Capitalize on the Upcoming Holiday Season: Cummins Allison Advises Retailers on Boosting In-Store Holiday Spending
MISSISSAUGA, Ontario--(BUSINESS WIRE)--Retailers across the country are anticipating the upcoming holiday season, and the characteristic boost in spending brought on by the holidays means plenty of early preparation. Retailers can leverage their investment in front-of-store technology to cash in on seasonal spending patterns and create a lucrative advantage. Cummins Allison, the leading innovator and provider of coin and currency handling solutions, advises retailers on how they can utilize self-service coin machines to boost in-store spending before and during the holiday season.
Profits for Retailers in Holiday Coin Redemption
Although current trends indicate that holiday shoppers may be trying to save their money this holiday season, retailers can still appeal to their “forever frugal” customers while also making a profit. Over 70 percent of Canadian households report someone in the home saves loose change1 and the value of this found money is even greater in November and December as customers turn their saved coin into cash for holiday related purchases. On average, customers redeem $305 in collected coins per year for holiday gifts and retailers see coin counter volumes typically increase by 16 percent in November and eight percent in December².
By understanding this seasonal coin redemption pattern, retailers can adjust their marketing strategies to help ensure redeemed cash is spent in their store. Plus, coin counters owned and operated by the retail store can net seven percent or more on each transaction – meaning retailers have an opportunity to profit from both the customer’s counted coin and his or her in-store purchases.
There are multiple ways to increase coin counter promotion – via circulars, receipt slip reminders or on a store website. In addition, custom graphics, signage and screen displays can be created and refreshed for the holidays to attract attention and machine use.
Capitalizing on Cash-in-Hand
Cash-in-hand is the top motivator for customers to convert loose change into spendable dollars³. Self-service coin counters that dispense a cash payout at the machine improve the customer experience – no waiting in line at the service counter during busy holiday hours – and encourage them to “lighten their pockets” and start shopping immediately.
According to a survey by BranMark Strategy Group, customers who cash in coins are more likely to spend this money while in the store. This holiday season retailers can take the opportunity to promote seasonal items, such as stocking stuffers or décor, and high margin gift items through on-screen advertising on the coin counter. Customers will appreciate the convenience of redeeming coin and shopping in one trip.
With the most up-to-date equipment and customer service solutions in place, retailers will be well-positioned to handle the upcoming holiday sales season. For more information on the latest coin handling solutions, visit www.cumminsallison.ca.
1 Evaluating the Canadian Market Opportunities for Self Service Coin Counting Machines, BranMark Strategy Group (2011)
²,³ Top Six Drivers of Consumer Use of Self-Service Coin Machines by BranMark Strategy Group (2010)
About Cummins Allison
Cummins Allison is a global leader in developing solutions that quickly and efficiently count, sort and authenticate currency, checks and coin. We also offer a complete line of full-function automated teller machines (ATMs). Our leadership in technology and product innovation spans more than 125 years. Cummins Allison serves the majority of financial institutions worldwide, as well as leading organizations in retail, gaming, law enforcement and government. Ninety-seven percent of our customers would recommend our products and services. The company holds more than 350 patents and invests double the industry average in R&D. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, wholly-owned subsidiaries in Canada, the United Kingdom, Germany, France, Ireland and Australia and is represented in more than 70 countries around the world. For more information, visit cumminsallison.ca.