2024 Convenience, Mom And Pop Stores Market Analysis: Market Size, Key Drivers, and Segment Insights
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What Will Be the Growth Trajectory of the Convenience, Mom And Pop Stores Market from 2024 to 2033?
The market size of convenience and mom and pop stores has seen a swift expansion in the past few years. It is projected to surge from $1133.71 billion in 2023 to $1255.47 billion in 2024, with a compound annual growth rate (CAGR) of 10.7%. The impressive growth witnessed in the historic period is the result of robust economic expansion in developing economies, escalating urban population density, inflow of FDI in retail sectors of emerging nations, and the growing acceptance of the franchise model.
The market size for convenience and mom and pop stores is predicted to experience significant growth in the upcoming years, reaching $1822.13 billion in 2028 with a compound annual growth rate (CAGR) of 9.8%. This growth expectation during the forecast period can be associated with technological enhancements, the influence of data analytics, rising customer inclination towards local shopping, extended operating hours and limited store space. Major trends anticipated during this period encompass the investment in touchless convenience stores for simpler maintenance and cost-cutting, automation strategies to streamline store processes, investment in IoT solutions for greater efficacy and improved decision-making in store operations. Other strategies include the integration of robotics to enhance customer convenience and store productivity, providing a variety of food choices to boost revenue, partnerships with reputed brands to expand the customer base, and cut costs and boost sales. To enhance convenience, mom and pop stores should consider embracing digital platforms.
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What Are the Primary Growth Drivers for the convenience, mom and pop stores Market?
Convenience stores, often single-business, mom-and-pop outfits, are integrating a solid, holistic approach to data-analytics in their administrative strategies. The use of technology, in this case, is designed to ramp up the productivity of the supply chain, simplify day-to-day operations, engage customers more seamlessly and build stronger customer loyalty. It’s fair to say that data has morphed into a vital resource for the majority of retail functions. An example of its growing importance was revealed by the World Economic Forum, a Swiss NGO, in July 2023 when it was found that 60% of corporations hold the belief that the prominence of big data and analytics is on a continuous upswing, and that it will most likely lead to the creation of new positions over the next 5-year span. Moreover, between the years of 2023 and 2027, data science and its close relative, data analytics, are expected to engender up to 1.4 million fresh job opportunities. With the swift escalation in retail data coupled with emerging technologies to make sense of this data, convenience, mom-and-pop stores will be better equipped to pinpoint and satisfy customer expectations and requirements, thereby catalyzing market progression in the longer term.
What Are the Defining Segments of the Convenience, Mom And Pop Stores Market?
1) By Type: Convenience Stores, Mom And Pop Stores
2) By Ownership: Retail Chain, Independent Retailer
3) By Price Range: Premium, Mid-Range, Economy
What Trends Are Revolutionizing Standards in the Convenience, Mom And Pop Stores Market?
The idea of unstaffed convenience stores is increasingly adopted by both convenience and mom-and-pop stores. This concept leverages artificial intelligence and mobile technology to remove the need for in-store staff or cashiers. In these unstaffed convenience stores, virtual carts are maintained for each customer, with items being added or subtracted based on the customer’s actions. The payment is made when the customer scans the product via a smartphone. Incorporating this trend, Omantel in January 2022, launched the first unstaffed convenience store in the Middle East, namely E-Dukkan. Amazon Go, Alibaba’s Hema, and Bingo box are other examples of unstaffed convenience stores.
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What Regions Are Propelling Growth in the Convenience, Mom And Pop Stores Industry?
Asia-Pacific was the largest region in the convenience, mom, and pop stores market in 2023. Africa was the second-largest region in the convenience, mom, and pop stores market. The regions covered in the convenience, mom and pop stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Convenience, Mom And Pop Stores Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the convenience, mom and pop stores market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Convenience, Mom And Pop Stores Market Include
1. Convenience, Mom And Pop Stores Market Executive Summary
2. Convenience, Mom And Pop Stores Market Segments
3. Convenience, Mom And Pop Stores Market Size And Template Market Growth Rate
4. Key Convenience, Mom And Pop Stores Market Trends
5. Major Convenience, Mom And Pop Stores Market Drivers
……
25. Key Mergers And Acquisitions In The Convenience, Mom And Pop Stores Market
26. Top Convenience, Mom And Pop Stores Companies
27. Convenience, Mom And Pop Stores Market Opportunities And Strategies
28. Convenience, Mom And Pop Stores Market, Conclusions And Recommendations
29. Appendix
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