The Top 10 Basic Market Problems: Part 2
Last month you would have read 10 basic market problems part 1, and realised there were only 5 problems listed, re-read the title and realised it’s only part 1. I know this because this was put forward to me by followers on twitter.
Here are the other 5 of 10 basic market problems of the past years via Market Shoppers Blog, but before I go into this can I please just reiterate that I write blogs for markets and highlight problems to provoke discussion, to provoke change and I’m genuinely trying to make a difference. We all have our own ideas of how to help so please try and not be offended when I share my opinions, because that is all it is, an opinion and please feel free to share yours also.
So to continue our list of top 10 market problems from the past years we will move on to number 6:
6 – The lack of integrity
By this we mean in the way people perceive the market as ingenuine with products, for example some people I know think when you buy something from the market it is automatically fake or “dodgy”; this is something that markets find hard to shake off.
That’s not to say that market traders don’t sell genuine, quality products. But without the backing of institutions such as major retailers and brands to sell under, market products can often be stereotyped as cheapened versions of the true item, still attempting to be sold for a profit but at what appears to be a discount for customers. The public have a right to be wary; fakes are commonplace, particularly seen abroad, and so people selling ingenuine products can still make a profit while appearing to be offering customers a good deal on notable brands. But a lot of market traders are good, honest people supplying what a number of customers are looking for: a bargain!
7 – The lack of interest
While for our older generation there is more interest in markets because they were more commonplace as they have grown up, the lack of market presence now (because of the various reasons stated) has led to less interest from the younger generation. Naturally, this has led to markets being less popular, and is inevitably contributing to the steady decline in the success of markets as a whole.
8 – The lack of young traders
The knock-on effect continues with young people actually venturing into becoming market traders themselves. If the new generation aren’t experiencing markets from a young age, how will they be encouraged to seize the initiative and set up a stall? For me it’s a fact that the youth of today could bring fresh, innovative ideas to the market scene and revitalise their popularity, but this opportunity isn’t being explored because they aren’t being presented with opportunities to sample it for themselves!
Markets and lack of young traders is one of the biggest issues for markets as a whole, as the young represent the future: they need to be involved, both as traders, and shoppers.
9 – Keeping traders
This is the biggest overlooked problem I feel that is present in markets today. I have emphasised a lot that there is a lack of young traders, but recently on my journey I realised I missed something, and that was preserving our current market traders, with many retiring or packing up shop to try new opportunities. Something needs to be done because, as much as we need the young to come up and take over, we need our present traders to do their best to keep the markets ticking over, and stick with the task at hand. We need to support them in doing so, with simple methods and loyalty schemes perhaps, because why shouldn’t traders who have occupied space for a considerable amount of time be entitled to a discount, receive marketing packages, or even masterclasses?
10 – The presence of supermarkets
The expansion of supermarkets has been meteoric over the decades, with numerous high street chains, and for every one that succeeds, there seems to be one that fails. So how are markets supposed to grab a share of this pie too? Why would people choose to shop at markets when they can do their proverbial ‘big shop’, all in one place any day of the week for practically the same price. Markets simply can’t compete. Food shopping is probably one of the biggest vices of the British people; shop as quickly and as cheaply as you can, and this is where the problem occurs. Markets struggle to provide this on a larger scale, with market days and times limited, and so are unlikely to be first on the list when compared with a local Tesco or Sainsbury’s.