3 Regional Specialty Grocery Store Technology Trends for Cash Management

    Nov 03 2020

    Topics: Retail - Grocery

    Higher costs, race-to-the-bottom pricing, and changing consumer habits have been significantly changing the grocery industry. Regional specialty grocery stores have not been immune. These disruptions present considerable challenges, yet many grocery retailers have been quick to adapt to the speed and magnitude of change by implementing grocery store technology. Artificial intelligence, digital solutions, and even robotics have been deployed in some grocery stores. 

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    Technology should be put in place at every part of the value chain. Grocery store technology for cash management, in particular, is allowing grocers to reduce labor costs, increase efficiency, and even offer shoppers greater convenience at checkout. This, in turn, boosts their ability to compete and keep prices low. It’s also a solution that’s available to grocery stores of all sizes, making it an ideal option when other technologies are out of reach. 

    1. Enhance Customer Convenience

    As grocery stores compete to win over shoppers, convenience is often the key to loyalty. Convenience comes in many forms, including stores that are easy to get to, quick grab-and-go meal availability, and the option for grocery pick-up or delivery. 

    When in store, convenience also comes into play when it comes to cash management. If you want to provide a great customer experience, cashiers should be empowered to accept cash payments quickly and seamlessly. This means quick checkouts, accurate change dispensing, and simple counterfeit detection, among other things. 

    Cash management technology can improve cash transactions. Banknote and coin recyclers, in particular, can be used at the register for this purpose. These recyclers automatically accept cash, validate banknotes, and dispense change in mere seconds. This cuts down the transaction time and improves the shopper’s experience at checkout. 

    Some models can also be turned toward the customer to enable self-checkout.

    2. Smart Cash Management Software for Cash Forecasting

    Smart cash management software can be integrated into your existing smart safe or coin and banknote recyclers. This software offers many capabilities, including cash status, cash analytics, cash logistics, and user tracking. You’ll benefit from greater visibility into your cash, transaction, staff, and devices. 

    A particular benefit for regional specialty grocers is cash forecasting.  The cash forecasting analytics contained within smart cash management software can help you make better decisions regarding cash-in-transit (CIT) scheduling and float dispensing. 

    The software can track trends in your cash management process based on your historical data to identify how much cash you’ll need on a given day. It can track when you’re most likely to need more cash on hand, as well as the necessary coins and banknote denominations you’re most likely to need. This forecasting can be broken down by store or even by individual checkout lane. 

    3. A Complete Cash Management Package to Reduce Costs and Improve Cash Flow

    Due to the prevalence of cash transactions for smaller purchases, grocery stores must continue to accept cash. However, this comes with a higher labour cost. A complete cash management package has the potential to reduce the cost of accepting cash while also improving cash flow. If you don’t know where to start with cash automation, this is the ideal solution. 

    A complete cash management package is an end-to-end solution that makes it easy for grocers to implement cash automation. Your devices can be up and running quickly, so you can start reducing the cost of cash as soon as possible. It includes the smart safes or coin and banknote recyclers of your choice, smart software implementation, user training, and maintenance and repair, all in one convenient package. Rather than having to dish out an upfront investment in the hardware or risk facing unexpected repair costs down the line, you pay for this service monthly, which helps cash flow. 

    Embracing grocery store technology for cash management can enable you to improve in-store cash transactions, reduce labor costs, and predict cash trends to improve efficiency and productivity at the register.


    Andrea Lombardi

    Andrea Lombardi

    Andrea joined the CashTech team upon its inception in 2003. Learning the business from the ground up, she now utilizes her expertise in account management, planning, and negotiation while managing the daily operations of CashTech’s sales, marketing, and logistics departments. Andrea holds a bachelor’s degree from the University of Western Ontario. She enjoys travelling and has a passion for personal fitness, including obtaining her kettlebell certification. Andrea lives in Toronto with her husband and two young sons.

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