Harnessing current vending machine trends

Innovation in payments is placing vending firmly back into focus as the industry looks to reimagine itself in the aftermath of recent global events. Over the past few years, businesses have been forced to respond to unprecedented challenges by speed-tracking more agile and exciting solutions. Here are just some of the ways in which technology trends are transforming the vending industry. Take a look at these vending machine trends.

A craving for convenient payment options

One trend which began before the pandemic is the shift toward contactless transactions. The customer’s preference for paying electronically has dramatically increased across Europe in recent years. Over 80% of Visa payments are now cashless, with the use of this payment method seeing an increase of 20%, in many European countries since last summer.

Governments and regulations are adapting to this change too, with, for example, the UK increasing its contactless limit from £45 to £100 in October 2021. The vending industry is not immune to this gigantic shift in the payments landscape. With customers desiring frictionless payment experiences, no-contactexperiences are here to stay; implementing these capabilities is essential to getting it right.

In the vending machine industry, mobile payments will be key in the shift to cashless payments. Fewer people will want to use their credit cards, and more will want to use mobile payments. Smart vending machines with various payment modes will be the key to an improved customer experience and a significant growth in sales.

Mastering micro-markets and product diversity

Traditional vending machines typically sold crisps, chocolate bars and fizzy drinks. Today, vendors have been taking advantage of the growing demand for a more diverse offer by widening the range of products  and proposing  fresh snacks to meet the heath-conscious demands of the customer. Smart fridges are one example of this diversified offer, providing  healthier goods whilst simultaneously pre-authorising transactions before a customer takes an item.

This, in turn, also helps the stock monitoring process. A further development to the smart fridge is the introduction of entire micro-markets, small, unattended convenience stores located in workplaces- which are being deployed across the US and have now made tracks in Europe. These also offer a healthy, selection of snacks 24/7 and saw a mammoth 360% surge in 2020.

Meanwhile, locally sourced produce is also becoming increasingly important for consumers, who have never been more ethically minded  regarding their purchasing decisions. Since the start of the COVID-19 pandemic, roughly 60% of customers have reported making more environmentally friendly, sustainable, or ethical purchases, with 90% saying they would likely continue doing so in the future. With the climate and environmental crisis becoming an increasingly pressing issue, vending merchants  should choose carefully how to source their stock.

Paving a path to success

Providing customers with the best possible experience means facilitating a smooth and seamless user journey, every step of the way. And that includes offering optimal payment capabilities. Only then will providers be able to guarantee sustainable revenues, loyalty and repeat engagement. This paired with a focus on agility and purposeful innovation is a sure-fire way to gain that all important, competitive edge in a busy marketplace.

About Worldline

Worldline [Euronext: WLN] is a global leader in the payments industry and the technology partner of choice for merchants, banks and acquirers. Powered by 20,000 employees in more than 50 countries, Worldline provides its clients with sustainable, trusted and innovative solutions fostering their growth. Services offered by Worldline include instore and online commercial acquiring, highly secure payment transaction processing and numerous digital services. In 2021 Worldline generated a proforma revenue close to 4 billion euros. worldline.com

Worldline’s corporate purpose (“raison d’être”) is to design and operate leading digital payment and transactional solutions that enable sustainable economic growth and reinforce trust and security in our societies. Worldline makes them environmentally friendly, widely accessible, and supports social transformation.