The Evolution of Automated Retail
The traditional vending machine is undergoing a radical transformation as AI-powered “SmartMarts” redefine what it means to offer convenience. Rather than struggling with coin-operated machines and snacks stuck on coils, these modern “stores in a box” utilize computer vision and digital wallets to create a frictionless, cashier-less experience. This technology allows customers to simply scan, grab what they need, and walk away, with the system automatically tracking transactions in real-time.
A Modern Business Opportunity
For the entrepreneur, SmartMarts offer a scalable business model with significantly lower overhead than traditional franchises. Because the systems are managed through a cloud dashboard, owners can monitor sales and inventory remotely, eliminating the need for full-time employees or physical storefronts. This segment explores how to strategically place these units in high-traffic hubs like hospitals and schools, and even leverage built-in digital media screens to generate additional advertising revenue.
Navigating the Path to Success
In this special segment, we explore how success in modern business is rarely a linear path and often resembles a “plate of spaghetti”. By grounding your strategy in the foundational equation—visibility plus resources times connections—you can move beyond generic blueprints and focus on what truly drives results. This episode highlights how to “run your own race” by utilizing AI-driven innovation to build a scalable business that prioritizes flexibility and control over your own schedule.
Previous Episode: https://iamceo.co/iam2721-what-your-clients-are-actually-looking-for
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- Franchise CEO (A CBNation Site – coming soon) – franchiseceo.co
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Transcription:
Gresham Harkless 00:00
When people think vending, they often picture old machines that'll eat your dollar and get your snacks stuck on the coil. This is where something really cool called Smart Marts are actually changing the game. I would even say don't think of it as a vending machine. Actually think of it as an AI powered convenience store, ultimately in a box. If you're building something meaningful, you're in the right place. This is the I Am CEO Podcast. I'm gresh and for over a decade I've had the honor and the privilege of Learning directly from CEOs, entrepreneurs and business owners just like you on how to build. After recording more than 1600 episodes, one thing has become clear. Success isn't about following someone else's blueprint. And as I like to say on the show, if you run your own race, you can't lose. Even when we feel the journey should be a straight and linear path. What I've come to find out is success is a lot more like a plate of spaghetti. So in this special segment and episode, I'm starting to curate and share some CEO hacks and CEO nuggets that I've been dying to share. Drawn from thousands of episodes with phenomenal guests that have provided awesome value on the show, but also my 10 years of business experience as well too. These lessons are designed to strengthen the foundational principles that every business is built on and guided by a simple equation that we always go back to with our content. Visibility plus resources times connections equals success. This is practical wisdom you can apply almost immediately. So be sure to check out the show notes for more resources and next steps on how to level up. And of course, enjoy this special episode of the I Am CEO Podcast.
Gresham Harkless 01:42
When people think vending, they often picture old machines that'll eat your dollar and get your snacks stuck on the coil. This is where something really cool called SmartMarts actually changing the game. I would even say don't think of it as a vending machine. Actually think of it as an AI powered convenience store, ultimately in a box. Here's a little bit on how it works. A customer walks up to the machine, scans a QR code with their phone, their digital wallet is verified, the door unlocks and they grab ultimately what they want. And behind the scenes, AI computer vision tracks what's taken, what's put back in real time. No cashier, no coin jams, no my snack got stuck. The transaction runs automatically. The customer gets a receipt directly on their phone. And that's basically it. Now let's talk about this from the owner side The Smart Market solutions model is built around four simple steps. Location. They help you place your smart marts in high traffic locations like hospitals, offices, schools and gyms. One of the things that I know too is that the more you actually take the step to find those places, the better off you could potentially be. You can find those prime locations that are great, great, great high traffic locations. Monitor. You log into a cloud dashboard from your phone or laptop and see sales and inventory in real time. Stocking, restocking a machine can take about 15 minutes or so. No cash collections. Everything is card or phone payment. You get the opportunity to expand. You start with a set of machines and scale at your own pace. Many sites take multiple units for as well too. For example, one place can be for drinks and another one can be for food. Or you can think about anything more creative that you think might be really powerful for the people that are in that location. Here's some of the things that I think that you should keep in mind. You don't have any employees required to actually start out. A lot of the work, if not a majority of the work can actually be done remotely because this is actually a business opportunity. You actually don't have the ongoing royalties that sometimes you have for franchise opportunities. One investment and you have a level of support without the control that you sometimes have with franchise opportunities. Now who exactly do I think this could be great for? Honestly, it's the people that want flexibility, control over their schedule. Those people that are kind of your technology geeks like me. They like technology, they like innovation, they like testing out and trying new and different things. They want a simple scalable and low overhead model. And they may be very entrepreneurial where they want to try out and test out something that's a little bit different. May not want to completely do everything from scratch, but want a little bit more direction and support. And here's a bonus. Like every smartmark has a built in digital media screen so you can earn additional income from advertising on top of your product sales. So think about not just having and marketing what's in the machine, but think about the outside of the machine and what you can actually advertise. There another stream of revenue for you. So don't get me wrong, there's nothing wrong with the traditional vending machine. I think you should evaluate it and look at it. But if you want to do and look into something that's a little bit more modern, check out AI convenience stores like smart marts. They're absolutely worth evaluating, potentially putting on your radar.