LONDON, Aug. 03, 2021 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the convenience, mom and pop stores market, these stores are increasingly adopting the concept of contact-free convenience stores. The COVID-19 pandemic has made “contact-free” an important new part of the everyday retailing vernacular. This type of store has contactless payments systems, smart phone concepts, AI camera system which makes shopping convenient for consumers.
In April 2021, Choice Market, the Colorado-based grocery/convenience store chain launched a new contact-free store. This store would feature Aifi-powered camera-vision technology that allows shoppers to use the Choice mobile app upon entry to pick up their groceries and freshly prepared meals and then leave the market without a traditional checkout.
Convenience, mom and pop stores are also increasingly adopting the concept of unmanned convenience stores. The unmanned convenience store concept uses these artificial intelligence and smart phone concepts to eliminate the use of service personnel or cashiers in the store. The unmanned convenience stores maintain a virtual cart for every customer that enters the stores where the products are added and removed based on the customer’s action. The deduction of amount takes place when the customer scans the product using a smart phone.
Following the trend, in December 2020, NTUC FairPrice, a supermarket chain based in Singapore, launched an unmanned convenience store which stocks food and daily necessities. In 2019, unmanned convenience store named Aiquna was launched in China. The store stocks food and daily necessities. Other unmanned convenience stores include Amazon Go, Alibaba’s Hema and Bingobox. Amazon Go opened its first unmanned store in January 2018 in Seattle, USA and plans to open around 3,000 Amazon Go stores according to the convenience store industry outlook 2021.
The Business Research Company’s report titled Global Convenience, Mom And Pop Stores Market – By Type (Convenience Stores, Mom And Pop Stores), By Ownership (Retail Chain, Independent Stores), And By Region, Opportunities And Strategies – Global Forecast To 2030 covers major convenience, mom and pop stores companies, convenience, mom and pop stores market share by company, convenience, mom and pop stores manufacturers, convenience, mom and pop stores market size, and convenience, mom and pop stores market forecasts. The report also covers the global convenience, mom and pop stores market and its segments.
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With great technological advances being implemented, we might wonder – how big is the convenience store industry? TBRC’s convenience store industry statistics state that the global convenience, mom and pop stores market is expected to grow from $908.19 billion in 2020 to $963.5 billion in 2021 at a compound annual growth rate (CAGR) of 6.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1339.8 billion in 2025 at a CAGR of 9%.
Asia-Pacific is the largest region in the convenience, mom and pop stores market, accounting for 52.7% of the global market in 2020. It was followed by Africa, Middle East and the other regions. Going forward, the fastest growing regions in the convenience, mom and pop stores market will be the Middle East and South America, where growth will be at CAGRs of 16.5% and 10.4% respectively from 2020-2025.
Market-trend-based strategies for convenience, mom and pop stores market thus include investing in contact-free convenience stores for ease of maintenance and cost reduction, automation techniques to streamline store operations, adopting robotics to improve customers’ convenience and the store’s productivity, and adopting digital platforms to reduce cost and increase sales; also helping in adjusting to the COVID-19 impact.
Global Convenience, Mom And Pop Stores Market – By Type (Convenience Stores, Mom And Pop Stores), By Ownership (Retail Chain, Independent Stores), And By Region, Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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