With a smart coin management strategy, grocery stores can earn money and save money, and with their razor-thin profit margins, those savings can add up fast.
Savvy grocery store owners and managers know coin counting machines increase foot traffic, especially now that fewer banks are counting coins for customers. That’s because, for nearly every industry out there, it’s essential to maximize employee efficiency and do more with less — banks included — so tellers have increasingly stopped performing that service for customers. That has opened the door for grocery stores to install coin counting machines as a convenient service to customers and non-customers alike. Beyond the added foot traffic and increased business that brings, grocery stores may be able to extend the benefits of coin redemption. That’s because coin management itself is a hidden cost to grocery and other retail operations.
Coin management tasks include:
- Ordering rolled coin for the day or week
- Managing coin in tills
- Filling coin hoppers in self-checkout lanes
- Providing rolled coin to customers as a service
- Processing coin from store-owned vending machines
According to Cummins Allison research, if a store rolls its own coins, those obtained by offering Money Machine 2 coin redemption service, it will save about $112 per week. That adds up to almost $6,000 per year, and that’s just for one store. If you’ve got 10 stores, you’re looking at $58,084 per year. And that’s on top of the user fees you’ll get from customers using the machine to count and sort their coins, which can reach nearly $20,000 per machine per year.
The savings and revenue combined can add up to more than $78,000 per year. That’s a serious chunk of change, no pun intended. With the grocery industry’s thin margins, that figure really means something to the bottom line.