Business

Are Micro Markets the Future of Consumerism – 2021 Review

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Written by Quentin Hack

Before we begin discussing exactly on the topic, we would love to tell you what consumerism is and how is it the basis of every marketing decision now.

Consumerism refers to the policies and procedures in a manner that supports consumers. From global businesses to local vendors, each one has realized the gravity of the competition they face. They also understand that what makes a difference, and helps them stay ahead in the race is their approach towards winning the hearts of their customers.

Also, it has been evident that more than the giant brands, micro markets care more about their consumers. The equation is simple. If a brand or a product has a massive consumer base, the chances are that it may have a monopoly in the market and it will always have customers. On the other hand, if there is a brand that has a smaller or micro market, it will need to focus more on retaining its customers and therefore will do whatever it takes to survive.

Micro Markets are gaining increasing amounts of popularity. Mini retail is shown to be a growing market filled with opportunity. These micro-markets will soon be found in places you may frequent on the daily, such as apartment buildings, workplaces, and places of entertainment.

What Is A Micro Market?

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You may have not heard the term ‘micro market’ before, and you may be wondering what a micro market is. According to corporatediningservices.com, a micro market is essentially a self-sufficient store. It contains products and a checkout system that are both handled without any employees. Questions about the safety regarding these markets are prevalent and taken into consideration. New technologies, such as pressure sensors, can tell when a product is taken off the shelf. They would also have to be placed in safe locations in order to maintain their protection.

These micro markets would be attractive to consumers for a few different reasons. These stores are perfect for consumer use. They are small, which eliminates the search around a supermarket for the one thing you came to buy. This poses a convenience that is not easily found in a space where bigger generally means better. They also do not use vending machine technology, which prevents technical problems and frustrations. This provides for a quick and efficient shopping experience that can only leave the consumer happy.

Typical Vending Versus Micro Markets

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When comparing these micro markets to vending machines, they have another amazing benefit. While vending machines generally only carry a small selection of food and drinks, micro markets carry items way beyond that. Reading material, electronics, such as earphones and chargers, and other basic important items can be found at these micro markets.

These micro markets will become a sort of attraction. As they start popping up, people will become interested in what they are and will have to stop in to find out. This initial source of entertainment will lead to convenience and productivity in the long run.

Micro Market and The Consumer Relationship

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The vendor is also profiting from this new relationship between seller and consumer. Micro markets are very versatile, which allow the prospect of many locations. They allow vendors to sell more than food and drink, so less of their products have the potential to expire. Micro markets can have a professional air to them, which would make them favorable to a vending machine in a qualified setting.

The vendor can also make more money through the ownership and maintenance of a micro market. If these micro markets are placed in a professional setting, higher price points would be expected, which will increase profit for the vendor. A wider range of products will also attract an increasing number of customers, which means that more products will be sold from the vendor’s inventory.

A vendor may contemplate where to put a micro market. The best idea right now would be to place them in protected areas. Since no people are guarding these micro markets, you want to minimize the danger of them being vandalized in any sense. Office buildings with advanced recognition technology and other distinguished places would be the best starting point for these micro markets.

When considering if you should invest in this market or not, you should examine how saturated the market is, the potential it has, and if it will make you a profit. Research should be done beforehand. As a marketer, you should not make any decision in haste. Although the situations are promising, you should always remember that we function in an extremely dynamic environment.

These micro markets are very intriguing, and it is a new area of contemplation for vendors. They pose many benefits to the consumer, while also allowing for decent profit and expansion on the side of the vendors. It will be interesting to see these markets become popular and attract a varying community.

Another essential aspect to consider is that with micro markets, the brands can better focus on the needs and customization for every consumer. The customer also feels more connected with the brand; therefore this is a win win situation for both the invested parties.

Conclusion

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All through this article, we have tried to explore all the possible aspects of the relationship between micro markets and consumerism. We are sure of one thing that they both thrive on each other. Talking about the future, this connection is only to get stronger. The journey from mass markets to micro markets has also been very exciting. Experts tell that with the trends showing a positive shift towards micro markets, consumerism also increased along the similar lines. The other side of the coin is the impact of consumerism on marketers.

For them, it is an added expense in the initial years. The rate of return on investment entirely depends upon how well the product/brand is treated by the consumer. In case of adverse situations, consumerism may lead a brand to struggle for a longer time and that too in an environment which becomes more competitive with every passing day. Therefore, every marketer needs to be very careful. Once the research has been done prudently, the businesses may proceed in the direction.

About the author

Quentin Hack