With The Vendies fast approaching it felt like the ideal time to reflect on how payments are changing within the vending industry.
It’s clear to us through feedback from our own customers and by observing what’s happening on the high street, that consumers are favouring the speed and convenience of cashless payments and are carrying less cash around with them – but what does this really mean for vending?
This May the AVA published the results of their 2017 industry survey, made more significant by the fact they received the highest response ever, representing around 1/3 of the vending industry base. This increased response gives some real weight to the key facts and trends identified and highlights to operators that investing in cashless payments can be a real way of driving growth in vending.
The cashless opportunity
The survey identified the following key points directly related to the use of cashless:
- Known uplift in sales between 5% and 20% when using cashless readers
- Cashless was identified as an opportunity to drive consumption and growth
- Cashless can make implementing future price increases much easier
- Cashless transaction values are increasing, reinforcing the potential for maximising sales
- There has been a steady rise in the use of contactless and mobile payments
- Cashless technology is becoming more ‘standard’ on new installations with continued significant investment in cashless readers being reported
The power of data
The survey also recognised that cashless not only provides a more flexible payment solution, but also gives operators new visibility of their operational performance through advanced back office data collection. Operators are now harnessing telemetry to better manage stock control and proactive analysis of sales data can improve planograms and profitability.
This survey highlights a real turning point in the industry in terms of the acceptance of cashless payments into vending, and also provides some much-needed reassurance to operators that they would be making a worthwhile investment by installing it.
We are seeing huge interest in our vending payment solutions, they are quick and simple to install, suitable for new and old machines and can offer both open and closed payment solutions to operators. To find out more click here.
If you would like to find out how our solutions could improve your vending operation and maximise your sales, please give us a call on 01926 816400.
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