The changing face of the vending industry
Why high-speed money counters and coin sorters are essential for productivity in today's vending industry
In today's ever-changing marketplace, the vending machine operators industry has been grappling with changing customer preferences, expectations and needs. According to a new report from IBISWorld research, revenue is down this year, and expected to decrease to $6.9 billion, with a drop of 2.5% this year alone. What has caused this decline in a usually stable industry? Soda consumption, for one. People just aren't reaching for that diet cola as much anymore, favoring healthier options like flavored water and vitamin-infused drinks. The trend toward healthy eating and away from processed foods is another culprit.
As revenues have declined, so have the number of vending machine businesses, down by 4.3%; and the number of employees has declined by 2.1%.
But, the good news is, revenues and profit margins are expected to increase. Like the banking and grocery industries, vending is pivoting in response to its customers. If you look at vending machines these days, you'll find more water and vitamin-infused drink options, healthy snacks like puffed corn and whole grain chips. It's about hearing and acting on customer preferences.
What it all means for the vending industry is the need for speed. With fewer employees, it's vital that the work gets done as quickly and efficiently as possible to keep up with razor-thin profit margins. And although new technologies allow people to pay with credit cards or their smartphones, one thing will always dominate the vending machine business: coins.
A high-speed currency counter and coin sorter isn't just a nice-to-have anymore for the vending industry. Now it's a must. Technology is changing, and if you're still using legacy systems to count and process cash and coins, it's time for an upgrade.
Here are some features to look for:
- High processing speed. Top currency counters can process up to 1,600 bills per minute. Top coin sorters can process 10,000 coins per minute.
- Ability to clear jams easily, so you don't get hung up.
- A variety of models to match your budget and volume.
- High-tech, illuminated touch screen displays.
- The ability to sort and differentiate between coins, custom coins and tokens.
The right technology partner can help you sort out which models are best for your needs.
July 22, 2019