The global vending machine market is projected to hit $146.6 billion by 2027. It’s an ever-growing industry, valued at $30.6 billion in 2020. According to recent projections, the sector is poised for significant growth, with a compound annual growth rate of 5.5% expected between 2021 and 2028.
Are you considering investing in a vending machine but wondering if it will be worth the cost?
How would your work day look without coffee? We don’t want to find out!
Businesses of all kinds have increased sustainability efforts in recent years due to new regulations, customer preferences, and even pressure from investors. As a result, business leaders across all industries have expanded efforts to minimize environmental impacts of their operations:
How much money will we get?
That's often one of the first questions we receive from prospective customers, and we understand why: generating extra revenue from commissions is a main benefit of using a national vending program. It makes sense that customers would seek maximum value immediately. After all, getting the most out of the products and services you procure for your company determines which ones you choose. So, how much can you make?
When you think of vending machines, it's likely to conjure up an image of an old soda machine sitting in some dark corner that's only good for stealing your money. It's a shame, too. There are some high quality vending machines out there now, equipped with the latest tech to pique the interest of Elon Musk. Okay, perhaps not. But they've come a very long way. Still, like any industry there are a regular flow of complaints about vending machine services.
One of the benefits of a national vending program is the ability to generate ancillary revenue from the vending machines at all your properties. In aggregate, this can be a significant source of extra income for your business and add to the bottom line. The amount of commissions each machine generates varies depending on a variety of factors, but nevertheless the extra revenue is just that—extra cash for your company.
As with every industry, there's always something changing in vending or news stories worth sharing. New products, technology, and strategies are always being tried and tested. Here are five noteworthy stories from the vending industry.
Vending management does not immediately resonate in the minds of most people as would other, more familiar B2B procurement solutions. The sourcing of raw materials and indirect spend categories such as facility maintenance are far more recognizable. Vending machine services just aren't typically of grave concern to most organizations. At least not at the corporate level. But should they be?
Most companies face fierce competition in their industry, which is why brand identity is so important. A strong, recognizable brand helps provide a positive perception of your company among consumers. This perception becomes increasingly difficult to achieve for companies that have multiple locations, where maintaining consistency is paramount and crucial to achieving success. You want people to walk into any store or property and immediately know what to expect, which should be an experience that only your company can provide. Everything from colors, to signage, to how employees communicate need to be aligned among all locations to achieve these branding goals. But what about vending machines?