Industrial supply vending: Why the surge shows no signs of letting up
Summary
So much so, that according to an article in Reliable Plant magazine, 82% of senior manufacturing executives reported that inventory reduction was a major concern for them and would like to refocus that money into other initiatives including new product development, marketing, acquisitions, modernization and more. One way to help customers overcome these obstacles is to offer innovative solutions like vending that can increase inventory visibility, save them money and give them more control over their supply purchases. Research shows that attracting a new customer can cost five times more than retaining an existing one, according to digital consultation firm Invesp. However, by helping them cut costs and save money through vending, distributors often make significant sales gains in product categories their customers were spending elsewhere. Industrial vending machines and inventory management software is a growing option helping small to midsize distributors as well as large suppliers.