Ms Jae Teo, Managing Director of Royal Vending; Distinguished Guests;
Ladies and Gentlemen,
Friends of the Media,
1. Good evening. I am delighted to join you today to celebrate the opening of Royal Vending’s Boardwalk AdVENDture. This automated retail concept takes advantage of scenic views on the Sentosa Boardwalk and enhances the Sentosa experience. I look forward to trying some of the vending machines later.
2. In the past, vending machines used to sell mainly canned drinks or snacks. These are still important but now, we can buy books, groceries, hot meals, and freshly squeezed juice from vending machines! In Japan, which has a well-developed vending machine culture, there are even vending machines with facial recognition software that can assess your gender and age, and then recommend a beverage for you.
3. Vending machines can also be a new sales channel, helping companies to offer their products 24/7 without incurring high manpower costs.
a. The technologies used in vending machines help companies understand consumer preferences, by providing insights into consumer purchasing patterns. This allows vendors to customise the product mix according to the profile of customers at each vending machine location.
4. Royal Vending is a good example of a company which has embraced retail innovation.
a. It started out in 2005, as one of the first vending machine companies in Singapore.
b. Over the years, Royal Vending’s business has evolved from traditional vending machines selling snacks. Today, they sell a wide range of merchandise and hot food items. They also have an entre-vending programme to assist entrepreneurs and brand owners to explore new ways of selling products via vending machines.
c. With Boardwalk AdVENDture, Royal Vending have introduced an exciting new retail experience for visitors to Sentosa. The vending machines here accept payment by We Chat, PayNow, and PayLah.
d. My challenge to the company is to curate the most interesting and innovative collection of vending machines in Singapore, and perhaps even the region. Make this a special attraction on the Sentosa Boardwalk for both local and overseas visitors, a unique experience which you cannot find elsewhere in Singapore and the region. If there are rules we need to review to support certain business ideas to realise this vision, MTI and Sentosa Development Corporation (SDC) are happy to take a look and see how we can help.
5. Let me conclude by congratulating Jae and her team at Royal Vending, on the opening of Boardwalk AdVENDture. The company’s transformation journey is off to a good start, and I believe it has potential for further expansion in Singapore and abroad if it continues to focus on levelling up its capabilities; scaling up its operations, and teaming up with suitable partners.