New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Mom and Pop Store Global Market Report 2023" - https://www.reportlinker.com/p06464216/?utm_source=GNW
, Casino Guichard-Perrachon SA, Casino Guichard-Perrachon SA, Cumberland Farms, GPM Investments LLC, and Circle K Stores Inc.
The global mom and pop stores market is expected to grow from $107.89 billion in 2022 to $126.15 billion in 2023 at a compound annual growth rate (CAGR) of 16.9%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The mom and pop stores market is expected to reach $227.21 billion in 2027 at a CAGR of 15.8%.
The mom-and-pop store market includes revenues earned by entities providing different store services such as personalized products, highly interactive personalized customer service, packaging services, and convenience at shopping.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Mom-and-pop stores refer to small, independent family-owned businesses including restaurants, bookshops, grocery stores, drug stores, and other retail offerings that operate in a single location and serve customers in their local community with a low employee base. Mom-and-Pop shops offer a friendly and individualized purchasing experience.
Asia-Pacific was the largest region in the mom and pop stores market in 2022. The regions covered in the mom and pop stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of mom-and-pop stores are personal care, cribs and strollers, vitamins and dietary supplements, feeding suppliers, and toys.Personal care refers to products used for personal hygiene, beautification, and grooming purposes such as skin moisturizers, shampoos, hair colors, lipsticks, fingernail polishes, toothpaste, and others that are sold by mom-and-pop stores.
The price ranges of products are premium, mid-range, and economy that are sold under different types of ownership such as retail chains and independent retailers using various distribution channels such as online stores and offline stores.
Personalized customer service is expected to propel the growth of the mom-and-pop store market going forward.Personalized customer service refers to service that is provided to customers by the owners or employees of the store, which is tailored to meet the individual needs of each customer.
The shift towards personalized customer service is due to customers’ awareness of the impact of their purchasing decisions and demand for unique products which enhances the overall customer service experience and customer satisfaction leading to a rise in customer retention and gaining customer loyalty for mom-and-pop stores.For instance, In August 2020, according to a double-blind survey among 15,000+ consumers and business buyers worldwide conducted by Salesforce, a US-based software company, 89% of consumers agreed to make repeat purchases after receiving positive customer service and 71% of customers agreed that they decided to make purchases based on the quality of customer service.
Therefore, personalized customer service is driving the growth of the mom-and-pop store.
Technological innovations are a key trend gaining popularity in the mom-and-pop stores market.Major companies operating in the mom-and-pop stores market are involved in developing new and improved advanced technology to sustain their position in the market.
For instance, in July 2022, Wisy Platforms, Inc, a US-based company operating in retail intelligence solutions, introduced an AI platform to make it simpler for retailers to keep track of any products that are available but haven’t yet been shown. WisyAI makes it possible for retail staff to swiftly learn about the inventory, cut losses, and sell products more successfully which avoids manual tracking of inventory and reduces errors.
In May 2021, Ezetap, an India-based digital payments company collaborate with SnapBizz, an India-based retail company. Through this collaboration, both companies aim to offer a full suite of grocery solutions along with value-added services for mom-and-pop store owners, which will give retailers single-platform access to customized applications with exclusive access and increase their operating efficiency in digitising the Kirana section.
The countries covered in the mom and pop stores market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The mom-and-pop stores market research report is one of a series of new reports that provides mom-and-pop stores market statistics, including mom-and-pop stores industry global market size, regional shares, competitors with a mom-and-pop stores market share, detailed mom-and-pop stores market segments, market trends, and opportunities, and any further data you may need to thrive in the mom-and-pop stores’ industry. This mom-and-pop stores market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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