Micro markets are leading the way in unattended retail. With more than 30,000 operating worldwide, the demand for buy-it-and-go services shows no sign of slowing down. Even in the midst of the COVID-19 pandemic and recent variant surges, micro markets performed well as they increased in popularity throughout 2020. The self-service nature of micro markets made them a safer shopping experience for consumers due to minimal interaction with others.
These unattended channels proved safer for businesses as well, thanks to secure and contactless payments. No-touch payments increased by 69% during the pandemic, according to retailers surveyed. Due to encrypted payment information through contactless payments, businesses can safely and quickly process payments without worrying about data security and theft.
With self-service retail growing, leading technology is available to help manage your business more effectively. Let’s explore what makes micro markets safe for customers, and how to keep them safe for your business.
Keeping micro market floorplans open and spaced out with a brilliant POS.
Flexible, open micro market floorplans allow consumers to socially distance, and the unattended design minimizes contact with others. The ease of service and being able to shop at the consumer’s own pace really give these unattended retail stores an advantage. In fact, consumers who used unattended retail more during the pandemic cited speed (49%), social distancing (49%) and convenience (47%) as reasons for the increase.
With micro markets rising in popularity, utilizing technology to maximize profits and secure transactions is necessary. The power of a POS management system for flexibility, form-factor, and overall size of your micro market has a huge impact on the safe setup of your store.
For operators looking to maximize micro market floorspace for consumers and merchandise alike, Yoke POS features a smaller, slimmer physical presence than standard market points of sale—which often take up entire shelves, corners, and otherwise valuable floor space. Yoke is flexible and allows customers to buy goods straight from its intuitive, tablet design or even their phones via Yoke Pay. This allows for minimal lines and contactless purchasing all with a convenience store feel.
Keeping customers safe with self-service markets.
Throughout the pandemic, contactless engagement became the name of the game regardless of industry. Utilizing micro markets allows for a safe solution to offer your clients so their customers can buy goods while remaining socially distanced. Because self-service micro markets require minimal-to-no interactions, people are inherently safer while shopping. In fact, 45% of consumers said they used unattended markets because they were able to avoid interactions with employees and others.
It wasn’t just the socially distanced interactions that consumers enjoyed. Contactless payments empowered customers to go cashless in favor of cleaner, safer touchless options. Sixty-eight percent of consumers noted it is important to have these touchless options as the pandemic continues. This flexible payment option is not only safer but more secure.
Securing your business from loss and theft.
While consumers feel safer due to contactless payments, these contactless methods also allow for a secure way to facilitate transactions for businesses. With seamless processing for payments, businesses can feel confident in their data security leaving no room for fraud. A PCI-certified payment and processing partner that handles interactions with speed and secure hardware, can assist in increasing profitability and preventing theft.
Micro market loss and theft can be eased by addressing potential issues early on. Similar to other retail and convenience stores, businesses can adjust prices to counter the average 5% loss rate. Physical inspections of the premises as well as reviewing sales data often is the best way to stop loss. Additionally, installing video monitoring and signage or adopting inventory management systems that alert you of shrinkage can help with preventing and catching theft.
Improved security options along with a more sophisticated market management software like Seed Markets allows shrinkage to increasingly become less of a risk. Seed Markets enables your company to standardize operations by integrating route scheduling, warehouse pre-picking, and reporting with one set of mobile and web-based tools.
While many shy away from micro markets due to potential loss, technology like Yoke and Seed helps operators get real-time visibility into kiosk connectivity, last transactions, and consumer support tickets, all in one place. This level of visibility and data can assist in preventing various types of loss such as payment option problems, connectivity issues, inventory, and more.
By reviewing sales quickly and efficiently, companies can consistently track payments and perform inventory management. Integrating these solutions is just one of the many ways you can prevent loss, manage your business, and ensure security.
Utilizing POS management solutions for safety.
Ultimately, micro markets and contactless interactions are the way of the future, and not just because of the COVID-19 pandemic required social distancing. Companies realized early on the capability to maximize business through unattended channels.
With scalable technology available and consumers preferring less interactions with employees, utilizing unattended solutions like the Yoke Platform will help to create secure and safer interactions. Build your business with high-end yet flexible technology to streamline processes while also creating a safe and secure shopping experience.
Speak with an expert today to learn more about the power of the Yoke Platform.