Vending machines can still be a profitable business, but it depends on various factors such as location, product selection, maintenance, and competition. Here is a detailed analysis of these factors:

1. Location: The success of a vending machine business heavily relies on the location. High-traffic areas with a steady flow of potential customers, such as office buildings, hospitals, schools, airports, and shopping malls, tend to be more profitable. It is essential to choose a location where there is a demand for the products you offer.

2. Product Selection: Offering a diverse range of products that cater to the preferences and needs of the target market is crucial. Vending machines can sell snacks, beverages, healthy food options, personal care items, electronics, and more. Understanding the preferences of the target market and adapting the product selection accordingly can significantly impact profitability.

3. Maintenance and Upkeep: Regular maintenance and upkeep of vending machines are essential to ensure they function properly and offer a positive customer experience. This includes restocking products, ensuring machines are clean and in good working condition, and promptly addressing any technical issues. Neglecting maintenance can lead to customer dissatisfaction and lost sales.

4. Competition: The level of competition in a particular area can affect the profitability of a vending machine business. If there are already numerous vending machines offering similar products in a given location, it may be challenging to establish a profitable venture. Conducting market research to identify underserved areas or niches can help in finding profitable opportunities.

While there is no shortage of anecdotal evidence suggesting vending machines can still be profitable, it is essential to consider reliable sources and industry data for a comprehensive understanding. The National Automatic Merchandising Association (NAMA) is a reputable organization that provides insights and resources related to the vending industry. They offer research reports, industry trends, and data that can help assess the profitability of vending machine businesses.

In conclusion, vending machines can still be a profitable business, but success depends on factors like location, product selection, maintenance, and competition. Conducting thorough market research, understanding customer preferences, and implementing effective strategies can increase the chances of profitability in this industry.