Setting the Right Price for Vending Machine Items

Article By Naturals2Go.

With vending machines, you are able to set the price for the products you sell from your machines. But it’s not always easy to determine what those prices should be – especially in today’s economy, where factors like inflation make things increasingly difficult. It’s tough to know how to set a price that lets you profit while keeping prices reasonable for your customers.  

Follow these guidelines to set the right price for your vending machine products: 

FOLLOW THE 2X RULE – BUT ADJUST AS NEEDED

The 2X rule is the standard for pricing items in the vending business. This means finding the wholesale cost for any given vending item – snacks might range from $.15 to $.75, and drinks from about $.25 to $1.00 – and doubling it. Doubling that price means you cover the expenses and profit from the sale.  

Remember this framework when setting your prices, but don’t be afraid to adjust as needed. Depending on the items you’re selling or what kind of demand you have for certain items, not to mention the geographical and demographic market you’re selling in, you may benefit by adjusting these prices up or down as needed. 

GROUP SIMILAR ITEMS TOGETHER BY PRICE

It’s generally wise to group similar items by price. For example, make all varieties of the healthy chips you sell at the same price or close to it. Sell all juice drinks at the same price range. Price all veggie snacks in a similar range to one another. Having an item be an outlier on the expensive end probably won’t sell well, unless it’s a particularly high-demand item. 

DO YOUR RESEARCH

Last but not least – do your research on pricing your healthy vending items. Remember that healthy items generally cost more to purchase than junk food, so you’ll probably need to compensate with slightly higher pricing on your healthy items to make a profit. When you research proper pricing, popularity, and industry trends, you’re setting yourself up for success when it comes to pricing the items in your machines. 

Let Naturals2Go Help with Pricing

You’re not alone when it comes to pricing your vending machine items. With support from Naturals2Go, including location procurement and lifetime coaching, you can rest assured you’re setting your prices correctly. Contact N2Go team to get started.