A study by Technavio on the vending machine market, showed an overall growth of 17% between 2018 and 2019, with very positive projections for the scenario from 2020 to 2024 (potential estimated at USD 9.82 billion). The increase in the adoption of self-service was justified in the study by some determining factors: they do not require the intervention of salespeople, support staff, staff, manager and others; reduce costs and operate 24/7 throughout the year; create a new sales experience and increase customer satisfaction.
It also pointed to the differentiated growth of the segment in different areas of the globe, as shown in the map below, with regions with accelerated growth in green and regions with slow growth in gray.
Global vending machine market.
At: https://www.technavio.com/report/vending-machine-market-industry-analysis
NOTE: According to the study, in 2018, 42% of market growth was concentrated in the Americas followed by EMEA (Europe, Middle East and Africa) and APAC (Asia and Pacific). Although APAC had the lowest growth, the participation of Japan, China and South Korea in the global scenario was significant.
Although the projections fall to the ground due to the strong retraction of the global market, provided by the Covid-19 pandemic, it is valid to think about the motivations for the rapid growth of self-service in some regions, as well as the scenarios projected for the sales, differentiated between the so-called “Smart” and “traditional”.
Traditional vending machines are the simplest ones, which only dispense products and use money and currency to purchase. These are related to the slower growth in the sector. Smart ones, on the other hand, have more complex capabilities such as operation and inventory management, transaction, software and platform management, and availability of consumption data. They also have compatibility with software for data availability (telemetry), payment with other modes, and real-time information, allowing the operator to monitor daily sales, plan their inventory and perform consumption analyzes, and can even profile their consumers. They are the machines responsible for the accelerated growth of the sector in some regions of the globe.
Another point discussed was the evolution of the payment system. There has been an exponential increase in transactions at vending machines using digital and cashless methods. For the operator, it becomes an advantage to sell without money. It is possible to offer discounts on purchases, offers, loyalty and even advertise products. Such mechanisms are best exploited in intelligent machines.
Source: https://apnews.com/bf8ad8f7f36d4c2aaf7fee66ceb4c7f2 https://www.businesswire.com/news/home/20181203005602/en/
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