When establishing a new grocery chain, self-service coin counters can be a helpful tool in boosting a store's overall brand. As shoppers clamor to the new stores, they may need service that extends beyond sales of food. With these counters, businesses offer a service that can be convenient at just the right opportunity. More importantly, after shoppers convert their loose change into cash, they can immediately use the money to purchase goods at the store. Not only is the market providing a service, but it's gaining an opportunity at more sales.
One of the most well-known grocery chains in the U.S. is Whole Foods Market. Known for its upscale selection of products and artisanal services, it has a reputation for high prices. While the former two aspects have been crucial to establishing its brand, the latter has raised a lot of criticism, especially among younger Americans who may not be able to afford most of the goods available.
Whole Foods seems intent on shedding that reputation, as it has announced that it will be launching a new chain of stores under a different brand name, which has yet to be revealed. The intent of this chain is to offer lower prices on a variety of goods while maintaining the level of quality that Whole Foods currently provides. It will do so by having a simpler store design and a more selective line of food and drinks than its parent brand. According to Time Magazine, the brand is currently negotiating leases for storefronts, with the intent on making the chain as large as Whole Foods is.
The new store brand comes as Whole Foods is facing competition from various chains, especially big-box names like Wal-Mart and Target, while its renown as a source of organic and natural food is fading. The new chain is expected to launch early next year and see a rapid expansion. Ensuring it does well will require the company to offer shoppers the right services. Many of these people are frugal, and are likely to keep loose change. With this in mind, having self-service coin counters would provide shoppers a great utility: they'd be able to convert their change into cash. From there, these customers can buy a little bit more, all the while increasing their satisfaction.
May 19, 2015