Grocery stores considering modernization and expansion to meet evolving consumer demand should incorporate self-service coin counters into their development plans. Take Whole Foods, the leading natural and organic grocery store in the U.S., for example. According to Chain Store Age, the grocery store has announced plans for a new concept, "365 by Whole Foods Market," and its intention to launch its first location in May 2016.
In addition to providing lower prices through the store's exclusive 365 brand, the new format will have a heightened focus on value and will feature the option to use a mobile application to redeem digital coupons. In many ways, the company's expansion makes sense, considering the buying power of millennial shoppers and rapidly changing consumer demands for convenient, affordable shopping options.
As stores like Whole Foods continue to grow, convenience should be top of mind as a key way for these markets to differentiate themselves from competitors. In fact, a report by Nielsen, "The Future of Grocery" found time-saving in-store technology options have a strong appeal among global consumers. It makes sense, then, that as Whole Foods prepares to launch its new format, the store's owners should consider the value self-service coin counters could add.
Aside from meeting consumer demands and creating a more pleasant shopping experience, self-service coin counters provide massive benefits to store owners. These machines have the potential to generate more revenue in a small footprint. When consumers are able to easily convert their loose change into spendable cash, they are very likely to use that money in-store. Additionally, the self-service nature of this technology means coin counting services will not dig into important store associate time that could be spent on more valuable customer-oriented tasks.
While digital technologies and price are crucial to the success of the modern grocery store, convenience still remains a top priority for consumers. Every feature a grocery store provides to make shoppers' lives easier acts as a strong differentiator that can drive long-term customer loyalty. Additionally, by investing in these types of technologies in the beginning, store owners may be more successful when launching new formats and expansions. In the case of Whole Foods, incorporating self-service coin counters into their new 365 stores may be a route to sustained success and growth.
March 24, 2016