Coin-counting machines could give discount grocers competitive edge
Coin-counting machines can give any business an advantage over competitors that do not have such infrastructure. These tools not only increase overall foot traffic, but also eliminate the need for customers to exclusively use banks to exchange their spare change.
Discount grocery stores, which currently make up only 3 percent of the total market in Canada, according to a new report from Boston Consulting Group, can benefit from providing a coin-exchange service. These businesses have seen steady worldwide growth in recent years, and Canada could be the next market to see the expansion first-hand.
Coin-counting machines can give advantage to rising discount grocers
Discount grocers are stores that prioritize in offering products at prices lower than those of the standard market values. As a result, they may be smaller in size or have less varied product offerings, but overall they maintain a wide appeal with customers looking to save money.
Over the past 10 years, discounters have been offering better assortments of goods and increasing store sizes an average of 16 percent over the period, according to the Boston Consulting Group report.
Discount stores only make up 3 percent of the current Canadian market, but The Boston Consulting Group estimates that through the year 2020 this market could see an annual store increase of 4.4 percent globally – making Canada a viable and still relatively untapped market in the near future.
In having a customer base that already champions spending and saving money wisely, discount grocers can further placate shoppers by giving them an opportunity to productively use their spare change via a coin-counting machine. Discounters have the potential to expand across Canada, and the burgeoning industry could further maintain its growth by offering competitive services.