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Mom and Pop Stores Market Analysis 2024: Growth, Challenges, and Forecasts
Mom and Pop Stores Market Analysis
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According to The Business Research Company's, The mom and pop store market size has grown rapidly in recent years. It will grow from $122.97 billion in 2023 to $142.78 billion in 2024 at a compound annual growth rate (CAGR) of 16.1%. The growth in the historic period can be attributed to local community support, personalized customer service, niche and specialized offerings, flexibility and agility, community engagement.
The mom and pop store market size is expected to see rapid growth in the next few years. It will grow to $246.67 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to emphasis on local and sustainable products, adaptation to changing consumer preferences, collaboration with local artisans and producers, enhanced customer experience, crisis resilience and local support. Major trends in the forecast period include digital presence and e-commerce integration, digital transformation for small businesses, focus on local and artisanal products, community engagement and personalized service, incorporation of technology for efficiency.
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Market Drivers and Trends:
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 July 2022, according to State of the Connected Customer 5th Edition, a report by Salesforce, a US-based software company, in 2022, 88% of customers express that the quality of the experience offered by a company holds equal importance to its products or services, indicating a rise from 80% in 2020. 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.
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Major Key Players of the Market:
ITOCHU Corporation, Seven & i Holdings Co Ltd., 7-Eleven Inc. Alimentation Couche-Tard Inc., Auchan Holding SA, Casin*o Guichard-Perrachon SA, Murphy USA Inc., Love's Travel Stops & Country Stores Inc., Food Lion LLC, RaceTrac Petroleum Inc., Cumberland Farms Inc., Casey's General Stores Inc., Sheetz Inc., Wegmans Food Markets Inc., Wawa Inc., QuikTrip Corporation, Pilot Company, Circle K Stores Inc. Tesco PLC, Ingles Markets Inc., Raley's Family of Fine Stores Buc-ee's Ltd., GPM Investments LLC, Kwik Trip Inc., SPAR International, The Fresh Market Inc., Holiday Stationstores Inc., Royal Farms Inc., Farm Boy Inc., Maverik Inc., WinCo Foods LLC
Mom and Pop Store Market 2024 Key Insights:
• The mom and pop store market size is expected to see rapid growth in the next few years. It will grow to $246.67 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%.
• Personalized Customer Service Driving Growth In The Mom-And-Pop Store Market
• Technological Advancements Driving Innovation In Mom-And Pop Stores Market
• Asia-Pacific was the largest region in the mom and pop stores market in 2023
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