The Convenience, Mom And Pop Stores by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Convenience, Mom And Pop Stores, The convenience, mom and pop stores market size has grown rapidly in recent years. It will grow from $1133.71 billion in 2023 to $1255.47 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increasing population density in urban areas, fdi in retail in developing countries and rising popularity of the franchising concept.
The convenience, mom and pop stores market size is expected to see strong growth in the next few years. It will grow to $1822.13 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to technology advancement, impact of data analytics, growing consumer preference for shopping local and longer open hours and the less store space. Major trends in the forecast period include investing in contact-free convenience store for ease of maintenance and cost reduction, automation techniques to streamline store operations, invest in iot solutions to improve efficiency and enhance the decision-making process in stores operations, adopting robotics to improve customers’ convenience and the store’s productivity, offering different food options to their consumers to increase their revenues, collaborating with well-known brands to grow their customer base, and reduce cost and increase sales, convenience, mom and pop stores must consider adopting digital platforms..
Convenience, mom-and-pop stores are adopting a robust and cohesive strategy for data analytics in management. This technology is being deployed to enhance supply chain efficiency, streamline operations to engage customers, and build loyalty. Data has become critical for most retail operations. For instance, in July 2023, according to the World Economic Forum, a Switzerland-based non-governmental organization (NGO), 60% of corporations think that big data and analytics capabilities are becoming more crucial and this technology is most likely to result in the creation of new jobs over the next 5 years. Additionally, between 2023 and 2027, data science and data analytics may create up to 1.4 million new jobs .With the rapid growth in retail data and the availability of technologies to analyze data, it will become easier for convenience, mom and pop stores to identify and meet the needs and expectations of their customers, which is expected to drive the market going forward.
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The convenience, mom and pop stores market covered in this report is segmented –
1) By Type: Convenience Stores, Mom And Pop Stores
2) By Ownership: Retail Chain, Independent Retailer
3) By Price Range: Premium, Mid-Range, Economy
Convenience and mom-and-pop stores are increasingly adopting the concept of unmanned convenience stores. The unmanned convenience store concept uses artificial intelligence and smartphone concepts to eliminate the use of service personnel or cashiers in the store. The unmanned convenience stores maintain a virtual cart for every customer that enters the stores, where the products are added and removed based on the customer’s actions. The deduction of the amount takes place when the customer scans the product using a smartphone. Following the trend, in January 2022, Omantel launched E-Dukkan, Middle East’s first unmanned convenience store. Other unmanned convenience stores include Amazon Go, Alibaba’s Hema, and Bingo box.
The convenience, mom and pop stores market report table of contents includes:
1. Executive Summary
2. Convenience, Mom And Pop Stores Market Characteristics
3. Convenience, Mom And Pop Stores Market Trends And Strategies
4. Convenience, Mom And Pop Stores Market Size And Growth
5. Convenience, Mom And Pop Stores Market Segmentation.
……
26. Convenience, Mom And Pop Stores Market Regional And Country Analysis
27. Convenience, Mom And Pop Stores Market Competitive Landscape And Company Profiles
28. Convenience, Mom And Pop Stores Market Key Mergers And Acquisitions
29. Convenience, Mom And Pop Stores Market Future Outlook and Potential Analysis
30. Appendix
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