Micro markets are slowly becoming a popular alternative for the traditional canteen and vending machine in the United Kingdom and Europe. In the last three years, there has been a 40-50% increase in micro marketsacross the United Kingdom and Europe. In Europe alone, there are now 6,500 micro markets. With consumers craving more elevated and modern food and beverage experiences, micro markets seem to be the no-brainer solution that can cater to just about anyone.
But many operators are hesitant to fully make the leap to micro markets because of security concerns. Many operators are asking the same question: how can I protect my investment? According to Cantaloupe’s Shaun Burger, that concern can be easily assuaged.
“We’ve done a level of analysis,” Burger said in a recent webinar with The AVA’s David Llewellyn. “When you look at a micro market, you can see [that] there’s obviously a lot of opportunity for theft. Most vending operators typically would shy away from a micro market because of the expectation around potential theft that they are going to see or loss that they are going to see as part of the implementation of this. [But] the total loss that we see on average through micro markets is less than 2%.”
As for liability concerns in case of theft, operators usually ask clients to underwrite any loss. “As far as the overall contract is concerned, there is an aspect built into the contract where typically, if your loss rates are in excess of a certain amount, then typically the site needs to cover that loss,” confirms Burger.Cantaloupe suggestions these seven solutions to help operators secure their machines and ease their minds as they invest in micro markets:
- Choose your market location wisely.
Choose safe, closed environments like universities, corporate offices, hotels or other locations with already-existing security measures like security cameras, access control systems and relationships with building management. This, in addition to any other security technology you implement on your machine, can ensure safety of products.
- Install security cameras.
If your micro market location doesn’t already have security cameras, it is worth installing them in strategic locations and adding signage to indicate that there are cameras. According to Burger and Llewellyn, AI-run cameras are another helpful option that can be implemented.
- Display live monitors.
Installing a live feed monitor or screen above the micro market in clear sight for users makes it known that the micro market is being monitored.
- Invest in remote market management.
Technology has enabled concepts like micro markets to be operated without a need for a physical attendant. Operators use a market management app like Seed Markets or Cantaloupe Go that allows them to remotely track sales and inventory. Being able to remotely track a micro market not only helps maintain the security of a micro market but also allows operators to address discrepancies quickly.
- Add signage.
Adding signage to the area around a micro market that indicates security enforcements is a reminder to micro market customers that the area is being monitored and that they should engage with a micro market with accountability.
- Adopt your pricing strategy accordingly.
Although theft only accounts for less than 2% of loss on a micro market, operators should still account for the risk and make prices on products higher to maintain a healthy profit margin.
- Use the correct kiosk technology.
Self-service kiosks, like the Cantaloupe Go kiosks, have an integrated camera monitor that can display on the checkout screen, which allows customers to make their transactions independently while also giving security monitoring a clear view of the checkout process.
These additional security features not only allow operators to feel more secure about the safety of their machines, but also allows them the ability to think more creatively about how they can maximise the impact of their machines. While theft will always be a point of concern for micro markets, their security threat is low, and their business pros outweigh security cons.
Cantaloupe’s micro markets and adaptive technology, like micro market management apps and self-service kiosks, ensure both security of products and long-term success. Click here to learn more about Cantaloupe’s micro markets.
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