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February 8, 2018
Although the micro market concept isn’t really new, it’s quickly growing in popularity with over 10,000 micro markets in workplaces across the U.S. Research predicts that there will be 35,000 micro market locations by the year 2022 and they will generate $1.6 billion in revenue over the next 10 years. Micro markets are becoming a more lucrative investment opportunity for businesses because they provide additional benefits over the traditional vending machine without the space, staffing and inventory issues of a full convenience store.
Micro markets can be simply thought of as a ‘convenience store at the office’. They can provide lunches, healthy snacks and beverages that employees can purchase. What makes them unique is that they utilize a self-service model – one that relies on an ‘honor system’. They are a hybrid form of vending, foodservice and convenience stores that provide an improved customer experience with increased product variety while lifting sales for the business by keeping labor costs down and boosting operational efficiency.
Vending machines are very impersonal. Customers don’t have a chance to touch the product or read any of the nutritional info. In a time when healthy snacking is more on trend, these are important aspects to the buying experience.
Tags: micro market, micro markets, vending
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