The Importance of Cash Automation in the Grocery Market
Grocery stores have always been an essential business, but in a COVID-19 world, they’ve proven to be even more indispensable as restaurants closed their doors to accommodate social distancing orders.
As grocery stores became some of the few businesses open in their areas providing vital resources, they experienced tremendous strain. Store employees and managers had no choice but to face the daunting task of keeping store shelves stocked and customers happy during an exceptionally stressful time period.
These hard-working, essential workers deserve the proper resources to make their jobs easier and less stressful. The last thing store employees and managers need is an inefficient way to handle their cash.
To help cope with an uptick in business brought on by the pandemic and to be best prepared for what lies beyond this period of uncertainty, it’s time for grocery stores to consider adding key cash automation solutions, such as a cash recycler, to their asset list.
The Effects of Our New Normal
Grocery store sales have been up consistently all year long in 2020, with the biggest rise in sales occurring on March 16th with a 96% increase in revenue.
Nielsen reported a high rise in sales of supplies during the month of March that were considered to be essential during the pandemic. In the first week of March:
- Hand sanitizers rose by 470%
- Disinfectants rose by 385%
- Thermometer and rubbing alcohol rose by more than 170%
- Powdered milk sales rose by 126%
- Oat milk rose by 350%
Grocery store sales have continued to stay high, leading to a growing need for cash automation tools.
The Benefits of a Cash Recycler for Grocery Stores
Cash recyclers can help grocery stores scale with their business needs in our “new normal,” which very well may continue into 2021. This means it is fair to continue to expect higher than typical revenue for grocery stores during the coming months.
Unfortunately, the costs of managing cash using traditional methods are exacerbated during times of high revenue. This is where a cash recycler can save time, money and stress.
For a grocery store, a cash recycler can provide the following benefits:
- Automate cash handling processes, particularly at start and end of shift where tills are checked in and out
- Help free up employees to address more value added and customer-facing tasks, such as keeping the shelves stocked, the store clean, and helping customers
- Minimize third-party fees, such as CIT fees and banking fees, and cash-room/back-office activities and related costs
- Provide a higher level of transparency and accountability for all cash related transactions
- Reduce the amount of float needed to run the day to day business of the store
- Help reduce losses, cash shrinkage and risk
- Enhance security for both staff and customers
Landing on the Right Cash Recycler
Cash recyclers provide grocery stores with a unique opportunity to gain a better handle on their cash handling processes. To learn more about how Tidel can help grocery stores maintain a competitive edge in today’s environment, please visit https://www.tidel.com/products/cash-recyclers/ or contact them today.