High success rates, an ROI of 20-35%, recession resistance, low labor costs, and a great work-life balance with a high degree of flexibility are some highly compelling reasons to make an investment in a laundromat. However, today's coin-operated laundry is changing rapidly and dramatically. Even if your laundromat is already well-established, keeping up with new trends is vital to accommodate current circumstances, keep loyal patrons, help attract new customers, and keep their laundromat thriving.
It is essential to retool your laundry when it is needed in order to increase your laundromat profits.
Here we evaluate the top five emerging laundromat trends to help you forecast ahead.
By focusing on the customer experience, stores will not only realize a positive impact on customer loyalty and higher retention, but see increased revenue growth by providing safe, easy, fast, and personalized experiences.
- Provide clean, safe and sanitized facilities -Now more than ever, it is important that customers can see that your laundromat is maintaining safe practices, cleaning and disinfecting. Make visible cleaning routines and apply special attention to both employee and customer-masking and spacing. Whenever possible, consider making available outside seating for customers. Take your laundry's cleanliness to an elevated level.
- Create a more pleasing atmosphere - In addition to the basics of clean facilities and machines in good repair, improve your guests' experience with wide aisles, more folding tables, free WiFi, on-premises vended supplies, updated restrooms, comfortable seating and round the clock safety surveillance.
- Offer more options - Go beyond simply offering different water temperatures. Upgraded washers offer personalized wash, rinse and spin options along with a variety of load size options including much larger capacity machines. Additionally, full-service wash, dry and fold alternatives are a current popular choice for their time-saving convenience and competitive pricing, whether for drop-off or pickup and delivery.
- Update with technological advances - New technology can offer real value to both owners and customers alike with remote monitoring capabilities. Advanced technological features may include programmable water levels, low power mode, and leak detection to help reduce energy and water use. Washers and dryers can provide automatic notification with real time alerts when machines require service. Cashless digital payment technology offers a new level of convenience, eliminating the need for cash or coins and offering multiple payment options including credit and debit cards. These systems also offer the capability to provide loyalty programs and promotional pricing. Perhaps best of all, it allows owners the opportunity to monitor and run their laundromat from anywhere in the world with an internet connection.
- Market your laundromat - The increase of internet usage and social media is changing customer demographics. Marketing through social media is one of the most versatile and cost-effective strategies that laundromats can use to reach their target audiences, connect with their existing customers, boost new leads and increasing awareness about your services. According to Google's key phrase tool, there's 1,000,000 monthly average searches for "laundromat" and "laundromats near me." If potential customers can't find your laundromat online, it's likely they'll turn to a nearby competitor that is listed.
The great news is that laundromat valuations have risen, especially with their current essential designation. Although many small businesses have suffered during the current pandemic, laundromats have once again demonstrated that even when the economy is challenging, people must still keep their clothing and household items clean.
Fortunately for laundromat owners, interest rates have never been lower, and equipment manufacturers are offering highly attractive terms. In addition, higher vend prices justifiably support any added cost of higher minimum wages, and investing in smart, energy efficient equipment can significantly reduce operational costs.
Learn more successful strategies for laundromats today at www.aaxon.com.