What is a micro market?
Micro markets offer an open, unattended (self-service) experience for consumers and a meaningful, revenue-generating business line for vending operators. Markets come in all shapes and sizes, offer all types of products, and include common components like a cooler, shelves, lighting, and a camera. In some cases, markets replace vending banks; in other cases, markets are placed alongside vending machines.
Micro Markets are a game changer in the convenience services space.
Markets consistently generate 2–3x higher total revenue for operators and are being added to accounts across the country at an incredibly fast rate! No longer limited to large vending companies with massive accounts and high daily transaction volumes, markets work in all locations for all operators. Also, new payment technologies help reduce the total, up-front investment needed to implement markets.
It’s a Win-WIN!
Operators enjoy increased profits. Accounts benefit from the additional “perk” for staff. And the availability of fresh, healthy options (in addition to traditional vending products) makes the whole experience something consumers love.
Does it actually work?
YES. There’s a reason Automatic Merchandiser estimates that the number of micro market locations in the US has increased 800% since 2012, and that market sales will exceed $4 billion by 2022! Operators around the country are now seeing and enjoying the incredible value of adding markets to their portfolios.
Scott Meskin, NAMA’s 2016 "Operator of the Year", first saw the value in markets when he won an account he had previously lost. "My first market was in an account I had previously lost. Within one week of placing it, revenue at that account jumped 50% from its vending average," said Meskin. "Recognizing the incredible opportunity before me, I began using micro markets as a way to win new accounts and had implemented over 100 by 2017. My market accounts were on average 20% more profitable than vending and grew my business at a shocking pace. I highly recommend converting to markets. If you don't, your competition will!”
How do I get started?
As a leading technology provider in the convenience services/breakroom industry, we at Vagabond are proud to offer multiple kiosk-less micro market solutions for all operators!