Millennials are the source of rapidly changing expectations of grocery stores, and retailers can use coin counting machines as part of an effective strategy to reach them. As CNBC pointed out, Gen Y consumers were estimated to have a combined global spending power of $2.45 trillion in 2015. Right now, millennials are the largest generation with the most buying power. Additionally, their drastically different lifestyles compared to preceding generations translates to much different demands of grocery stores.
Millennials are avid home-cooks who hope to expand their skills in this area. According to Progressive Grocer, nine out of 10 millennials prepare dinner at home three or more times each week, and three-fourths of these individuals want to become better cooks. This translates to a higher volume of Gen Y consumers visiting grocery stores more frequently throughout the week.
Research conducted by MSLGROUP also sheds light on the frequency of millennial foot traffic in grocery stores. As the data revealed, millennials tend to be more spontaneous and adventurous when purchasing food and beverages. Additionally, the report found traditional grocery stores struggling to keep pace with mass and super channel retailers that tend to offer better value and convenience.
These insights surrounding some of the grocery habits surrounding Gen Y consumers shed light on the positive role coin counting machines can play in-store. For one, the frequency with which these individuals visit stores, coupled with their spontaneity when it comes to cooking and shopping for food, means there is an opportunity for store owners to encourage impulse purchases by giving millennials great access to cash. If shoppers convert their coins in-store, there is a good chance those consumers will spend the money on food or groceries.
Convenience is another crucial takeaway. Millennials lead hectic lives, and grocery stores that empower them to purchase food while simultaneously taking care of other cumbersome tasks - such as counting and converting their extra coins - are in a good position to earn a loyal audience of shoppers.
Traditional store layouts and services aren't enough for supermarket owners who hope to attract, maintain and increase their profits from millennial consumers. There are a number of technologies, products and features grocery stores can invest in to attract and retain this audience, and self-service coin counters are an important part of this approach.
March 18, 2016