The Vending Business continues to reinvent itself. With constant automation in the workplace often decreasing the amount of employees in any given industry, the vending machine business as a whole is forced to expand into other previously uncharted territory. We have seen evidence of this for a the past few years with vending machines at airports selling Ipads to those Red Box DVD rental machines next to a 7-11.
This seems to be a hot topic amongst entrepreneurs always seeking to decrease labor and provide a turnkey point of sale with minimal up keep. The idea itself is simple and at first glance extremely profitable. There are many advantages to adjusting your business to work out of a vending machine. Some benefits are minimal employees, little space required, controlled remotely through the internet and you can even choose to accept payment via credit card or apple/android pay. In essence what you have is a mini store without many of the headaches of running one including collecting cash.
Some recent vending machines concepts out there are machines selling make up at airports, vending machines selling high end cupcakes, machines selling medicine, diapers, pharmaceuticals and even Gold.
As you have often heard in real estate, the key point becomes location, location, location. What are the best locations for these vending machines? You’ve probably noticed more vending machines showing up at your airport when you travel. Airports are the best locations for vending equipment simply because of the amount of people coming in and out daily. Add to that the fact that most times people will be waiting at an airport for lengthy periods of time leading to an inevitable purchase. Shopping malls are also high traffic areas. It’s not inconceivable, in the near future, to imagine yourself walking through your favorite mall using one vending machine after another for many of purchases that are done with a sales person today.
It will be interesting to see how the vending business responds to the current economy and the constant increase in the cost of doing business. As labor costs go up, waves of vending ideas will come into the marketplace, some will prosper others disappear due to lack of profits and over inflated expectations. One thing is for sure, there is a push and a desire to get away from the previously accepted norms of doing business powered by rising costs and the vending machine is certainly an outlet for that desire.