How Millennials are Influencing the Vending Industry
There are many stereotypes and assumptions surrounding Millennials (ages 18-34). For example, they have been described as lazy and narcissistic yet at the same time, they are viewed as active and engaged. Regardless of the mixed opinions of Millennials, the influence they have on society cannot be ignored. With many of them entering adulthood it’s time to put more focus on marketing to this demographic.
With 75.4 million of them, making up a quarter of the U.S. population, it’s no wonder why Millennials have so much power over industry trends. Millennial’s buying power equals nearly $200 billion, making them one of the most profitable markets today. Savvy vending operators are taking note by keeping the preferences of Millennials in mind when making decisions regarding their businesses. Things to be considered are payment methods, what products are stocked in the machines, as well as eco-friendly features.
Millennials grew up in a technology-rich environment, the revolution of smartphones brought an era of instant communication and connectivity. In recent years, smartphones have become a platform for payment options, which isn’t surprising considering that cash carry is virtually non-existent among Millennials. Today, mobile payment options such as Apple Pay, Google Wallet, and credit/debit cards are essential. As the vending industry becomes more mobile-friendly, vending operators can expect satisfied customers and increased sales.
Keep in mind that cash and coin payment is still viable across the market as a whole, so don’t toss your traditional payment systems just yet. The smartest solution is to allow for a variety of payment types. Lucky for you, eVending machines come equipped with cash and coin acceptors as well as the ability to be fitted with a debit / mobile payment reader.
In terms of what kind of products Millennials want in machines, recent trends indicate that there is a market for healthy vending. Unfortunately, this sort of thing is hard to nail down as far as what locations will respond positively to healthy foods. This has created a challenge for vending operators. If you happen to find an area where healthy vending is in demand and profitable, eVending has a selection of machines that can meet your needs. All of our machines have configurable flex trays that can conform to a variety of shapes and sizes; we even have a refrigerated elevator machine that will gently deliver food items such as salads and sandwiches.
Another common trend among Millennials and consumers, in general, is their focus on green, sustainable business practices. In fact, 49.4% of all respondents in a recent study said that when they see a product whose manufacturers use eco-friendly manufacturing and distribution methods they are more likely to buy that product; this increases to 56% for millennials.
eVending strives to be eco-friendly by engaging in environmentally friendly and efficient practices, we are proud to be a small but vital part in addressing environmental sustainability and climate change. In support of action on climate change eVending’s parent company, The Wittern Group joined 153 companies in signing the American Business Act on Climate Pledge. Additionally, all of our machines include energy-saving, eco-friendly features such as eurothane high-efficiency insulation and long-life LED lighting and credit display.
The landscape for vending machine operators is changing, stay on top of the trends by offering your customers top-of-the-line, versatile machines with eVending.