The vending industry is becoming a new growth force in the retail market, guests were told at the 9th Guangzhou Int’l Vending Machines & Self-service Facilities Fair (VMF 2021).
Over 200 manufacturers, operators, and investors for vending machines, micro stores, and new retail, as well as industry leaders like Yu Enze, president of Asia Pacific Vending Industry Association (APVA), Fan Yanru, executive vice president of China Smart Commercial Sub-Council (CSCSC), converged to share the latest development and future prospects of the domestic self selling machine industry.
“Although the COVID-19 outbreak has brought serious impact to the traditional retail industry, the vending market under new retail has been booming, and a large number of capital and enterprises have been coming together to enter the blue ocean of this industry. Vending machines have gradually become a new growth force in China’s retail market,” said Yu Enze, president of APVA, said at the meeting.
In 2019, around 655,000 vending machines were in operation in China were, an increase of 26.6% compared with 2018. It’s predicted that the number of enterprises in the sector will continue to increase and the production scale and installed base of vending machines will maintain a steady growth.”
Fan Yanru, executive vice president of CSCSC, also said that unmanned retail has grown rapidly with the development of mobile internet, big data and AI. This was especially so during the pandemic with unmanned stores popping up nationwide. It’s believed that in the near future, unmanned retail solutions will enjoy more widespread adoption.