JANUARY 23, 2013, MT. PROSPECT, IL— As retailers today continue to focus on growing their customer base and enhancing the customer store experience, front of store engagement tools have become an important part of their technology solution mix. Smart retailers must start to look beyond traditional tools to offer services such as self-service coin counters that not only attract customers, but also set themselves apart from other retail outlets, such as convenience stores and currency and check services.
Cummins Allison, the leading innovator and provider of coin, currency and check handling solutions, explains how self-service coin counters can help retailers build foot traffic, increase loyalty among current customers, streamline their operations and create a new revenue stream.
Focus on Customer Experience
Driving the retail landscape is the concept of one-stop-shopping where consumers can complete errands by visiting a single retail store. Retailers that have the ability to offer a variety of solutions and services differentiate themselves from steep competition and help drive consumer loyalty.
Offering a self-service coin machine can greatly improve customer satisfaction and help retailers grow their customer base. With a self-service coin machine on the fourth wall, customers no longer have to make another trip to a financial or currency service to redeem their coins for cash. This desire for disposable cash is the top motivator for customers to convert loose change into spendable dollars¹. A study revealed 36 percent of participants surveyed spend the cash on general living expenses such as groceries².
Additional Revenue and Improved Efficiency
Coin redemption technology gives retailers additional opportunity to generate revenue and realize cost savings. Charging a fee for coin redemption can be a profitable option for retailers. In addition, retailers can realize cost savings by delivering a cash payout immediately at the coin machine or by reducing labor and increasing operational efficiencies as employees are no longer tied up at the customer service desk to dispense cash to waiting customers. In addition, retailers can run store coin on the self-service machine to reduce the amount of coin in the store’s inventory or as an avenue to process cash tills.
Promotional Benefits of Self-Service Coin Counters
Offering self-service coin redemption is an ideal way to increase customer awareness of other store products and services. Many of today’s machines can be customized with features that make it more engaging; such as onscreen advertising features that can serve as a simple, yet effective marketing tool that help customers learn about new products, programs and services.
As retailers look for ways to set themselves apart from their competition and improve the customer experience, self-service coin counters allow them to offer a new, value-added service to their customers while helping drive traffic and increasing store loyalty.
To read more about self-service coin machines as a key retail front of store engagement tool, visit www.cumminsallison.com/MoneyMachine.
1, 2 Assessing the Opportunities for SSC Machines in the Financial Segment: BranMark Strategy Group, 2011
About Cummins Allison
Cummins Allison is a global leader in developing technologies which count, sort and authenticate currency. The U.S.-based company has a 125-year heritage of leadership in technology and product innovation and currently serves the majority of financial institutions worldwide, as well as leading organizations in retail, casinos, law enforcement and government. The company holds more than 350 U.S. patents and has ongoing research and development (R&D) investments double the industry average. Cummins Allison is headquartered near Chicago, IL with R&D centers near San Diego, CA and Philadelphia, PA and wholly owned subsidiaries in Canada, the United Kingdom, Ireland, Germany and France. The company also has an extensive sales and service network with more than 50 offices in North America and is represented in over 70 countries. For more information, visit www.cumminsallison.com.
Carol Moore – Vice President Marketing
Cummins Allison Corp.
Outlook Marketing Services, Inc.