August 2022 - 31
mobile payments at its vending machines and
kioskless markets as well as the ordering and
fulfillment of pantry items.
" This provides consumers a beautiful buying
experience and enables our team to engage with
them, " Lovett explained. " And, it allows us to
influence them to buy high-margin products,
products that generate high rebates for us, or
products that are nearing expiration. This is where
we are different than most operators. We even
hold 'happy hours' during slow times by alerting
consumers to temporarily reduced prices. This
brings them back to the sale point for a 'mixer,'
and they buy multiple items while they're there. "
Engaging consumers and using their
preference data to influence what they buy
through marketing and advertising works in
the convenience services industry just as it does
in all others, Lovett emphasized.
" Why would we still think vending has to
be solely an impulse purchase when technology
exists to drive consumers back to the sale point
and encourage them to buy from us? " he asked.
" Matching supply with demand specific to each
sale point maximizes revenues, margins and
consumer satisfaction. Ours is the last industry
that doesn't know who's actually buying. Most
vending operators never even think about
marketing to consumers or using consumer
preference data to determine what to sell them.
Every other industry on the planet does and we
can too. "
THE BACKSTORY
Lovett, a serial entrepreneur, entered vending
from a finance background and a career that's
always been rooted in technology. " Even
Capital Provisions is a technology company, "
Lovett stated.
His first business startup was Critical Network
Productions, a network integrator that was
sold to Swisscom, the Swiss telephone company.
Next, he launched CirrusWorks, a maker of
network performance hardware for large
buildings that is reportedly in due diligence to
be sold to a Fortune 500 technology company.
Equipment and route purchases
"
Vagabond's
vīv allows us
to influence
consumers to
buy high-margin
products,
products that
generate high
rebates for us,
or products
that are nearing
expiration.
- Michael Lovett, CEO,
Capital Provisions
LENDING NOW, GREAT RATES
over 35,000 loans for over $1 billion in the Amusement and Vending industries.
Contact Sal Cifala: 617-641-9230 | scifala@firestonefinancial.com
Or Alex Baggetta: 617-641-9235 | abaggetta@firestonefinancial.com
www.firestonefinancial.com
2207AUTM_Firestone Financial.indd 1
Firestone Financial is an affiliate of Berkshire Bank (Member FDIC)
August 2022 * VendingMarketWatch.com 31
5/5/22 10:06 AM
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No other lender has the history, breadth and depth of industry experience, and the
resources of Firestone Financial.
In the last 20 years, Firestone Financial has funded
http://www.firestonefinancial.com
http://www.VendingMarketWatch.com
August 2022
Table of Contents for the Digital Edition of August 2022
Editor’s Note
Industry News
Six things for operators to consider in today’s business environment
A View of the Future
Theft prevention in unattended retail
Penny For Your Thoughts
Classifieds
Social Hubs
August 2022 - PCOV1
August 2022 - PCOV2
August 2022 - 1
August 2022 - 2
August 2022 - 3
August 2022 - 4
August 2022 - Editor’s Note
August 2022 - Industry News
August 2022 - 7
August 2022 - 8
August 2022 - 9
August 2022 - Six things for operators to consider in today’s business environment
August 2022 - 11
August 2022 - A View of the Future
August 2022 - 13
August 2022 - 14
August 2022 - 15
August 2022 - 16
August 2022 - 17
August 2022 - 18
August 2022 - 19
August 2022 - 20
August 2022 - 21
August 2022 - Theft prevention in unattended retail
August 2022 - 23
August 2022 - 24
August 2022 - 25
August 2022 - 26
August 2022 - 27
August 2022 - Penny For Your Thoughts
August 2022 - 29
August 2022 - 30
August 2022 - 31
August 2022 - 32
August 2022 - 33
August 2022 - Classifieds
August 2022 - Social Hubs
August 2022 - 36
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