MISSISSAUGA, Ontario--(BUSINESS WIRE)--Often, the reason that a grocery store fails is because it lacks the ability to provide quality service to its customers. And for many Canadian supermarkets in the current economic conditions, prices and location are no longer a means to differentiate between competitors, so making sure customers are happy becomes the primary goal.
Cummins Allison, a leading innovator of coin, currency and cheque processing technology, shares how grocery chains that acquire new stores have an opportunity to enhance the customer experience with self-service coin technology.
Self-Service Coin Counters Present Opportunities
In early 2015, American big-box retailer Target announced that it would be ceasing its Canadian operations, citing a failure to successfully establish itself in the country. Already, a competitor has lined up to take over several major properties based throughout the country – Wal-Mart Canada. But while large retail and grocery chains like Wal-Mart Canada can rely on their brand names for success after an acquisition, for smaller grocers, adding a little extra service can help.
By providing additional services such as self-service coin counting machines to newly acquired stores, grocers can create a differentiated shopping experience that can improve revenue in the long term. By offering the convenience of self-service coin counters in their stores, grocers can serve customers better through speed and convenience, drawing in new customers and increasing the frequency of return visits.
Coin redemption also keeps cash in stores, and customers appreciate the convenience of redeeming coin and shopping in one trip. Self-service coin machines put disposable income in customers’ hands immediately, and cash-in-hand is the top motivator for customers to convert loose change into spendable dollars. Grocers can also further tap into this by promoting store specials or high-margin items through on-screen advertising on the machine.
Driving Revenue with Self-Service Coin
Additionally, the grocery industry will likely struggle through another period of price pinching as fears of the effects of falling oil prices on employment may constrain consumer spending and limit growth over the next five years. For grocers, this could mean more discounting and price competition.¹ To help combat this and keep prices low, grocers should consider selecting a self-service coin machine that allows them to control the coin redemption fee for greater profitability. By setting their own coin redemption fees, grocers can gain a valuable source of additional revenue – and customers feel that fees are justified by the convenience and features offered.
To learn more about how grocery stores can cash in on revenue-generating opportunities with self-service coin machines, visit www.cumminsallison.ca.
Sources:
1 Supermarket Shakeup: Canada’s Food Fight Rages On; IBISWorld, July 2015.
About Cummins Allison
Cummins Allison is the leading innovator and provider of cheque, currency and coin handling solutions. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visit www.cumminsallison.ca.
