The Mom and Pop Store Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Mom and Pop Store Global Market Report 2024, 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.
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.
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The mom and pop store market covered in this report is segmented –
1) By Type: Personal Care, Cribs And Strollers, Vitamins And Dietary Supplements, Feeding Suppliers, Toys
2) By Price Range: Premium, Mid-Range, Economy
3) By Ownership: Retail Chain, Independent Retailer
4) By Distribution Channel: Online Stores, Offline Stores
Major companies operating in the mom-and-pop stores market are developing new services such as B2B services to gain a competitive edge in the market. B2B services, or business-to-business services, refer to transactions or interactions between businesses or companies rather than between a business and individual consumer. For instance, in May 2023, Sorted Group ltd., an India-based agritech company, launched Saarthi, a comprehensive suite of B2B services tailored for mom-and-pop shops. Saarthi aims to empower these small businesses in the fruits and vegetables sector, potentially increasing their income by up to 5 times. The service package includes efficient sourcing directly from farms at competitive rates, technology integration with tools such as Point-of-Sale systems and advanced analytics, and demand generation through innovative marketing strategies.
The mom and pop store market report table of contents includes:
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