What Is A Micro Market?

What are micro markets, why do they matter for your business ROI, and just how much are they modernizing the convenience market? If you’ve ever wondered about questions such as these, this guide from All Vend Management is here to help. Read on to learn more about the micro market business model, how it’s driving success and benefits for food and beverage industries, and more.

For more information about current vending machine business trends, industry insights, and the growing benefits of digital kiosk solutions, please visit our full archive of blogs to read more resources and vending machine guides. Want to learn more about the profit-driving potential of pantry service, breakroom snacks, and other full-line vending solutions? We’d love to schedule a free consultation with you! Just visit us online to get in contact with All Vend Management today!


Interested in seeing some of the products that can be sold at a micro market? 

Get inspired by the possibilities for your vending machine business by viewing the infographic below.


Micro Markets 101: A Short Recap

You may or may not be familiar with the concept of a micro market, but if it’s the former level of awareness, you may be thinking: Isn’t it kind of like a convenience store? Well, that has two answers: Yes, and no. When it comes to understanding the nature and value of a mico market, the key words to remember are  “kind of” — simply put, the micro market can be summarized as a business model that offers a modern take on the traditional convenience store. 

Unlike the sorts of on-the-corner minimarts and self-serve food stations you may be familiar with, micro markets are set apart by a number of services, including but not limited to:

  • Self-serve touch-screen checkout stations
  • Staff-free or robotically monitored storefronts
  • Conventional vending machines — chips, sodas, candy, etc.
  • Digital vending machines, ATMs, and kiosks
  • Equipment with LCD screens for food ordering, one-touch beverage dispensers, and more

How Does A Micro Market Work?

The operations of a micro market model are much more intuitive and straightforward than they may look when put into writing, so don’t get too caught up in the specific processes and nitty-gritty of the technical features. These are undoubtedly important, but it’s not always imperative. That being said, if you do want to know more about them through research and study of resources, or if you’re just wanting to refresh your memory on how micro markets work, we’ve broken it down for you here:

 

  • Customer first enters or interacts with micro market (may be a kiosk, mobile unit, etc.)
  • Customer shops for what food, drink, or other services they are needing
  • Products are collected, based on client purchase desires
  • Selections are gathered in a pushcart, hand basket, or on-screen “e-shopping cart”
  • Customer goes to self-checkout station to scan items (barcode or QR code)
  • Kiosk unit at checkout calculates the total purchase amount
  • Customer completes cash-free purchase by using digital POS or app

Micro Markets vs. Convenience Stores: What Are The Benefits? 

Micro markets and convenience stores, as established above, are not exactly the same thing, but do share a number of similarities and overlapping features that can make it easy to confuse the two. To fully understand the defining characteristics of a micro market and what makes them a more viable model for customers and business owners alike, it’s best to focus on the benefits they afford — a.k.a. The benefits that a convenience store can’t provide.

Below we’ve listed the greatest immediate benefits of micro markets. Our expertise and experience has taught us that these advantages are demonstrably best suited for explaining and categorizing the elements that have made micro markets both a growing area of innovation for those in the food and beverage industry, as well as a smart business investment move for offices, commercial buildings, and small businesses.

The benefits of micro markets for vending machine businesses and their clients, include all of the following, but may be more extensive than:

  • Consumer convenience and enhanced experience for the customer:
    • View account balance and digital record of itemized transactions
    • Pay using a number of different apps and one-touch purchase platforms
    • 24/7 online support services for returns, refunds, and reviews/feedback
    • Complete their shopping experience according to their own schedule, without the hassle of long lines or checkout clerks
  • Commercial convenience and increased value for the business or its owner(s):
    • Most hygienic, eco-friendly, and COVID-safe way to run a convenience store
    • Generates paperless and/or email receipts to cut costs on waste and stationery supplies
    • Provides more profit potential without requiring additional property space, storage, or structural modifications
    • Provides enhanced profit potential starting from first day of operations, whether the market has many machines or just one

I’m The Owner Of A Vending Machine Business. What Should I Know About Micro Markets?

If you manage or own a business that mainly specializes in vending machines or offers convenience store services that are directly related to this type of food and beverage equipment, then knowledge about the micro market model is definitely a good thing to have. Even if you don’t necessarily work in those types of sectors, many offices and commercial buildings depend on the same technology and machine infrastructure to get the services they need. Logistics coordinators and cafeteria managers alike would be ahead of the curve by staying up to date with the progression of this vending machine market trend, too.

Bottom line: here’s what to know about micro markets in order to maximize business ROI:

  • Eliminates staff payrolls and employee hiring expenses; few or no physical persons needed to run contactless business
  • Reserves capital by slashing most or all maintenance fees and costs of upkeep
  • Enhances customer experience by providing autonomous shopping capabilities and independent transaction opportunities
  • Streamlines documentation and provides automated solutions for customer service
  • No need for traditional storefront space or brick-and-mortar property expenses; mobile, standing kiosk, modular integration via wall-mounted touch screens, etc.
  • Small upfront investment and low ownership cost
  • Immediately offers major market potential for long-term profit gains, starting from first business day

Maximize Sales At Your Micro Market — Without Working More Get Started In Seconds With A Free Consultation!

If you’re reading on behalf of a vending machine business or represent food and beverage distribution for a commercial office, congrats! You’re in the right place if you want to maximize profits like never before. Need more information or have questions? We have answers at the ready. Reach out to us online, anytime, and schedule your free, no-obligation consultation with us — contact All Vend Management today.


Interested in seeing some of the products that can be sold at a micro market? 

Get inspired by the possibilities for your vending machine business by viewing the infographic below.

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