As the consumer market continues to fragment, consumers are looking for more and more ways to buy products. Because of technological advancements, changes in consumer taste and desire for convenience, one of the faster growing of those fragments is the micro market.
A micro market is an unattended retail establishment in a gated workplace location that (usually) replaces vending machines. But this is not simply the next generation of vending. It's much more — and the potential is vast.
According to a study conducted by Bachtelle and Associates1, micro market sales can be double or even triple that of vending machines, and the average micro market generates $50,000 in revenue annually. Micro markets are expected to generate $1.6 billion over the next 10 years, and 35,000 locations are predicted to pop up by 2022.
For retail operators trying to maximize small spaces, micro markets may be the most profitable way to go. And as your business partner, The Coca-Cola Company shares insights that can help ensure success.
A Couple of Things to Think About
Convenience for the workplace consumer, of course, is the greatest benefit of the micro market. This is especially advantageous for blue collar workers, who traditionally have less flexibility to leave the premises for lunch or a snack than gray and white collar workers do, according to a Gongos study2 commissioned by The Coca-Cola Company. It's important, then, to carefully consider price points. The study found that micro markets carry the perception of high prices. Help manage that perception by bundling meals— a salad or sandwich, plus a drink — at a discount.
Your Comprehensive Resource
A new portal on CokeSolutions.com provides ideas and information to the micro market operator and is dedicated to helping you grow your business in smart, consistent ways, with proven tactics and proprietary research. There you will find point-of-sale creative, diagrams for staging your market, best practices and more.
To access the full line operator portal, go to the CokeSolutions.com Full Line Operator page How to Register section to gain access.. Enter your email address when prompted. You will receive an email from Coca-Cola Service Now with a registration link. Complete the registration form and submit it. You will be notified within 48 hours of the status of your request. For assistance, contact the CBS Service Desk at 888-227-2653, Monday-Friday, 7:30 a.m.-7 p.m. EST, or email email@example.com.
Sources: 1Bachtelle and Associates 2012/13, 2 2014 Gongos Micro Market Study & Internal Analysis