Retrofitting of Fully Automatic Vending Machines – A Win-Win Strategy
The fully automatic vending machines market is projected to record volume sales of ~4.1 million units in 2019, and automation in the retail landscape will act as a driving force influencing its growth. The retrofitting of vending machines has been one of the significant trends gaining momentum in this landscape. Since vending machines can be associated with impulse purchase behaviors, places such as airports, bus depots, and railway stations make ideal spots for the installation of these machines.
Though fully automatic vending machines are a one-time investment, end users tend to hesitate when it comes to making investments towards the purchase of the latest vending machines. Since withdrawal from the purchase of new machines impacts market revenue, market players offer retrofitting options to end users that help them leverage cost-saving benefits through the installation of the latest software in their conventional vending machines, and add value to their functionalities. However, the technological revolution isn’t only limited to functionalities; upgrades in features such as cashless payment options, LCD displays, big data integration, and outlook designs are projected to resonate well with end users during the forecast period. The fully automatic vending machines market is expected to increase at a CAGR of ~5%, to reach a value of ~US$ 20.5 Bn by 2027.
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Network – Key Requisite to Ensure Health of Vending Machines
Since vending machines are usually considered as a sales channel for snacks and beverages, government authorities of numerous countries have a strict eye against the sales of junk food, unhealthy snacks, tobacco products, and high-sugar beverages. As a result, consumers in the fully automatic vending machines market are hard-pressed to adhere to the protocols and manage inventory with only government-listed products. In addition, regulations governing the sales of products through vending machines vary in different countries, which is likely to slow down the penetration rate of the fully automatic vending machines market.
Another critical aspect worth considering prior to delving into the fully automatic vending machines market is the connection requisite of a fully automatic vending machine. Failure of network connectivity could hamper the ideal working of the system, and, in turn, affect the sales of products. In addition, lack of proper use-case testing of software could stall the ideal functions of a fully automatic vending machine, which implies that, players in the fully automatic vending machines market should take ample care while developing and testing the technicalities of these fully automatic vending machines.
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Cashless Payments to Underpin Growth of Fully Automatic Vending Machines Market
Traditionally, cash was the only mode of transaction offered by vending machines; however, rapid uptake of cashless payment has unlocked an effective medium to offer convenience to end users. With growing awareness regarding the ease of cashless payment, developing countries began following suit, and machines penetrating the market today are equipped with digital payment options.
In 2018, fully automatic vending machines were highly deployed for the sales of beverages. A rapid rise in industrialization coupled with the growing number of corporate offices is leading to the high deployment of coffee vending machines. In addition, gyms and fitness centers are emerging as new end users of fully automatic vending machines, which are used for the distribution of health drinks and juices; this is likely to uptake the adoption of these machines during the forecast period.
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