Published • 15 Aug 2024
In 2022, the vending and micro market industry climbed 20% in total revenue, surpassing pre-pandemic levels. Operators continue to expand their footprint by installing premium kiosks at top-tier locations and compact solutions in unconventional spaces, capturing new revenue streams and increasing profits. However, expanding isn't the only way to boost success. A powerful management solution can significantly enhance operations at existing locations.
While basic kiosk management tools can run your micro market, savvy operators can unlock their full potential with a Vending Management System (VMS). Although VMS stands for vending management system, it encompasses much more. It can manage micro markets, office coffee services, pantries, and smart store technologies. Here are five benefits of using a VMS for micro markets:
1. Increase Sales
The 365 VMS elevates product merchandising to the next level. With robust product sales metrics, you can visually display products in a planogram-like orientation based on the asset. The VMS recommends products to stock based on location type. For instance, if you’re substituting a product in a manufacturing facility, the VMS will suggest products that work well in similar blue-collar settings. This level of customization ensures that you can tailor your product offerings to each location, resulting in increased sales.
2. Happier Customers
Providing in-demand products naturally leads to happier customers. A VMS helps you achieve this by offering pre-kitting and dynamic routing tools, ensuring the right product reaches the right location at the right time. This reduces stockouts and boosts account satisfaction. When your customers find their favorite products consistently available, their satisfaction and loyalty to your service will grow.
3. Reduce Labor Costs
Pre-kitting and dynamic routing tools not only enhance customer satisfaction but also significantly reduce labor costs. With a VMS, you can view live data of your markets and service them only when necessary. By consulting factors like Parlevel percentage and current stockouts, you can eliminate unnecessary stops and optimize your service routes. Additionally, the 365 VMS integrates with Lightspeed warehouse solutions, improving pick rates and pre-kit accuracy, further reducing labor costs.
4. Operational Control
Managing data imports and exports can be a hassle. The 365 VMS simplifies this process by allowing you to manage your entire operation in one place. Seamlessly run your micro market operations alongside vending, office coffee, pantry services, or smart store technologies to get a holistic view of your company. This comprehensive approach provides tighter control over your operations, making management more efficient and less time-consuming.
5. Insightful Reports
Access to hundreds of insightful reports about your business is another significant benefit of using a VMS. You can view information on route sales, overshort, pre-kit times, profit and loss statements, top ten products, and much more. With accurate and detailed data at your disposal, you can make informed decisions that positively impact your bottom line. These reports enable you to identify trends, optimize operations, and strategize effectively.
Effective micro market hardware is only part of the equation. Utilizing a VMS to manage your micro market accounts unlocks extra profits at existing locations. By implementing a comprehensive system like the 365 VMS, you can increase revenues, cut costs, and gain control of your operations. The benefits of a VMS extend beyond basic management, offering tools that elevate every aspect of your business. Get started with the 365 VMS today and take your micro market operations to new heights.
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