According to Investopedia, "Mom and pop” is a colloquial term used to describe a small family owned, or independent business. Mom and pop stores are often operations that struggle to compete with more substantial establishments, such as big box retailers, who generally boast more buying power than smaller players.
The popularity of mom and pop stores is on the rise, thanks in part to shoppers seeking unique services or products. Mom and pop stores do an exceptional job of serving the needs of their community because their business is built specifically to address the demands of the people who live there. In turn, mom and pop businesses benefit from those local consumers who want to put their money back into the community to promote local economic growth.
When shopping in a small mom and pop store, many shoppers say that there is a different “feel” about that experience when compared to shopping in a big department store. Mom and pop stores can often offer highly interactive and personalized services that larger department stores cannot. For this reason, mom and pop stores will often win increased brand loyalty among consumers.
Most mom and pop shops have a small inventory of hand-selected items, each one picked with a special reason in mind. Their products are fun, creative, and classic, with many focusing on vintage items. The smart small business person also knows that they must stay current with all the business trends if they want to succeed. There are 5+ million mom & pop retailers in the USA, with approximately half of these small businesses failing within the first 5 years, so surviving is a kind of a miracle.
Many small mom and pop shops choose to remain small. These small businesses play a big role in their communities with traditions and a commitment to excellence that helps them stay in business. Determined and adaptable, these business owners understand how to stay successful in a constantly changing economic world. According to usprojects, businesses that opened their online stores on the platform were able to recoup 94% of lost income from the disappearance of in-person transactions, largely due to the pandemic. Whether or not these small businesses will continue selling online after the crisis, they will still face the challenges of competing with the larger eCommerce businesses.
For mom and pop businesses to survive in the years to come, it will be necessary to integrate online and no-contact shopping experiences. Most importantly, establishing a strong online presence. Not only will this cater to an existing customer base, but it will also provide an opportunity for mom and pop businesses to expand their reach and boost sales.
We are grateful for our strong customer base and appreciate our new customers. We are looking forward to seeing what the future holds for our small business. What do you expect to see?