Introduction to micro retail?
Micro retail is defined as a retail model including small scale shops or boutiques in order to bring innovative ideas and implement in the business to see how it works out. The strength behind a micro retail’s success is agility. The fast they adapt to the change and keep up with the online and offline channel trends the higher are the growth results.
Let’s talk in depth about what micro retail is and how it is growing or the demand is decreasing over the years.
Micro retailing has a lot of benefits:-
It provides merchants several benefits which the store simply can’t. These benefits are the reason why merchants favour the small spaces.
Low cost of running
The most obvious benefit of a store is it costs less money. It is cheaper and the rent is also less and also another benefit includes that less staff management is required.
Less stock and more innovation of ideas
Since small stores don’t have much space for stocks they can focus on their innovation ideas and displaying their products in such a way that it attracts customers. They can also think of investing the money on highly specialized staff so that they can market the product well.
Marketing and customer engagement in micro retail
Social media has a major role to play when it comes to promoting a product or a brand or online sales. Influencers play a big role when it comes to promotion of a particular product. With the coming of the pandemic online shopping has become more successful because people avoid going to stores because of the contact.
Catering to the markets need
Local shops or stores have an aim which is to cater to the demands of the local community and the needs and expectations the customer has. It’s about giving the customers the choices they want.
Investing in the needs of the customer and the experience is utmost important. Customer experience is necessary for your growth.
You have greater control in micro retail markets
When there is a small store you get to control things directly. You can manage your own buying agreement. You can manage the holidays whichever day you want the store to be closed.
Impact of covid on micro retail sector
During the pandemic the retail sector took a great turn. The consumer interaction with the store was reduced as the government imposed a lockdown. Staying at home and not wanting to go out because of fear of contact made people drive towards online purchasing and this shifted the retail sector to the dark side.
As online shopping also adds discounts for the customers so people got inclined towards it.
That is why the retail industry has come up with solutions to keep up their demand in the market. Consumer driven market. The market a consumer needs according to their expectations. Creating stores that support the new patterns.
How vending machines are helping in the retail sector.
In this pandemic times people are wanting touchless purchases and so vending machines, the smart vending machines are the best option to go with. Smart vending machines are bringing in more options for the customer to have a good experience. Vending machines are bringing a smart revolution in the retail sector. No more need for the staff to work in or around the vending machine. The store owner itself can manage the vending machine alone. Smart vending machines bring in a physical experience to the customer with the online level of convenience too.
We can say that vending machines are becoming the new retail because they are more approachable and in demand with respect to consumer experience. People get more options to see and choose that is why and with the maintenance of the vending machine and safety after this pandemic people are preferring touchless contact.
To know more about how vending machines and D2C brands are connected and to read our previous blogs