Grocery stores can offer convenience with coin counting machines
Consumers are operating in the age of convenience, and grocery stores can stay relevant by investing in self-service coin counters. Chain Store Age listed five emerging trends that impact grocery stores today, one of which was a push by business owners to meet shoppers' desire for convenience and added services. In general, customers want stores to fit everything they need into one location.
Busy consumers juggling work, family and personal time are likely to favor brands that make their lives easier. To a large degree, this explains why so many people are turning to grocery delivery services in place of in-store shopping. In fact, NPR reported according to Rosenheim Advisors, more than $1.6 billion was invested into food-related entrepreneurship in 2013 in response to the growing demand for these services.
While it is unlikely online grocery shopping will ever replace brick-and-mortar stores, business owners must adapt to changing consumer needs and invest in technology that adds elements of convenience to the experience. This is essential for any business that hopes to be successful in an increasingly competitive and demanding retail environment.
Self-service coin counters: A valuable convenience
There are countless ways grocery stores can evolve to remain relevant. Offering more delivery options, catering to the needs of millennials and providing access to fresh and organic foods are just a few. However, one simple strategy is to invest in coin counting machines. Today, many banks are discontinuing coin counting services, requesting customers to roll coins or removing the technology altogether. This means many consumers are left with loose change they are unable to exchange for paper money.
Grocery stores that feature coin counting machines can fill the void and meet this customer need while simultaneously increasing foot traffic and earning loyalty. Additionally, this added convenience translates to a massive opportunity to encourage unplanned purchases by consumers who just converted their coins. Research from Branmark Strategy underscored this point. According to the data, 6 percent of study participants spent the cash they received from coin machines on general living expenses such as groceries.
There are many pieces to the puzzle for stores competing with online shopping and other convenient options, but a self-service coin counter is a valuable investment that will pay itself off quickly. Grocery stores have the option to earn revenue by charging a small fee, and increased last minute sales have a major impact on ROI.