MICROMARKETS Innovation in micromarket space
Even within the micromarket arena there is room for innovation and 365 Retail Markets PicoCooler is a solution that opens up the convenience of micromarkets to a variety of spaces. 365 Retail Markets vice president of product Ryan McWhirter explains how this is likely to impact the sector.
customers, one of the first things they asked was, could this same device also go on a cooler? The answer is yes, and PicoCooler is the realisation of that concept.
What is the concept and how has it come about? PicoCooler is a cashless self-checkout terminal mounted to the front of a glass-front cooler. Consumers use the 5” touchscreen to unlock the cooler door using their credit card or 365Pay app, then scan the products they wish to purchase on the PicoCooler device to complete their transaction. The key difference between PicoCooler and a traditional micromarket self-checkout kiosk is that consumers authenticate/identify who they are with a payment method first, before gaining access to the contents of the cooler. This introduces a new degree of controlled access for locations and adds a dash of friction to the purchasing experience. This allows operators to merchandise a more diverse set of products with higher prices. PicoCooler was born out of 365’s advancements toward 4G
cashless vending readers. In fact, PicoCooler shares the same hardware platform as 365’s upcoming 4G vending product; PicoVend. When we shared our vision for vending with key
fresh alternative to retain that business. Operators benefit from PicoCooler because it has the same footprint as a vending machine, makes them more revenue, and costs much less than a traditional vending machine to operate. Consumers love the variety of products PicoCooler allows operators to offer, the loyalty points they can earn, and the ability to read nutrition labels before making a purchase.
How will this change/impact the micromarket sector? PicoCooler will undoubtedly expand the addressable market of micromarket operators who have been waiting for a solution to make sense between big client A and B. And as consumer/client preferences continue to shift toward fresh and healthy and away from vending, the demand for a flexible and affordable solution will only continue to grow form operators. We believe PicoCooler is that solution.
What scenarios/businesses is it suitable for? PicoCooler benefits from the rich ecosystem of products that 365 dubs ‘The Connected Campus’. This means that existing 365 operators can simply add PicoCooler alongside their existing micromarket, vending and dining devices and run PicoCooler from the same, single backend website they already use. Operators can also place PicoCooler at locations that already have a micromarket, perhaps on the other side of a building, or on another floor that’s likely to attract more business. Consumers can freely go between all of these Connected Campus solutions using the 365Pay app or of course by using their credit card. Many operators have told us they have a mandate to remove vending machines from key accounts, and PicoCooler provides a
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