5 Ways Intelligent Vending is Transforming Business

The ability to access information from connected devices that offer real-time data with remote access can enable a fundamental shift in the ways businesses operate and generate revenues. Retails can offer "product utility as a service" through real-time and remote connections between devices that enable them to shift values from the physical product to the offered services.

Smart vending machines being equipped with the Internet of Things (IoT) is a great example of how connected devices can generate value for both businesses and customers alike, though in different ways.

With user customisation, smart payment options, improved security and constant monitoring and managing of inventory levels and patterns of consumption, opportunities abound for businesses using smart vending machines through a network of interconnected devices.

Real-life Examples

Coke secured 16 million IP addresses in 2010 that have been used for installations like Freestyle, the smart vending machines used by the company that has turned the “dumb terminals” into smart ones. It allows the company to identify each individual machine, conduct real-time test marketing, and track inventory stock levels as well as trends and preferences of customers in real-time.

SAP has developed its own breed of smart vending machines providing brands with the opportunities to engage with their customers with the help of visualisation tools and real-time management dashboards that allows them to see timely sales and information related to maintenance needed across the entire network and at each individual point of sale.

Below are cited 5 ways through which businesses can gain increased economic returns and revenues by offering a better user experience:

Digital Content Delivery

Vending machines can offer custom content like promotions, billboards etc. and can generate revenues when placed on high-traffic sites.

Smart Payments

Users are allowed to use near-field communication (NFC) payments, mobile wallet apps and debit/ credit cards to purchase, which increases the revenues for payments platforms as well as enhances user experiences and thereby results in experiencing better customer loyalty and increased usage.

Social commerce

Through smart vending machines, businesses can enjoy social interaction via gifting. Gifting occurs when a user shares their gift cars to a friend or a keen through their social media apps that lows the vending machine to send notifications to that friend or keen, thereby increasing the circle of users and resulting in increased profitability.

Inventory Management

Connected platforms allow businesses to track shipments of products in real-time and can track stocks available in the machine, as well as user spending patterns and trends. Tracking sales per year, monitoring usage, and the need for resupply eliminate the chance of shortfalls.

Maintenance and Energy Savings

Businesses can identify, manage, and repair machines through device management applications. Energy-saving options save energy consumption in machines, thereby reducing cost and saving resources. For example, Coca-Cola uses vending machines that keep the products cool at night using power and, in the daytime, using vacuum-insulated material and anti-tight doors without consuming any energy.

Wendor is transforming businesses in India by offering an extensive range of smart vending machines with supporting features like allowing cashless payments, remote connectivity, touch screens etc.