There are a number of criteria that can influence vending machine profitability. Use these factors when you calculate your vending machine's profitability.
How many sales you achieve will depend very much of other food and drink options available. If you have a canteen or there are cafes and shops nearby, your vending machine sales will be less. If you are in a remote location with limited food and drinks options your vending machine is likely to make more sales per employee.
If there are plenty of other options for your staff to grab a coffee and a bite then you may want to think about pricing your products competitively to encourage them to buy from your vending machine rather than the local corner shop. This will lower the overall profit margin you make but ultimate you are likely to make more sales.
It would also be a good idea to see if there is anything that your employees want that local amenities don’t offer. Maybe there is a lack of coffee shops around or no where to grab a really good sarnie. Looking for gaps in the local market will give your vending machine the edge.
Vending machine location
The location of the vending machine within your office will also have a big impact on the number of sales and ultimately the amount of profit you make. If your vending is hidden away in a dingy corner where there is no passing traffic your sales will be dismal at best. If you place your vending machine in a well-lit thoroughfare where people are passing all day then people will more likely to be tempted by your offerings and your sales will benefit.
The main appeal of vending machine is ease and convenience. You will want to make sure that your vending machine can be easily accessed. If you have a large office, putting the vending machine is central location will see you make more profits. If you have a very large office it may be worth investing in more than one vending machine so that there is always one nearby for those mid-morning hunger pangs and coffee cravings.
Offering the right kind of products is key. It is well worth doing some market research to figure out what the people in your office would want in a vending machine. There is no point stocking your vending machines with yummy chocolate bars, crisps and fizzy drinks if a large proportion of your office is health conscious and would rather grab a bottle of water and a fresh salad or healthy cereal bar.
It is also worth considering the ethics of your business. For example, if your company specialises in fitness or healthy living products, it may not give off a good image to your clients if you have a vending machine full to bursting with unhealthy snacks. Equally, if you’re a company that is keen on being environmentally conscious, having a vending machine full of single-use plastic bottles is unlikely to sit well with your employees.
By giving some thought into the type of products you would like to stock you will be able to source products that your employees are more likely to buy and that align with your company values. This will also inform you on the type of vending machine you need, such as refrigerated machine to accommodate fresh food or a coffee vending machine that allows you to use your own cup. By making sure you are providing your employees with the products they want you will make more profits from your vending machine investment.
Vending machine features
Ensuring your vending machine is easy to use is vital. No one is going to use your vending machine again if it took them ages trying to select the product they want. Look for an easy to use vending machine will ensure that your staff will keep coming back. There are many technological features that can make your vending machine easier to use. For example, a touchscreen interface will offer a clear and intuitive way to select products and customise orders, especially in coffee vending machines.
Having a vending machine with a cashless payment system will make your vending machine much more attractive to your employees, especially the younger generation. Less and less people are carrying cash these days so you will limit the amount of potential customers by having a machine that only accepts coins. There are many vending machines that can now accept card payments and well as contactless and mobile payments. By investing in a machine with the latest payment technologies you will make more sales and therefore more profit.
More fancy high-end vending machines may even feature mobile apps so that your staff can order their drink without even having to leave their desk and have it ready and waiting for when they get there- ease and convenience at its peak. Smart features like this make your vending machine even more efficient. If your employees are tech savvy and are comfortable using the latest technologies then we are sure smart vending machines will be a hit in your office and will help increase sales.