Until recently, vending machines in India were associated with dispensing hot beverages like tea and coffee, or soft drinks and water. But, changing consumer demands has created more room for experimentation in the industry.
By being smart about how you conduct business and focussing on innovation, you can surely increase your income. To fund the research, product development and manufacturing costs, you can simply secure the necessary funds with a Bajaj Finserv Business Loan up to Rs. 50 lakh. It is a collateral-free loan that is available online, having a flexible tenor and short disbursal period too, making it ideal for all your business needs.
To get started, take a look at how you can better your vending machine manufacturing business.
1. Manufacture efficiently to provide best quality products
While manufacturing vending machines, you must make sure that all the parts that you use such as cold controls, thermostats, glass door coolers, stands, and alignment brackets are of good quality and assembled correctly. Considering the fact that vending machines aren’t still used as widely in India as they are used abroad, ensuring that your machines function optimally and will last the customer will immediately give your business an edge. Therefore, looking into durability, user experience and compactness is key. Also, to get more clients on board, consider reducing your margin for the first few months of your contract, or, offer a discount on rental fees.
2. Advertise to capture the highest market share
Advertising is the most efficient way to build awareness about your product amongst potential customers. Whether you’re targeting government-run bus and train stations, or privately managed airports, doubling up on your marketing and advertising will reap results. Similarly, identify the industries and establishments that could benefit from vending machines. For instance, malls may be interested in vending machines that offer basic hygiene and first aid products. Similarly, corporates may want to install snack machines for their employees. So, ensure that you’re reaching out to the right audience by investing in digital marketing, traditional advertising as well as advertising on digital channels. For best results, you can hire the services of an advertising and media-buying agency. By highlighting an inconvenience or creating a need, you can efficiently position and the vending machines you manufacture.
3. Provide faultless after-sales service to retain your clients
Especially in the case of vending machines, where there is no human interaction, your buyers want to be certain that your machines will not stop working every other day. So, as a manufacturer, ensure that you build in an after-sales service into your cost and have sufficient technicians to attend to vending machines all through the week. Also, tie up with smaller distributors to offer refilling services. This will make it easier for your customer as you will be the one point of contact.
4. Focus on innovation to stay ahead of your competition
To establish yourself as a market leader, don’t neglect product innovation. Look for ways through which you can make your vending machine a better product. For instance, you can install burglary alarms that ring when someone tries to open the vending machine without access or utilise software that detects fake notes. This will ensure that your client isn’t worried about constantly keeping a check on the vending machine, which is sure to add to his/ her cost.
Also, think of the other ways in which you can use vending machines. For instance, a popular soft drink company has announced that it will use reverse vending machines to collect empty bottles and crush them for recycling, thereby improving waste management. So, don’t restrict yourself to manufacturing machines that dispense tea and coffee. Look into the other areas that will benefit from your technology, expertise and final product.
As Indians are more comfortable with technology today than they were a few decades ago, the use of vending machines is certainly increasing. To capitalise on this, simply make the necessary changes to your business structure. Avail finance in minutes through your pre-approved offer and use the loan amount that is ready for you to set the plan in motion.
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