The traditional vending machine adopts smartphone payment systems
Trend - The convenience of vending machines is being enhanced by brands with the incorporation of contact-less payment systems that can be made through smartphones. This shift comes as this form of retail adapts to meet the demands of consumers’ rituals, with streamlined day-to-day transactions now being the norm.
Insight - The ubiquity of smartphones has streamlined everything from entertainment to professional tasks for consumers. The use of this tech in nearly all facets of their lives has led consumers to expect that brands incorporate it into retail experiences, in everything from immersions to simplified payment systems. The elevation of retail experiences through seamless transactions allows consumers to move with ease throughout their daily routines.
Insight - The ubiquity of smartphones has streamlined everything from entertainment to professional tasks for consumers. The use of this tech in nearly all facets of their lives has led consumers to expect that brands incorporate it into retail experiences, in everything from immersions to simplified payment systems. The elevation of retail experiences through seamless transactions allows consumers to move with ease throughout their daily routines.
Workshop Question - How could your brand effectively streamline the purchase journey for its customers?
Trend Themes
1. Contactless Payment Systems - The use of contactless payment systems is becoming increasingly popular in retail as consumers demand streamlined and convenient transactions.
2. Smartphone Integration - The ubiquity of smartphones has led to consumers' expectation that they be integrated into various experiences, including retail, thus creating opportunities for brands to elevate the retail experience through seamless transactions.
3. Seamless Transactions - Consumer demand for seamless transactions is driving innovation in vending machines and other retail experiences, creating opportunities for businesses to improve or disrupt existing retail models.
Industry Implications
1. Retail - Retail industries can benefit from upgrading traditional vending machines and integrating contactless payment systems to meet the demands of consumers.
2. Education - Educational institutions can take advantage of wireless smartphone payment technology and leverage existing student IDs to streamline purchasing experiences on campus.
3. Automotive - Automotive industries can enhance customer experiences by introducing stress-free purchasing options, such as contactless payment and haggle-free vending machines.
