Intelligent Vending Pt. 2: Technology & Analytics
Welcome to the second part of my three part series about intelligent vending, where I’ll be covering new technology and analytics. If you missed Part I, you can read it here. We’ll start with a quote.
“The ability to access information generated by connected devices enables a fundamental shift in how companies operate and generate revenues. Wireless machines will provide brands with management dashboards and visualization tools, displaying real-time sales and maintenance information across the entire network and from individual points of sale. Smart vending machines are a great example of the impact of IoT on new revenue streams and business models.”
– Efrat Kasznik, IP Strategy at Stanford GSB
Many other benefits like the potential of consumer personalization at the POS, is expected to drive growth of the vending market from $7.3B in 2016 to ~$18B by 2020.
Antiquated in terms of security, operational inefficiencies and payment processing, the industry-wide technology applications is foreseen to be strong for both existing operators as well as in attracting new ones into the market. This includes brands who will use intelligent vending to reach new millennial and younger audiences – all of whom are digital natives.
While trending down in terms of global market revenue, vending growth is projected to be robust by virtually every research entity and industry prognosticator.
Brands like Coca-Cola and other beverage and snack companies are known purveyors of traditional vending. But new players like Best Buy, Honest Company, and elite skin-care company Kiehl’s are entering the market with the advent of intelligent vending potential. Many others are looking at leveraging this new breed of smart POS markets.
In my next article, I’ll try to project how the CT and CI channels might use new vending technologies and analytics to participate in this rapid growth curve.
But for now, let me just share some of the analytics-related technologies we’re developing and you can get a snapshot of how your own brand might lend itself to intelligent vending.
Here is how we are managing and marrying technology and analytics to provide vendors with unique opportunities in the intelligent vending industry:
- Cloud-based and fully customizable software analytics dashboards to manage marketing hub information
- IoT interconnectivity for data collection between networked devices
- Real-time customer data tracking, allowing personalization and a new level of customer responsiveness with machine-learning algorithms
- Real-time B2C dashboard management, including creating personalized media experiences and brand exposures
- Social sharing capabilities post-purchase for enhanced authentic brand-customer experience and peer-to-peer interactions and brand extensions
- Real-time remote inventory and maintenance monitoring to take the guesswork out of remote retail operation; optimizing machine visits and supply-chain decisions
- Cashless payments for seamless purchase and processing from credit card or mobile wallet, plus digital receipts
- Analyzing traffic patterns for device location optimization from ‘heat maps’ and calculating conversion rates
And this is just a small list of innovations the intelligent vending industry is working on.
