According to the report analysis, ‘Convenience, Mom And Pop Stores Global Market Report 2019’ states that the convenience or mom and pop stores market proficient comprises of sales of goods and some services through the convenience or mom and pop stores by enormous entities (usually sole traders or partnerships but in some cases organizations) that deliver the retail service of supplying food, toiletries and several other daily ‘necessities’ to ultimate users through the conveniently located small stores.
Additionally, in the market of convenience, mom and pop stored there are numerous key players which presently effectively functioning more actively for leading the fastest market growth and registering the high value of revenue across the globe throughout the forecasted period while increasing the services at an online platform, offering several offers for increasing the demand, decreasing the prices of necessary items and adopting the strategies and policies for promoting the products includes 7-Eleven, FamilyMart, Alimentation Couche-Tard, Lawson, OXXO and several others.
Nevertheless, the large players in the market of convenience, mom and pop stores are enormously working for attaining the small corporates for enlarging the business premises, gaining the high value of market share, generating the huge amount of revenue and profit. In addition, the effective rise in the disposable incomes, emergence in the developing regions, growth in the internet penetration and spreading the awareness related to such stores are the few mainstream factors to lead the market growth more positively throughout the forecasted period more positively.
The retailers are exploring the choices to generate more customized observations for the customers, and for good cause. The players in the market of convenience, mom and pop stores are significantly transforming the strategies and policies of promoting the products and investing the great funds in establishing the effective research and development programs which further benefitted for increasing the requirement and spreading the awareness.
Although, based on the geography, the market of convenience or mom, and pop stores are spread across the globe which majorly involves, North America, Europe, Asia Pacific region and Rest of the World. The Western Europe region was the largest region in the global convenience, mom and pop stores market, dominating for 40% of the market in 2018. Asia Pacific country was the second largest region registering for 37% of the global convenience, mom and pop stores market. For instance, the North America was the smallest leading region in the global convenience, mom and pop stores market.
Sideways, many of the Convenience, Mom and Pop Stores have accepted the digital technologies. Mom-and-pop retailers have started utilizing the digital systems for payments through the smartphones. Purchasers that do not own a smartphone utilize the Unified Payment Interface (UPI) for payments. SMS-based payments are also accomplishing the widespread among mom-and-pop retailers. The development of the startups like SnapBizz, XLogix, Stock Wise, FonePaisa and SuperZop has also supported these retailers to generate the systems to go digital.
Therefore, in the near years, it is predicted that the market of convenience, mom and pop stores will increase across the globe more positively over the forecasted period.
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Ankur Gupta, Head Marketing & Communications