First, what are vending machine individual markets?
There was a recent online article titled "Catching the "N" Trend: As Vending Machines Replace Themselves, Emerging Self-Service Individual Markets Take Advantage". The author, Bill Brinton, past president of the National Vending Association, former veteran vending operator and Aventi CEO, sees the individual market as a convenience-store style segment, except that it doesn't have a cashier standing at the counter. It's like a box of honor on steroids, he finds, "Customers can discover for themselves and then have hundreds of products to choose from," he also finds, "The vending industry is shrinking in tax revenue and sales are falling. It's not easy to get manufacturers to develop new products. Meanwhile, employees and customers are looking for inspiration and innovation at the same time," Brinton argues, "and the number of large ones supporting artificial food runs is shrinking, yet companies don't want to get involved in the vending space."
Still in this article, the author also points out that the self-service individual vending market is where customers are able to choose their favorite brands and merchants at their leisure from a self-checkout service touch kiosk. Through the kiosk customers go through the checkout process and are able to identify each item, display the price and total price and allow payment. The kiosks are also equipped with a stereo wireless scanner that identifies the UPC barcode and RFID tag attached to each product. According to the system, customers can pay with cash, debit or credit cards, or a prepaid stored value card and tag, according to which customers can recharge at payment stations, which accept cash or debit or credit cards. Some systems also incorporate biometrics as a payment method option.
Second, how do IT systems contribute to the growth of the vending individual market?
Brinton also explained that the individual market concept was introduced seven years ago and released as a free-shopping system that uses RFID tags to act as pricing and security cameras to control operating sites. It has proven to be a viable approach, he said. Just as the QR code application introduced by 56iq Digital Signage has been a big hit. The individual market concept has grown tremendously since the advent of the overview of the UPC QR code system on product packaging last year, which operators print out and attach to unpackaged products, something customers in the checkout line must already be accustomed to. Self-checkout stores using QR code technology began operating in 2010, and it was during this time that the new approach to retail really took hold in the retail industry.
Third, other benefits or opportunities
1. Easy access to merchandise: Another major advantage of self-checkout stores is that customers can inspect merchandise and read its nutritional information on their own before purchasing it.
2. Flexibility: A major advantage for individual markets is that they give operators the opportunity to give customers what they want, without having to think about being in line with the vending industry.
3, profitability: financial experts themselves are a very vivid example, according to Brinton, compared to the individual market's 17%, the average profit of the traditional vending model is 1.15%.
Now back to the original question, has the individual market provided a new opportunity for well-known brands in recent years? The answer is yes, but marketing departments that resist taking risks will never agree.
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