Smaller grocers gain a competitive edge with coin counting machines
Small and medium-sized businesses in the grocery industry can offer coin counting machines on site to easily attract more customers and boost overall sales. At the same time, these tools will allow local shops to compete more directly with larger corporations that are utilizing innovative strategies to get revenue levels back to what they were before the Great Recession.
More than ever before, companies in a wide variety of industries are embracing store-within-a-store concepts, in which a well-known brand name will take up shop through a kiosk inside the property of another business or organization. For example, the online publication Daily Finance said the restaurant chain Bob Evans Farm recently announced its plan to experiment by opening more shops in hospitals, universities and malls. McDonald's already operates various stores inside Wal-Marts around the country, just as Starbucks does in many grocery stores.
These trends represent a nationwide attempt among consumer-oriented businesses to tap new opportunities for profitable revenue. According to data compiled recently by ShopperTrak, U.S. retail sales are likely to increase 2.8 percent during the first quarter of 2014. However, the same study also predicted in-store foot traffic would fall 9 percent. Consumers have already indicated they are less interested in interacting with brands in person. During this most recent holiday shopping rush, in-store sales contributed to just 14.6 percent of the season's total revenue.
While smaller firms may not necessarily have the ability to experiment with store-in-a-store concepts, specialty grocers can attract new customers in other ways. For instance, introducing a self-service coin counter on the premises is an easy way to get more people through the door. Anyone interested in making a quick stop to turn collected change into cash may ultimately be encouraged to spend time shopping if the service takes place inside a local grocery store.
January 16, 2014