Importance Of Customer Needs In Vending Business

Vending is a customer oriented business. Understanding customer’s needs and wants becomes very crucial. But how many operators are really aware of what customers really look for? Understanding their requirements and living up to their expectations becomes very important. One way of doing this is by proving the location with a state of art machine that is capable of vending a wide range of products. The other methods which an operator can adopt are mentioned below:

• Suggestion box: Place a suggestion box near the machine. Customer feed back related to the products you vend and service you provide can be gathered using this.
• Survey: Random surveys need to be conducted on a timely basis. This helps in understanding changing tastes and preferences of customers.
• Regular monitoring: Regular monitoring of products vended helps you assess the most fast moving one and also the ones with least demand. Slowly you can replace slow moving ones with those that have maximum demand.
• Data: There are few vending manufacturing companies that supply you with customer preference data. This helps you know which product has maximum demand.

The tastes and preferences of customers are not standard. They vary from individual to individual and from one age group to another. Few common things which most customers look in a vending machine are:

• Convenience: The main reason why vending machines have gained prominence is due to the convenience they offer. In today’s hectic lifestyles, most of us do not have the time and patience to wait in long queues to purchase products. This is one reason why we switch to simpler and faster means.
• Branded or standard products: Modern customers are willing to pay anything for branded and established products.
• Best quality products: Customers are not at all willing to compromise on the quality of products they purchase.
• Environmental friendly equipment: User and environmental friendly equipment if encouraged by all.
• Reasonable and competitive prices: High quality products reasonably priced is the choice of one and all.
• More choice options: Customer always looks for a wide variety to choose from.
• Flexibility in mode of payment: They prefer acceptance of various modes of payment.
• Quick and prompt services: Quick and prompt servicing is the key to success for any business.

Once an operator realises these and implements them in his business, he is sure to be successful. For any guidance and advice you can also contact Planet Antares and get help on all aspects of setting up and running a vending business.

Vending Industry Overview

The US vending industry includes around 5,000 companies generating annual revenue of about $6 billion. This industry is divided and the 50 top most companies contribute to nearly 40% of industry sales.

Consumer spending power and business growth stimulate demand for a product. We have been seeing several vending machines placed in places of work and other crowded areas. The profitability of every single machine is dependent on effective stocking, timely service and maintenance and most importantly securing best location. Since vending is a customer influenced business, its success largely depends on providing superior quality of services and offering unique products.

Products that are most commonly sold using vending machines include candy bars, snacks, beverages, ice creams, cigarettes, chocolate, gum balls, nuts, nutritional bars etc. Apart from these regular items, there are companies that offer bulk vending items, candies and capsules containing novelty items.

With a view to earn huge returns, most operators manage multiple vending machines in multiple locations knows as route. It may be surprising to know that three fourths of vending operators make less than a million annually. Vending machines vary by the products you vend. For instance cold vending machines can dispense items that require refrigeration. Glass front machines on the other hand can accommodate different kinds of products and also allow customers to view the products they are about to purchase. These machines typically accept payments by cash or bill. Machines from Planet Antares are efficient, dependable and stylish which has made them one of the most trusted manufacturers in the country.

Whichever product and machine you choose, location becomes vital. There are several operators renting space in prime localities with high customer traffic. Vending machines are also found in retail stores, hospitals, bus and railway stations and schools. Technological advancement and increasing demand is making this business grow stronger day by day.

Some of the latest technological inventions have made it possible to improve the speed, accuracy and quality of services offered by vending machines. With the help of internet and remote monitoring systems, operators are able to identify product shortages, machine malfunctioning well in advance. This helps in providing uninterrupted customer services.

All this clearly shows that vending is a growing industry with huge scope for improvement.

What should I stock in my vending machine?

Thinking about what products should be bought for stocking in a vending machine? Well, you should choose products according to the customer’s preference. A simple survey on customer’s choice can tell you what should be stocked in your vending machine. You can attach a suggestion box on the vending machine where customers can write about what they would like to have in the vending machine. Over couple of days, you will have suggestions from customers that can really help in selecting products.

While purchasing products you should always buy in bulk and try to negotiate to strike a good deal. There are many wholesale snack retailers like Costco’s & Sam’s where you can buy snacks in bulk. Also look out for great deals with candy retailers. Bulk purchasing can make a huge difference in price when it comes to buying candies. Soda distributors also offer different schemes and discounts year round, so always be on the lookout for deals from local distributors.

Snacks of proper size should be bought for your vending machine. You should check the size with sample products in your vending machine before purchasing products in huge quantity. Huge sized products can jam up the vending machine, thereby causing business loss.

For effective tips on managing your vending business, just call up support staff of Planet Antares. Experts from Planet Antares Inc provide necessary guidance to vending operators for managing their business. They also suggest various amends in current business strategy to ensure better profitability. Planet Antares is leading manufacturer of modern vending machines. They provide vending machines equipped with latest technology at reasonable prices. If you are thinking of starting a vending business just get in touch with Planet Antares.