drinks and even combo products. All these little considerations can impact which vending machine you purchase.

Vendekin’s Expert Tip: Choose the product mix first. Identifying the products for your target audience in a particular location, will help you find the best vending machine for your business.

Machine size and space availability

Another interesting consideration should be the machine size, after all this small point can make a big impact on your business.

If you have the right location selected and have fast-selling products like snacks and beverages, you would want your machine to be big enough to store a decent amount of the product to avoid frequent refilling of the inventory.

The second factor that will guide you in selecting the right machine size is the space available to you. Office spaces can only hold a mini coffee vending machine while much larger automatic vending machines can be placed in public spaces like parks, metro stations and malls.

Consider your location

It is important to consider the location of where the machine will be placed. As it helps to look for a machine that can handle the traffic patterns and conditions of the area.

Additionally, consider factors such as clearance space needed, access to power outlets and any additional security measures you may need to take for the vending machine unit.

Vendekin’s expert team can help your business identify more profitable locations on the basis of the analytical data collected by their smart cloud-based vending machine software vNetra.

Taking these into consideration when selecting a smart vending machine can help ensure a successful purchase!

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Top 5 Vending Machine Trends Every Retailer Should Know About

It was in the early 1880s when the first retail coin-operated modernised vending machine was set up to dispense postcards. This efficient mode of retail gradually made it into the 21st century while undergoing countless changes and through multiple vending machine trends.

The findings from PepsiCo Foodservice’s consumer study on unattended retail show that consumer spending rose from 20% to 40% with unattended vending machines highlighting how post-pandemic, consumers are preferring unattended retail, digital transactions and hassle-free shopping experience. Hence, it is only right to say that the market size of vending machines and their acceptability will only expand in the coming years. And with this expansion will come countless upgrades, some of which are already shaping the upcoming trends for vending machine businesses. Let’s take a look at them in detail.

Top vending machine trends you must not miss

The thriving vending industry will experience a positive push for the following vending machine trends:

• Cashless payments
• Sustainability in vending
• Interactive and immersive experience
• Multi-function operations
• More product variation

These are described in detail below.

Cashless Payment: Providing convenience and security 

Right off the bat, the biggest shift in vending machine trends is the increase in the usage of digital payment gateways. With 48 billion digital payment tractions in the previous years, India topped the list with the most real-time transactions. This, in 2021 resulted in a cost saving of $12.6 billion for businesses.

The growing number of cashless and smart vending machines has led to increased consumer satisfaction with improved hygiene, and seamless, quicker, efficient and more secure transactions.

Additionally, this vending machine trend will efficiently ease the refund process for businesses and consumers likewise. Ensuring that cashless and automatic vending machines stay in the retail industry for the long run.

Support Sustainability: Making automatic vending eco-friendly

The next vital vending machine trend is the rise of eco-friendly and more sustainable ways to vend. The solution to it comes with the best vending machine software and hardware technologies that can provide sustainable solutions in the future.

Under this, the rise of upcycling old vending machines with smarter vending machine software will gain great attention. Vendekin’s RetroBox is one such sustainable solution. This plug-and-play device can be installed and ready to use in under 2 minutes.

It converts a regular vending machine into an automated vending machine by enabling touchless and easy mobile payments. Furthermore, it allows the consumer to purchase multiple products in one transaction, meaning they do not have to pay individually for each item.

Additionally, businesses would focus on advanced vending machine software that provides a deeper analytical insight into restocking and product status. Sensors that aid perfect temperature for products are in for a win among all vending machine trends as they reduce the risk of product spoilage.

Interactive and Immersive: Personalised experience with smart vending machines

“Consumers prefer unattended retail more than ever because they want to shop at their own pace. Consumers want control over their transactions, something that unattended retail gives them without the hassle of feeling pressured by an outside party”, shared Greg Herman from PepsiCo Foodservice in an interview.

Their experiment showcased how consumers now demand unattended and cashless retail experiences where they can physically feel the product and enjoy instant gratification with the least interactions.

This vending machine trend has already begun to shape consumer behaviour with vending machine software driven by algorithms that curate more personalised experiences.

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Buying vs Renting a Vending Machine – Which Option is Better?

To buy vending machines or rent that is the question!

It is no news that with cashless and automatic vending machines your business can thrive in the US$ 55 Billion vending machine industry. With a mobile inventory, backend data that evolves with your consumer, product-specific customisation and brand labelling, smart vending solutions can give your retail business a positive push.

But, many businesses keep circling around when it comes to the price of vending machines and are in a dilemma of whether to buy or rent a vending machine.

Unravel this conundrum with us.

Buy vs Rent a Vending Machine: A road not taken

A smart vending machine will turn out to be an efficient and future-proof business investment in India. And with the growth of the phygital environment, micro-marketing is becoming a need for every retail business. The consumer expects a contactless, immersive and quicker retail experience, which is effortlessly provided by smart vending machine solutions.

As a business, now is the time to evaluate the pros and cons of renting a vending machine vs buying one.

Buy a vending machine

As mentioned, investing in smart and cashless vending machine solutions will help you establish your business strongly in the upcoming phygital spaces. With over 750 million smartphone users alone in India, owning a cashless vending machine will only enhance the benefits you reap.

Find out all the pros and cons of buying a vending machine:

Pros of buying a vending machine

1. Low investments and ownership of profit:

Most businesses demand high investments, but you can buy a vending machine equipped with the best vending machine software for an average amount of ₹1 lakh to ₹10 lakhs, depending upon its size, private labelling and product-specific customisation.

Buying a vending machine comes with all ownership of the machine and all the profits. Without the periodic deduction of rent, you can further use the earned margin for more efficient business development activities.

With Vendekin’s cashless and smart vending solutions, you start earning profit anywhere between 18 to 36 months. This depends on the product, business strategy, location, the discount provided, etc.

2. More flexibility

Another benefit of buying an automatic vending machine comes as flexibility in product selection, inventory stocking and even pricing. When you rent a vending machine, your choices are limited by what is available with your nearest dealers. This limits the choice of the products you can vend, as different product categories might require different customisations to a vending machine.

Additionally, when it comes to restocking, you need not depend on individual service providers or other supply chains that may turn out to be unreliable in the long run.

3. Better quality of service

Providing cashless and quicker transactions to your consumer is one among multiple reasons your business requires an automatic vending machine. And when you buy vending machines there is a higher chance that you would invest in a brand-new machine with the best vending machine software. In relation to this, the performance and service provided will be way better than a previously used rented machine.

Cons of buying a vending machine

With the whole and sole ownership of vending machines comes the responsibility for their timely maintenance, repair, cleaning and restocking.

With Vendekin’s smart and cashless vending machine, you get free vending machine repairs and fixes for the first year as a part of our warranty.

Rent a vending machine

For many local businesses, the up-front cost of buying a vending machine is the biggest concern before venturing into the vending business. Hence they prefer to rent vending machines instead of buying them. Explore the advantages of renting an automatic vending machine below:

Pros of renting a vending machine

1. Lower Up-Front Cost

The most significant advantage of obtaining a vending machine on rent is that you would have made a minimal investment. The average rental cost starts from around ₹5,000 per month and can go up to ₹15,000. This effectively eliminates the intensity of expenses by cutting the sum cost over smaller periods of time.

This will however depend on the location, product type and size of the automatic vending machine along with the quality of vending machine software it is equipped with. In simple maths, you would have paid over 3-5 lakh in around three years depending on what is available to your nearest vending machine operator.

2. No expense over restocking or maintenance

It is natural that when you rent a smart vending machine the responsibility of restocking, regular maintenance, care and proper functioning of the machine is on the vending machine operators. When you rent a vending machine, these expenses are generally covered by the service provider as mentioned in the rental agreement over a monthly service charge. In most cases, the vendors will offer to stock the vending machine themselves depending on the product type.

You save a significant sum by reducing the cost of maintenance and cleaning when you rent vending machines over a period of time.

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So How Does a Smart Vending Machine Work Anyway?

Placed mindfully in parks, cafes, gyms, schools and housing apartments, there is a high chance, a smart vending machine will turn out to be a delight box for someone. Often stocked with goodies like snacks, refreshments as bizarre as paan, and even t-shirts, cashless vending machines in India are gaining more popularity.

Reports estimate that by 2032, the global retail vending machine market will reach an estimated value of US$ 130 Billion, attracting multiple businesses towards it.

And within this mesh of changes surrounding smart vending solutions, is an unanswered question, “how does a smart vending machine work?”

Let us dive a bit deeper to understand how a smart vending machine works.

Within the mysteries of vending machine operations:

To understand how a vending machine works one has to take into account its type, customised features and the specific technology used while making it. However, on an all-around spectrum, there are two types of vending machines in India:

1. Traditional cash or coin-operated vending machine
2. Smart and cashless vending machines.

This divergence stems from the user perspective or the way the customer interacts with the vending machine to complete a transaction.

How are Smart Vending Machine Operations Different from the Traditional?

In the case of a traditional vending machine, it is all about the spare change. The consumer is required to insert coins as per the product cost, press the right button and collect the product at the end. With little advancement in technology, these machines were soon customised to accept cash payments as well.

Some of the earlier vending machines like tea and coffee vending machines or soda vending machines in the early 90s were coin-operated. These machines mostly had spiral holders that would move in order to dispense the product.

Such vending machines worked unsatisfactorily as the coin often got stuck within the machine and made it a nil transaction. Moreover, it was difficult to refund the amount to the consumer instantly.

Then arrived the smart-cashless vending machines. These technology-driven smart machines permitted cashless transactions via multi-channel payment methods. Currently, digital payment gateways like credit/ debit cards and UPI are available on all smart vending machines in India powered by Vendekin Technologies.

The consumer needs to scan a QR code which will direct them to a web app page, where a catalogue of products appears. After selecting the product/s through the web page, they can simply proceed to pay digitally by scanning a QR code on the vending machine.

Making Life Easier: Smart Vending Machines

This wave of advancement has also allowed the customer to experience a more inclusive retail experience with minimal physical contact and shopping time, giving rise to contactless vending commerce.

Additionally, it allows the consumer to select multiple orders and pay a cumulative sum in the end instead of purchasing one product at a time.

Smart vending machine software like vNetra by Vendekin, also helps businesses track inventory levels, vending machine operating status and collect data on consumer buying patterns and much more. These kinds of benefits have made many big FMCG players like Coca-Cola and Haldiram switch and buy smart vending machines.

Continue reading So How Does a Smart Vending Machine Work Anyway?