The grocery industry is constantly changing. Grocers must adapt to changes in consumer behaviours and expectations, online competitors luring away once-loyal shoppers and economic uncertainty that threatens already razor-thin margins. With that in mind, the pressure is on to control costs and find new ways of increasing profitability. Fortunately, grocers need to look no further than their front-of-store to find the solution.
Cash management – especially coin handling – contributes to a grocers cost of doing business, claiming valuable staff resources that are already in short supply. There is no doubt that grocers could benefit from a more efficient and cost-effective system for managing the cashiers’ cash drawers and other in-store coin related activities to minimise costs and increase productivity.
Extend the Benefits of Self-Service Coin Redemption to Reduce Operational Costs
Self-service coin counters, like the Money Machine®2 from Cummins Allison, are not only used by grocers as a revenue generator, but also as an effective way of recycling coin in their own operations – saving thousands annually. For example, when grocers lease or own a machine, they have access to the redeemed coins inside, and can use these coins to restock cash drawers and coin hoppers in self-checkout lanes.
The cost benefit is twofold: reduce pick-up and processing fees and eliminate the need to buy coin from banks or armoured carriers, further increasing ROI. By having access to their own coin, grocers can save up to £110.74 per week for one store, which leads to a huge £5,758.24 per store each year.
Turn a Value-Added Differentiator into a Profit Centre
With the right procurement strategy, grocers can further expand the profitability potential of self-service coin redemption. When evaluating procurement models, grocers should keep in mind that purchased and leased coin machines deliver higher ROI. The cost of the equipment and fees is typically recovered in as little as twelve months – and grocers retain a greater percentage of the profits, turning coin operations into profitability.
The Money Machine®2 from Cummins Allison is the key to turning idle store space into profits. Visit www.cumminsallison.co.uk/mm2 today for more information
About Cummins Allison
Cummins Allison is the leading innovator and provider of currency and coin handling solutions. Our world-class sales and service network includes hundreds of local representatives.