How do I get my vending machine into business?
2022-09-02
The first modern vending machine was invented in the early 1880 which is used to sell stamps and postcards.
Over the past twenty decades, vending machine has been evolving into the second, third, fourth, and even higher generation. We have now reached a time when smart vending machines with cloud base software start to dominate the market and to keep boosting the growth of the vending machine industry.
According to statistics, vending machine business generates USD23 billion annually worldwide, it's still the right time to be part of this business in 2022 as unattended retail has become more and more popular due to many factors such as COVID-19. The key to your success in this industry is to get two things done nicely. First, you'll have to find the right vending machine partner either manufacturer or reseller to get a vending machine that suits you the best. Second, you need to find changes and suitable locations that draw a steady stream of people willing to spend their bills on your machines. Once you find those places, it's extremely important to make sure that you constantly keep your machines functional and stocked with items.
Look for potential sites for a vending machine business.
The ideal locations for a vending machine business are places with a lot of people traffic, such as hospitals, public transport stations, malls, offices, schools, stadiums, etc, in which the traffic flow are very steady and constant. Call the business owner or the property manager of the building or the business where you want to put your vending machine and stress the benefit of placing your vending machines in their sites, such as helping their employees or visitors to access food, drinks, beverage or other daily necessities without going far or walking a long way, helping improve their working environment and the efficiency of their employees by offering short-reached refreshments. Make sure that you're well prepared before answering their questions such as how do you fix your machines and how to maintain them, how often do you come to refill the machines, how do you share the benefit, or what vending offering you suggest for their employees, etc. Be aware to stay away from the locations with high crime, installing a camera may always be useful to keep your vending machines safe.
Vending machine commissions and contracts
Most of the business owners of the locations will ask for a certain percentage of commission for the products you sell, which can be from 10-25 percent. This is a common practice in the vending machine business and you're not pretty much able to avoid such matter, so it's important to do market research to find out what a vending machine business pay to determine the rate of commission. If you're facing strong competition for the locations you desire, you'll have to consider offering a higher commission rate to chase your competitors. If you're in a place where you have no competition, you will let the business owner know that you intend to charge a higher fee for the products sold in the vending machines to cover the commission. Once the business owner accepts your offer and allows you to install your machines in their places, send them a contract and explain how will you do the installation and repair, how the commission is tracked and payment sent, etc. As long as they realize the convenience of getting your machines and the sincerity of your offer, they will usually come to terms with your conditions. If you don't have enough time to look for a location on your own, you can delegate the job to location agents who will look for places for you according to your requirement and criteria.
Choose vending machines with intelligent management software
It's so much important nowadays to choose smart vending machines with intelligent management software for your vending machine business. The fact is that smart vending machines can greatly improve your operational efficiency and save a lot of your time and energy. Unlike traditional vending machine that accepts only bills and coins, you will always have to drive to be on the ground to check the status and stock of your machines, which will cost you a huge amount of time not knowing which machine needs to be replenished. But smart vending machines with intelligent management software can solve all that and cure your headache by making you accessible to all the operating data of your vending machines, such as real-time sales data, inventory, energy consumption, and temperature, you can also remotely control your machines and upload advertisements. To be successfully part of the vending machine industry, you need to use technology to leverage your business level.
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