This word is a common thing to listen to these days, Smart Vending Machine.
Smart Vending Machine
Gone are the days when we used to think of Vending Machine as a machine which only eats our money and dispenses nothing.Just like how normal phones have become Smart, the same is the case with Vending Machines.Now Vending machines are called Smart Vending Machines. The new smart Vending machines are no longer the older cash accepting machines but now smart vending machines accept every online transaction from cards to UPI payments.
Also the older way of choosing a product through numbers has been way in the past, now people can choose directly from the mounted tablets or their smartphones. Vending machines have become so smart now that they can detect automatically if products are dispensing or not and if they are not dispensing, your money automatically comes back to your account. Smart vending machines are controlled by a computer and backed by a cloud-based management system. The cloud allows for live inventory monitoring and sales data that was previously unavailable or extremely delayed. Vending machines have evolved into a new class of automated retail kiosks with the use of modern technology.
Here is the Video of a smart Vending machine by Vendify which shows how easy it is to use it:
Benefits of Smart Vending Machine
When we think of retail in the future we do not think of getting items by the shop keeper but we see it in a futuristic way. The way where we do not have to wait in a queue to get our products or to bill our products by standing in the queue again for half an hour. We think of it as ordering the item from our smartphone and getting it right away. Smart Vending Machines run around the clock for 24 hours and you get the item any time you want.
Not only the consumers can get the item all around the clock but also the vending machine operators can sell their products from the Vending machines 24×7.
So it is a win-win situation for both sides.
Smart vending machines also give the vendor real time usage reporting so the vendor can relax and fill the vending machines when it starts emptying. It lowers downtime of IoT vending machines by taking proactive action to fix issues at appropriate time. All the information of functioning and non functioning machines are available. Alerts & notifications are generated whenever machine malfunctions.
Role of IoT in smart vending Machines
IoT has come like a boon in the Vending Machine Industry. Not only has IoT helped Vending Machines grow in the recent few years but also has helped in the technological advancement of Vending machines. From Notes to cashless withdrawals and from being an empty Vending machine to telling the Vendors that it needs filling.IoT has totally changed the vending machine Scenario.
Here are a few cases where IoT has come in use in Smart vending machines.
Access to Low cost, low power sensor technology
Before IoT, sensors used to be a lot more expensive than they are now and were not accessible but with the introduction of the internet of things, it has come a long way.
With the Introduction of IoT, Vending machines can be connected to the cloud directly. A host of network protocols for the internet has made it easy to connect sensors to the cloud and to other “things” for efficient data transfer.
This technology is expected to lower the cost of theft by 5% for the food and beverage industry. Theft, mechanical failure, and vandalism can all dramatically impair vending machine profitability. IoT technology can lessen the occurrence and impact of these losses by tracking the performance and structural integrity of machines. If the programmer detects a potential problem or theft pattern, it can send an alert to the vending machine’s operator to arrange maintenance.
Smart Inventory Management
IoT technology also enables distributors to check stock in specific machines ,ensuring that the product mix corresponds to what consumers desire to buy. Sensor data and built-in analytics uses are:
- Collect usage data to optimise replenishment.
- Keep track of the elements that influence sales, such as the time of year, region, and others.
- Predict sales to make more precise restock strategies.
- Prioritise restocking machines that are more profitable.
- Monitor replenishment shipments.
There are examples and proven case studies where global F&B companies have reduced their supply chain expenses by 15% and increased their revenues by 5% by incorporating IoT.
To know more about IoT and how is IoT is making the Vending machines smart:
Read our previous Blog.
How Smart Vending Machines are different from Traditional Vending machines.
Smart Vending Machines
- Takes Payment in different ways apart from cash.
- Cloud stores every data
- you can manage Inventory remotely
- Theft alert
- Centralized control of business
- Temperature control
- Sensors for dispensing(if the product does not dispense you get the money back)
Traditional Vending Machines
- Payment mode is only cash
- You have to store data physically
- You can not manage Inventory remotely
- There have been a lot of cases of theft and vandalism
- Every Vending Machine is controlled simultaneously
- Even if your product does not dispense, your money won’t be coming back.