Where to place a micro market?
Micro markets are well known at business centres for serving employees. However, we recommend choosing a location with a minimum of 80 people to get a profit. Install your micro markets in co-working centres, hostels, fitness centres and multifamily residential complexes since they are successful too.
Based on the amount of customers and their needs you can install a variety of micro markets from fridges, freezers, ambient cabinets and automated coffee machines. Although the most important part is software that connects customers with a point of sale. In the form of the app available for iOS and Android such software uses «scan and go» technology, acquiring and checkout. It reminds of a classic online shop with goods, cart, push notifications and newsletter.
To ease the access our company has also implemented a map into the app that allows the user to find the closest micro market.
To give you a better idea about the purchase process:
1. Open the app and scan the QR-code on the cabinet, fridge or freezer. Scanning the code opens the doors of the cabinets, fridges and freezers.
2. Scan the code on the item you would like to purchase. The purchase will appear in the cart.
3. When the cart is complete, close the doors of the cabinets and pay for your purchase with the app.
Learn more about the process https://izipoint.io/en-us/main
How long does it take to adapt?
On average, customers need about two weeks. Our experience shows that 30% of customers make a purchase on the first day. In the first week 20% become regular customers. It takes one month for every customer to make at least one purchase.
To ease their first contact, we suggest holding a few promo events and implement more of those after the test month. These can include placing an employee to help the customers or form a discount.
In case of a problem, our company has a 24/7 hotline that allows both patrons and customers to contact our support service for help.
Our app is simple to use and reminds registration at any online shop where they should create accounts and enter their data. This allows us to collect information about their buying habits.
How to further promote your goods and attract new customers?
With Enterprise resource planning (ERP) system it is possible to set discounts and promotions to increase sales. Once you know your customers preferences you may hold a campaign to up the average check
– Purchase two products from the discount list and get a discount on the entire check;
– Purchase one item and get a discount on the second one;
– Buy a drink and get 10% off a chocolate bar.
How do I analyse the efficiency of my micro markets?
Our ERP allows us to monitor product sales and percentage of sales at each point of sale. You can track the efficiency of every micro market and adjust the goods to your customers’ needs.
Our experience shows that such monitoring increases retention by 75%-80%. It saves you time to implement needed changes. That, in return, increases the revenue.
According to our practice it takes 3 to 4 months to get a payback on the investment. Timing depends on the location and the number of customers.
All users identify via app. This allows us to collect their data and monitor their actions at a micro market. We also supply each point of sale with video surveillance.
Our hotline service analyses any suspicious actions. If a machine cabinet is opened but there is no payment, the CCTV camera sends a recording to the hotline team that then sends the customer a reminder to pay for the purchase. Such action decreases the percentage of unpaid purchases. In our experience thefts have been very rare.
Hotline service is also in charge of any malfunctions with the micro market hardware. The telemetry monitors the sensors on the equipment and sends a message to our tech support in case of a problem.
Do you need help? Count on us.
It is possible to launch a micro market business all by yourself. Yet we recommend getting professional advice. At izipoint we have several years of experience in the high-tech and retail field. Using this knowledge we develop business strategies for each brand. We analyse clients’ range of goods and potential location. Our task is to offer the most effective micro market option.
To Learn more
We have prepared for you a bootcamp to start your micro market business successfully.
In 3 days we share:
– how to choose a location and where to install micro markets;
– various goods, what to sell in a micro market;
– how to save profit with expired goods.
You also learn:
– how to prepare an assortment matrix for a successful start;
– how to promote your location (we give you real cases!);
– how to increase the retention and sales (we give you algorithms).
– list of distributors to use;
– guide on how to work with customers and prevent thefts.