As the market becomes more saturated, grocery stores stand to benefit by investing in coin counting machines. Despite consumers' tendencies to use credit cards, checks and mobile devices as their preferred payment methods, coins are still very prominent in our society. In fact, The Detroit News wrote there is more than $7.7 billion resting dormant in the U.S. Additionally, CoinNews reported U.S. coin production is the highest it has been since 2006 as of November 2015, totaling over $1.7 billion. These numbers are certainly impressive and highlight a major opportunity for grocery stores. Here are three reasons grocers should invest in these machines:
For one, self-service coin counters help grocery stores stand out among their competition. Today, it can be tough to find a convenient method of converting loose change into spendable currency, so a grocery store that offers this feature will generate more foot traffic than one that does not. In fact, some shoppers who had no intentions of going to the grocery store may visit a location simply to convert their money and end up making a last minute purchase.
Coin counting machines can increase a grocery store's profits in two distinct ways. First, stores that invest in the technology can charge and collect a fee from people who convert their loose change. Additionally, customers who use these machines are very likely to spend that money in-store. In fact, recent research from Branmark Strategy found that 36 percent of study participants spent the cash they received from coin machines on general living expenses such as groceries.
Above all, self-service coin counters contribute to a positive shopping experience and high-quality customer service. Today, customer service is a key differentiator when consumers choose store to grant their loyalty to, and a location that offers customer-facing conveniences and technology will earn shoppers' preference. Additionally, by allowing shoppers to convert their coins on their own, grocery stores can reduce line wait times by avoiding customers spending their coins at the checkout.
In the modern business world, technology is crucial to success in every industry. If grocery stores want to stand out among their competition, increase their profits and improve customer service, coin counting machines are an essential ingredient for this goal.
March 9, 2016