“Micro markets vs traditional vending machines,” by Kisha Wilson, is a blog post that we love! Not only does Wilson put in great statistics, but she gives great insight to micro markets as a whole. Take a look here!
Or keep reading here … we’ll give you the highlights:
“So why choose micro market rather than a traditional vending machine? Research firm Brad Bachtelle of Bachtelle & Associates projected there will be 35,000 micro market locations by the year 2022 and they will generate $1.6 billion in revenue over the next 10 years.”
“More and more there is a greater demand on an employee’s time with the expectation of high productivity levels to ensure that deliverables are completed in a timely manner and to a pre-set standard. Micro markets have been one of the practical solutions to support this trend and show no sign of going away as reflected in the rapid growth of the industry.”
Micro markets are becoming a more lucrative investment opportunity because they provide additional benefits over the traditional vending machine:
Micro markets tend to attract 18 percent more visits per day with an average of 1.2 sales per day per visit, as compared with 0.7 sales in a vending area. This figure may be higher depending on the location.
The inventory management system is usually web-based, making inventory evaluation much easier, ensuring fresh inventory and up-to-date regulatory practices.
Components can be customized to fit different locations which is a major selling point,especially when there are space limitations.
It allows operators to focus on providing an enhanced customer experience with enticing layouts and products that will ultimately increase profits. Operators can use retail tools and techniques to ensure the strategic placement of add-on purchase items near to the check-out kiosks.
Less maintenance and downtime of machines and the kiosks provide an easier transaction process especially for multiple items.
There is also some pricing flexibility allowing operators to collect sales tax on items purchased unlike a traditional vending machine.
The use of prepaid user accounts at micro markets represents a shift from the traditional vending model. Accounts are funded and money collected before goods are purchased which radically shifts the cash flow requirements of operators.
Portions of these accounts can be funded by HR, Wellness, or other workplace programs with a mandate directed at healthy eating and increased productivity.
“Micro market products are often priced higher than products found in a traditional vending machine. They are typically 15 percent to 20 percent higher, with sales tax added to that.”
“So, “build it and they will come…” The benefits mentioned make it seem easy enough, but it takes a little more than that. There are a few elements that should be in place to be successful in the micro market business including:
Products that are attractive to the customer – As a society we are more health conscious than ever and providing healthy, fresh food options, restocked daily is one way that micro markets set themselves apart from the traditional vending machine.
The right layout – Most micro market providers can work with any space to provide a customized, attractive and functional setting that will make movement and payment within the location as easy as possible. Access to a power supply for the kiosk system, coolers and freezers are also required, along with an internet connection.
Self-service with a difference – And we don’t mean inserting your money in a slot and hoping that the item you want doesn’t get stuck (as is sometimes the case in a traditional vending machine). We’re referring to self-service with options including, type of payment that can be used, level of interactivity (dependent on the interface and software used); choice of loyalty programs (as mentioned above).”
Juliana is our newest Account Executive. She is the mother of two kids. Juliana loves being
outside and exploring new places. She also enjoys cooking and drawing! You can find Juliana doing anything that enables her to create things with her children. She is currently attending school at Wisconsin Indianhead Technical College for Program and Design. It is no doubt that Juliana is up to any challenge! You can reach her by email at firstname.lastname@example.org or give her a ring at 715.386.2233 Ext.603
This Summer TurnKey and 32Market Welcomed 9 Interns Aboard!
We would like to take this opportunity to recognize and thank our summer interns for all of their hard work. For the past three months our interns have pushed us to be better every day. They worked in various areas of both Turnkey and 32Market including Wood-shop, Marketing, Media Production, and Administration. Our companies truly appreciate everything the interns have done. We have enjoyed challenging them while also helping them gain experience. Oh, and we had a little fun along the way! Our companies love working with interns because they are so eager to learn! We want to thank them for their fresh ideas and positive attitudes. It truly has been our pleasure to work with these driven young interns. We wish them the best of luck this school year, and we hope our paths will cross again in the future!
Automatic ordering has become even smarter! The system will now take a snapshot of past sales data to estimate which items will sell between your order and delivery date, to keep you closer to a truly full market.
Multiple Store Option for Cash Box Reconciliation
You will now be able to select multiple stores for your cash box reconciliation rather than running the report for each store.
Open Cash Tills Report
Using this report you will be able to see what your cash boxes currently list for a total amount in real time. To use this report go to: Site Admin> Reports> Accounting Reports> Cash On Hand
Global Inventory Update
You will now be able to select a specific date to review your inventory information for that specific time. This feature even allows you to select a date in the past to see the previous state of your inventory. To Use this report go to: site Admin> Store> Inventory Levels> View Current Inventory
An added report to allow you to quickly see an inventory list of items sold based on your timeline. To use this report go to: Site Admin> Reports> Item Sales
Reward Date Extension Resolution
We have fixed a bug that caused the end date to not save properly in the Rewards page.
“Theft” Added to Profit and Loss Report
Theft data has been added to the profit and loss report. Theft and Spoilage options have also been added to the warehouse inventory, previously available under store inventory.
Profit and Loss Report
You now have additional options for invoice fields on your summery report.
Our exceptional customer service is one way we are able to prove our willingness to help our customers. Our customer service team is always eager to help in any way that they can. If we are not able to solve a problem over the phone we will send someone to the site to help as soon as someone is available. At 32Market we put our customers first.
2. Fingerprint Technology
Our fingerprint technology is another way 32Market is able to surpass the competition. At 32Market we are always looking for innovative ways to grow. Our kiosks are equipped with Biometric Fingerprint Technology which allows customers to pay for their items simply by using their fingerprint. This form of payment makes it easy for people to purchase items from their micro market.
3. 32Market App
32Market received a patent for our smartphone application on October 27, 2015. Our smartphone application offers another unique and convenient way to pay. The app does everything a kiosk does except take cash. The app even gets you checked out faster than a kiosk! The app also includes administrative functions such as inventory management, reporting, and more! Our smartphone application gives us an irreplaceable competitive edge in the micro market industry.
32Market is a special company for many reasons. It is our priority to make sure our customers are completely satisfied with our products. We hold ourselves to the highest standards, and we are always looking for ways to improve. We also offer many unique services and products.These are just a few ways 32Market is able to set itself ahead of competitors. To experience all that 32Market has to offer, visit our website or our online store for more information or contact us today!