Finding the Right Location to Install Smart, Cashless Vending Machines for Higher Sales

With around 65 lakh potential set-up locations across 500 cities in India, smart and cashless vending solutions are driving the Indian vending market at a Compound Annual Growth Rate (CAGR) of 14.9% (2020-2026). Moreover, as more brands are gearing up for phygital retail markets in India with automated and touchless vending machines, it has become vital to target the right location and spaces for your products to get more profitable returns.

But, what are some good locations for vending machines?

In all honesty, a vending machine can be installed anywhere from offices to subway stations and from departmental stores to housing apartments, depending on your target consumer and business needs. That being said, it is important to consider various factors that make a space more suited to install a smart vending machine with cashless payment solutions.

Location Matters! Here’s why

India hosts 40,000 hospitals, 249,000 factories, 113,000 public places, countless workspaces and residential apartment complexes that can turn into the right opportunity to upscale your retail business with low-risk and cost-effective cashless vending machines. What connects all these varied spaces are factors like comparatively high footfall, power availability, product-specific demand, rent, distance from the warehouse, etc.

1. Daily Footfall

Vending machines and cashless vending solutions are meant to serve people. Hence the most ideal locations to install a vending machine are places with significantly high foot traffic or visitors. With high footfall, the chance of attracting impulse and habitual buyers increases. In either case, your business revenue will increase. Touchless vending machines with digital payment solutions have a higher advantage as the transaction becomes quick and secure in places that host large crowds.

Moreover, by placing strategically branded vending machines, you can really get some brand recall going in places with more eyeballs. Know more about Private labelling services by Vendekin here.

2. Power Availability

All automated and cashless vending systems are electrically operated, hence, to retrieve benefits from your vending business, you must ensure constant availability of electric power or at least a backup generator. Additionally, this is a must for food and beverage businesses planning to go the smart vending machine route since their product will often require an in-built refrigerator or food-heating oven.

3. Demand and behavioural trends

The simple rule of demand and consumer behaviour applies to Instant Commerce as well. This has only been elevated with smart vending machine payment solutions. For instance, at workspaces in India, employees and visitors are accustomed to tea, coffee and light snacks. Hence the demand for a tea/coffee vending machine or a touchless snacks vending machine is high.

Likewise, for a nutrition bar and juice products, gyms and parks are profitable locations.

With the right information and proper understanding of the behavioural patterns of the target audience and the demand trends of the places they visit, placing a smart vending machine is easy.

4. Distance from the warehouse

Smart vending machines too require stock re-filling as and when required. So having a vending machine installed strategically nearby a warehouse or in a well-connected area is a plus for your business. As a result of which the cost of logistics goes down significantly.

Vendekin’s smart and cashless vending solutions come with vNetra, a GDPR-compliant, AI/ML-driven back office vending management software that tracks the inventory level of the vending machines along with other rich data points around sales, discounts, margins and user consumption behaviour.

Can a vending machine be placed anywhere?

A smart vending machine can be placed anywhere, but for the best returns in your buck, strategy around location is key.. Depending on the space available, the location and the kind of product being vended, Vendekin will provide your business with customised vending machine solutions.

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In Conversation: Apoorv Nene on Customer Success at Vendekin

In this month’s edition of our In conversation… series, we got chatting with someone whose team works hard and smart to ensure Vendekin’s customers – new and existing vending operators (NVOs & EVOs) and brands – achieve business success as they become a part of the instant commerce revolution with smart vending provided by Vendekin’s best in industry cashless vending solutions in India. Vendekin Technologies is known for spearheading VCommerce or vending commerce and unattended retail through a patented touchless and cashless technology complemented by a comprehensive analytics and aggregation portal vNetra.

In this riveting conversation, Apoorv Nene, head of Customer Success at Vendekin Technologies shares his experiences of leading the department and the most common and unusual challenges his teams tackle in providing a delightful experience with smart vending machine solutions to entrepreneurs in India.

Leading Customer Success at Vendekin

Apoorv is an Industrial Engineer from the University of Illinois Chicago and an executive alumnus of IIM Kozhikode. Armed with the experience spent working with American Axle & Manufacturing as a quality & industrial engineer and ZOLLER India & South East Asia as a technical sales manager in the United States and India respectively, Apoorv joined Vendekin Technologies in June 2021, just as the country was coming out of the pandemic-induced lockdowns and getting used to the contactless approach to daily life.

What exactly does Customer Success mean at Vendekin?

According to Apoorv, it’s simple. When a customer feels valued, feels that his/her decision to venture into this industry with Vendekin has begun showing results that are visible and tangible, that there is Customer Success.

Apoorv and his team of 15, which also includes a part of the operations team, work with two kinds of people every day. One, the ‘Customers’ consisting of vending machine operators, entrepreneurs and brands. This can range from experienced players to new entrants, both to whom Vendekin provides vending machine solutions in the form of smart vending machines, intelligent RetroBox and the SaaS software powering them. The second type of folks his team interacts with are the ‘Consumers’, those making transactions and purchases using Vendekin-powered smart vending machines. These consumers reach out to Vendekin using the in-app messenger with suggestions, complaints, or questions. Apoorv’s team steps in here by providing solutions directly or bringing the operator into the loop to ensure the issue is resolved in the shortest possible time. This way it’s a double win for the end-consumer as there is always another level of redressal of their complaints and concerns.

How does the Customer Success team help brands and new entrepreneurs?

The customer success teams are by the customer’s side right from the time they are on-boarded with Vendekin. The teams work in tandem with the marketing team in educating the customer about how to extract maximum benefit out of their smart vending machines by making optimum usage of the analytics platform - vNetra. These smart vending machine solutions provided include technical troubleshooting, marketing assistance, promotional strategy planning, and customisations of the vending machines and the software as per the client’s business requirements. The operations team in particular plays a vital role in ensuring that installation and commissioning of vending machines is carried out with utmost diligence. A thorough software and machine operation training is provided to the customers to ensure a good consumer experience.

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