Vending Machines Expanding Their Capability and Range

Abhrasnata Das

Rapid technological advancement has an impact on every business, including the vending industry.The days of a basic candy or beverage machine are passed; today's consumers choose machines that are more sophisticated and offer expanded services. Automation and "micro marketplaces" are also growing in popularity.

Over the past few years, the vending machine industry has undergone significant change. Using clever and sophisticated technologies, the industry has implemented innovations ranging from touch-enabled high-definition screens to remote device management software technology to go far beyond simply dispensing food and beverage.

In India, the vending machine market is expected to witness robust growth on account of booming retail industry and rapid urbanization. According to a report by Research and Market, the Indian vending machine market is expected to witness substantial growth of 14.9% CAGR till 2026.

Some major developments like Automation, implementation of AI and ML, etc are already taking robust shape in the industry. In this article, we have compiled a list of three most notable advancements creating major disruptions in the vending industry.

Automated Vending Shops

Amazon has been experimenting with automated retail for a while. The corporation introduced the first automated store, named Amazon Go, in 2016, which revolutionized unattended shopping. Vending machines are often fully automated, but this might be the start of something bigger.

As the market expands, so do market trends, providing a greater range of commodities such food items, soft drinks, hot beverages, and other selections that are often available in supermarkets. Additionally, voice instructions might enhance the service to make it more accessible and intelligible for everyone.

The degree of automation might rise dramatically, bringing the entire sector one step closer to the customer expectations for digital standards.

The fact that individuals are accustomed to some level of automation in all facets of their lives may be confirmed without the need for study. It is anticipated that the vending machine business would also considerably reduce manual participation.

Advancement in Medicine Vending Machines

Pharmacies are increasingly "using medicine vending devices to assist clients," claims the Business Research Company. This is especially true for distant areas where pharmaceutical companies are unable to spend on setting up shop and hiring pharmacists.

For instance, the Canadian business PharmaTrust has constructed vending machines and placed them all across the US and the UK. The medication vending machines include a phone, internet access, a prescription scanner, an integrated point-of-sale system, and up to 2,000 packs of routinely prescribed medications. A microchip linked to the packs of medications allows the machine to identify them.

For another illustration, A medical supply dispenser was created by UCaplt, a firm that specializes in medical vending, to assist struggling managers who were having trouble keeping their supply room safe or from having too many expired items. Within an emergency organization, UCapIt's devices administer medications, medicines, and medical supplies to authorized workers.

Contactless Payment Method

Due to the epidemic, contactless payments have grown significantly in popularity in recent years and are anticipated to continue evolving. With fewer needless touchpoints, consumers increasingly see contactless or cardless payments as a far more convenient method of payment.

Mobile payments and electronic wallets are becoming more popular. These payment methods are not only hassle-free and practical, but also secure and safe. Mobile payments increase customer safety since, for instance, mobile POS solutions do not keep user data on the merchant's POS terminal. It is so widely used in a variety of operational divisions within the food service, retail, entertainment, and vending industries.

Moreover, some digital wallets, like Televend Wallet, offer completely contactless vending, enabling consumers not only to pay with their phones but to select their products via the app, too.

At Growing Stage

Vending machine businesses are expanding to different locations and are offering more options. Consumers are naturally attracted to vending machines that offer more products and services. The vending industry is catching up to the times, understanding what is expected from it and the need for greater product and location diversity.

In the future, operations and control of the vending machines will be reduced down to mobile apps. Furthermore, the apps will elevate the level of control a customer has over their buying journey and will create a stronger, more personalized relationship between consumers and vending machines. By going digital, vending machines become part of a greater ecosystem and come within click’s reach for potential customers.