31.7% of the Mom and Pop store owners said that the Pandemic had positively affected their business.

WASHINGTON, WASHINGTON, UNITED STATES, June 16, 2023/EINPresswire.com/ -- Goodfirms, an internationally recognized review, rating, and research platform has recently released its latest research article, “Advice and Tips for Mom-and-Pop Store Owners, From Mom-and-Pop Store Owners”. The survey assesses the present condition of the Mom-and-Pop stores, including their business environment, trends, and the challenges they face in the current market scenario.

“Despite the competition that the mom-and-pop stores encounter from big-box stores, e-commerce companies, and other online sellers, they are consistently making profits. Local shoppers are the major contributors to this success,” says GoodFirms.

GoodFirms’ survey states that though being in a constant war with large retailers, eCommerce titans, and online sellers, about 61.3% of participating Mom-and-Pop store owners have found their space and are making consistent monthly profits. These stores are well-regarded for preserving age-old heritage and that is why 48.1% of the shop owners supported the local economy showing gratitude towards the local community.

GoodFirms’ research also revealed top tips for running successful Mom-and-Pop stores that is, around 85.2% of the respondents favored providing personalized services to the customers, while 77.3% owed the success to customer loyalty, 71.5% focused on understanding their customers’ requirements to thrive in the market, and around 66.7% of the surveyees mentioned a good buying experience attracts more customers and retain previous ones. The COVID-19 pandemic has also positively affected the growth of these family-owned stores.

Further, the research also disclosed major challenges faced by Mom-and-Pop store owners such as high pricing competition (85.2%), low access to a variety of products as compared to big stores (77.5%), high price competition from big retailers (48.2%), a lack of capital for investment (42.4%), lack of product visibility (35.2%), lack of risk diversification (30.6%), low purchasing power (24.7%), and lack of market insights (21.3%).

GoodFirms’ research also highlights that the internet and social media are playing a massive role in helping mom-and-pop stores to reach a wider audience, boost their sales, enhance Customer Experience, reduce marketing costs, track website traffic, conversion sales, etc. using analytics tools.

Invoicing software, Accounting software, POS Application, CRM Software, and Stock Management software are the major software used by Mom-and-Pop Stores.

The survey concludes indicating that the Mom-and-Pop stores certainly have a bright future due to their ability to provide a personalized experience, age-old taste, and generation-owned expertise.


KEY FINDINGS:

--Mom-and-pop stores have an important position in the retail industry and their future looks bright in the industry.
--97.2% of the surveyees responded that they use invoicing software in their store to regulate the smooth generation of invoices.
--88.1% of the respondents revealed that they use accounting software to manage their accounts.
--The Mom-and-Pop stores are likely to thrive in the future because they provide sustained customized experiences, and convenience, and cater to the needs of the local people.


About Research:

GoodFirms research-"Advice and Tips for Mom-and-Pop Store Owners, From Mom-and-Pop Store Owners" is yet another revolutionary research by GoodFirms.

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About GoodFirms:

GoodFirms is a Washington, D.C -based B2B review, rating, and research platform that focuses on delivering rich, original, and in-depth coverage of IT products and services to the readers. The company works with a mission to serve the B2B players. Both service seekers and service providers benefit from the reviews, ratings, and research insights delivered by GoodFirms.

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