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MEI Video: 5 Ways To Reclaim Your Margins In 90 Days

Posted On: 6/10/2013

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TAGS: vending machine, vending payments, MEI video, National Automatic Merchandising Association, MEI OneShow session, Chuck Reed, cashless vending, vending management software, 5 Ways to Reclaim Your Margins in 90 Days

MEI vending, Chuck Read, LAS VEGAS -- MEI conducted a technology panel at the National Automatic Merchandising Association's 2013 OneShow in Las Vegas Sands Convention Center. The session, which builds on the success of last year's inaugural operator panel discussion, can now be viewed on YouTube.

MEI marketing director Chuck Reed moderated the discussion featuring five operators who relate their experiences in deploying the best existing and new technology to take back their margins. The vending operators are Alan Drazen, vice-president of Midlantic Vending (Philadelphia); Dan Holt, owner of Lincoln County Vending (Fayetteville, TN); Dick Hanson, general manager at Buffalo Rock (Birmingham, AL); Mark Stein, president and owner of Mark Vend (Northbrook, IL); and veteran operator and consultant Ben White of Vending Insights Inc. (Sykesville, MD).

Operators attending the session received a technology White Paper at the close.

Highlights of MEI's OneShow session:
» 13% to 35% sales lift using recyclers.
» 87.5% of bill breakers have been removed from the field for one operator, on its way to zero, by deploying recycling.
» 1.5 hour shorter days for route drivers by using VMS.
» Eliminating routes, from 179 to 148, by using VMS.
» Capturing money and the machine data are equally important for the route driver.
» For every $10,000 taken in $1s, a panelist takes in $10,000 in $5s, $10s, $20s with $8,000 of this being $20s.
» Lighting and signs let customers know what they need to bring in (to make a purchase at your machine) -- simple yet true.
» Training and selling technology to route drivers should be an ongoing effort.
» Repair technicians require new skill sets as you layer on technology.
» Cashless should be a stepping stone for telemetry, as you prepare for which machines have the throughput to go online.