Role Pricing In Vending Industry

Apart from promotion and location, pricing is one of the most important marketing strategies. In today’s competitive world, marketers should price their products in such a fashion that it not only withstands competition but also helps in earning huge returns. Pricing strategies include those arbitrations that are aimed at increasing the sales or consumption of healthy food among consumers.

Fixing an appropriate price is one of the most confusing parts for any operator. Customers want more products and better service at lowest possible prices. While operators have to consider the rising prices of raw material and labour cost before setting prices. Even the cost of food products is on the rise. To tackle the rising prices operators needs to identify and cut down on unnecessary costs. They can also choose to negotiate with supplier or can simply shift on to similar alternatives

To cut down costs, telemetry can be quite helpful. This technology enables operators to monitor their machines, provide operators with information related to product movement, cash inventory and working condition of their equipment. This valuable information becomes handy in effectively managing their routes and take proactive measures in servicing and maintaining their machines. There is probably no other better vending technology application that offers greater scope for return on investment other than remote monitoring.

Vending operators use telemetry to access information from their vending machines related to sales or financial transactions or machine maintenance. This information helps them in understanding the loopholes in the business and thereby rectifying them.

Impact of pricing on sales:

It is clearly evident that reduced prices are effective in increasing sales. As in most cases, price reduction directly responds to increased sales. However, discount coupons which have been introduced have also proved to be successful in increasing sales. Pricing incentives in combination with other strategies such as labelling may increase the effectiveness of this strategy.

Thus by being little cautious while fixing prices of products, operators can enhance their sales and simultaneously earn huge profits. Planet Antares is one company that guides operators with tips and tricks on cutting down costs. The vending machines manufactured by Planet Antares are energy efficient machines designed for long life.