Aslak is the CEO of Selfly Store, works with customers in 20+ countries generating more revenue with data and intelligent vending machines.
Believe it or not, the vending machine industry has been a staple of convenience and automation for more than 2,000 years. The first-ever vending machine in history is recorded to have been created in Egypt. Its operation resembled that of contemporary vending machines; users would insert a coin, triggering a lever to dispense holy water for a brief period before the coin slid away and stopped the machine.
Today, these machines have come a long way from their humble beginnings, and as someone who works in this industry, I believe they can offer valuable lessons for various other sectors.
1. User-Friendly Design
Across industries, a commitment to user-friendly design is one of the keys to success. I think that the vending machine is a great example of this. These machines have always prioritized a customer-centric approach with clear and intuitive interfaces. Even children can navigate them with ease.
When applying this lesson to other industries, look to prioritize user-friendliness and conduct user feedback and testing as integral parts of your design and development process. Just like how today’s vending machines are becoming even more accessible, even allowing users to open the door and pick items by hand, a focus on feedback and testing can lead to your products and services genuinely meeting the needs of your target audience.
2. Streamlined Efficiency
You can also take a lesson from the efficiency of vending machines. They offer convenience and speed in delivering products to customers. Again, advances are making this convenience even better with new refilling operations using RFID technology.
By optimizing your processes to reduce wait times and enhance convenience, you can increase customer satisfaction and boost profits. Like a vending machine, you can look to operate transparently, finding ways to let users accurately view the available products and make informed choices. Overall, being more transparent and eliminating wait times can help keep customers focused and satisfied.
3. Data-Driven, Automatic Decision-Making
Newer vending machines meticulously collect and analyze data on sales, customer preferences and product popularity. This wealth of information can empower operators to make precise decisions regarding restocking and pricing.
This data-driven approach can serve as a valuable lesson for other industries. Look to utilize the capabilities of the growing capabilities of data analytics to empower your business and acquire profound insights into customer behavior, market trends and operational efficiency. Automated pricing, dynamic pricing, more informed decision-making and enhanced targeting strategies are all aspects of a data-driven approach that other business leaders can take advantage of.
4. Diverse Product Offerings Based On Location
Vending machines have expanded their product offerings beyond traditional snacks and drinks. Today, they sell everything from electronics to toiletries, adapting their inventory to suit specific locations and demographics.
At the gaming event, Assembly, in Helsinki, my company’s vending machines even provided essential items like sleeping bags and mini-fridges. I believe this approach emphasizes the importance of understanding and meeting the specific needs of your customers, irrespective of the industry you operate in.
By paying close attention to the demands of a particular location or time, you can gather valuable insights to strengthen or even expand your offerings. Much like the vending machine industry, traditionally linked with snacks and drinks but now expanding to include various items, you can adapt your services or products according to data-driven insights. Furthermore, conducting tests allows you to receive direct feedback, enabling you to refine your offerings and better align them with the preferences and requirements of your target audience.
5. Remote Monitoring And Maintenance
Vending machines often employ remote monitoring systems to track inventory levels, detect malfunctions and schedule maintenance. This technology allows operators to proactively address issues, reducing downtime and improving customer satisfaction.
I believe that other industries can benefit from implementing similar remote monitoring and maintenance systems. These systems can help you ensure the smooth operation of equipment and services, preventing costly disruptions and maintaining high-quality standards. For example, many plants are now installing sensors and IoT devices on critical machinery and production lines for real-time insights like temperature, performance metrics, etc.
6. Sustainability And Eco-Friendly Initiatives
In recent years, the vending machine industry has taken significant steps toward sustainability. Like many appliances, these machines are designed to be more energy-efficient and product packaging is increasingly eco-friendly. Automated expiration date and discount processes help reduce food waste and minimize excess inventory. Think through if the same is applicable to your industry. If you can automate systems for managing inventory, tracking expiration dates and implementing discounts based on demand, it could enhance operational efficiency and reduce waste.
Conclusion
I think the vending machine industry can provide valuable lessons for other sectors in terms of user-centered design, efficiency, data-driven decision-making, diversification, remote monitoring and sustainability.
By embracing these principles, businesses in various industries can enhance their products, services and overall customer satisfaction. Drawing inspiration from other areas is a great way to remain competitive in today’s rapidly evolving market.
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Read the full article here