18 Jul (Video) 5 Must-Have Micro Market Tools that Reduce Cost and Increase Sales
Micro markets are becoming a bigger and bigger part of the vending industry – they reached over 10% of all vending sales revenue in 2015.
It is easy to see why micro markets are popular – they can be very profitable. An operator can average over $1000 per week in a location with 125 people. If you already have a market, or are looking to get into the space, here are 5 micro market tools that you need to reduce costs and increase sales:
1. Many Payment Options
Everyone enjoys different methods of payment. In order to satisfy your customer, you need to let them pay the way they want. Plus, the more ways there are to pay in a market, the wider audience you open yourself up to. If you really want to maximize sales, you need to offer micro market tools that enable payment by credit and debit, mobile pay, campus pay, a refillable wallet, and cash. Cashless transactions make up 80% of sales in a market, but the more ways to pay, the better.
2. Intelligent Micro Market Tools for Management
If you are coming from a vending background, managing a micro market can be intimidating. It is a new way of doing business, and managing hundreds of products instead of tens can be difficult. With a good backend management system, you can manage your micro market efficiently and intelligently. Micro market tools like product merchandising, warehousing, routing, prekitting, sales reports, and more will help you manage your location effectively.
3. Reliable Security
Theft can be a big concern for those in the micro market industry. Most operators report spoilage due to theft in micro markets as being around 2%, but there are measures to get that even lower. Make sure your micro market setup has ample security cameras. A built-in kiosk webcam will help deter potential theft. Easy access to that footage will help you identify it. Other micro market tools like an external surveillance camera like the one from Nest can help decrease theft even more. Motion triggered security alerts sent straight to your phone will cut down on theft and increase your bottom line.
4. Detailed Sales Reports
In order to maximize sales at a micro market, you need to know what sells well and what doesn’t. With 100s of SKUs, it can be hard to identify what a particular location likes. With micro market tools like detailed sales report, you can easily view high selling products. You can remove slow sellers, stock what your location enjoys, and boost sales as a result.
5. Solid Implementation and Support
To run a successful micro market, you need a solid team behind you. Each location will need a different combination of coolers, shelving, and freezers. Your technology provider should help you design and customize your micro market setup to fit each breakroom. Your micro market also needs a solid support team to ensure your kiosk stays up and selling. Your technology provider should remotely monitor and remotely troubleshoot your kiosk if something goes wrong. These micro market tools will help minimize downtime, and your micro market will sell more than ever.
Micro markets can be an extremely profitable line of business, but if you are coming from vending, there can be some challenges in managing a micro market effectively. With tools like many payment options, intelligent management, reliable security, detailed sales reports, and solid implementation and support, you can cut costs, increase profits, and get the most out of your micro market location.
To learn more about micro markets from Parlevel, contact us here.