A starting vending machine business is a great way to see hard work pay off and doesn’t require a specialized skill set. Such a business can be run full-time or be a part-time hustle. When more individuals, particularly family members, are involved, it becomes considerably easier to manage. Vending machines are oftentimes used to provide customers and employees with a quick snack or beverage in your store or workplace. Researching different machines, products and locations are helpful places to start for those interested in diving into the industry.
The Profit Statistics of a Vending Machine
A single vending machine is unlikely to produce life-changing earnings. However, a few well-positioned devices might provide a steady revenue stream. According to Brandongaille.com, the typical consumer spends about $27 per year on products from vending machines. In addition, the average transaction costs $1.71. Vending machine spending in the United States continues to improve, with total annual expenditure surpassing $7 billion.
The industry insider reports state that the worldwide vending machine market is expected to grow to $25.25 billion by 2027. This corresponds to a compound annual growth rate of 6.7%. According to industry experts, this projected growth is because of increased demand for vending machine customization and touchless transactions.
Top 5 Profitable Vending Machines For Your Business
- Vending Machines for Food and Beverage
When was the last time you visited a public location with no vending machines for food or drinks? To think of one is difficult. Snack and drink machines are extremely popular and may be installed in any location with high foot traffic. Even though snacks have a lesser markup than candy, the margins on snacks are generally significant overall. Snack machines are loaded with savory and sweet delights like chips, and chocolate bars, while cold drink machines are stocked with Pepsi, Coca-Cola, or other soda drink products, water, and iced tea. Accounting for over 30% of the vending machine industry in the United States, these goods bring in high-profit margins.
Consider including some healthy vending options in your snack and drink machines. Trend experts predict that the demand for healthier options in snack vending machines will only increase in the future.
- Ice Vending Machines for All-Year-Round Profit
The success of an ice vending machine is entirely dependent on its placement. If you can secure an ideal location, the rest is quite simple. With an ice vending machine, there’s no need to worry about which items will sell better than others. Also, ice has no expiration date, and many people buy in bulk for parties and holidays or to fill up a cooler. Although demand for ice is year-round, summer is undoubtedly the peak season.
Despite the necessity for regular frozen refrigeration, operating an ice vending machine is not extremely expensive. Utility prices vary by location, but an approximate estimate for water and power expenditures is $0.25 for 100 pounds of ice.
Buying the right ice vending machine may need a lot of research if ice is the correct vending product for you. Fully factory refurbished used vending machines may be a good alternative for lower upfront expenses.
- Vending Machines for Cold or Frozen Food
Refrigerated vending machines serve ready-to-eat, frozen, or re-heatable goods such as salads, sandwiches, burritos, breakfast dishes, and whole meals. It is important to check to make sure your machine comes with a health safety feature to protect fresh food from unintended higher machine temperatures.
eVending cold food vending machines come with a soft finish glass that provides an unrivaled level of transparency to display all available goods. These machines work well with cold food products since they give consumers a more personalized experience when they choose their meals.
- Vending Machines for Coffee
A fresh cup of coffee at work can make all the difference. As per an e-import report, an average American coffee drinker consumes about 3.1 cups of coffee a day. Although operating a lucrative coffee machine involves some strategic planning, it is a possibility.
There are locations where coffee machines won’t sell much, such as shopping centers. They operate effectively in office buildings, vehicle dealerships, medical centers, schools, and other areas where people are waiting or performing tasks they may need an extra boost of energy for. Pricing coffee involves understanding what a particular market will be willing to pay.
- Vending Machines for Retail
In addition to selling snacks and drinks, vending machines can store a broad range of products, including personal protective equipment (PPE), over-the-counter (OTC) medications, gadgets, and items catering to specialized businesses such as laundromats and car washes. With technology enabling vending machines to take cashless payments and interact with smartphone artificial intelligence (AI), the vending business has a bright future. Higher priced products can increase your machine’s profitability with the right planning, inventory acquisition and equipment.
How eVending Helps You Run A Profitable Vending Machine Business?
The vending machine business can be highly profitable if you properly weigh your choices and judge their practicality based on the location’s accessibility and the amount of ROI you expect.
eVending is committed to offering its clients exceptional customer service. We offer a large selection of beverage, snack, combo, and retail vending machines. Whether you are establishing a vending business or looking for a vending machine for your office, eVending can assist you in finding machines that fit your budget and business plan. Call us at 1-866-958-4501 today for more information.