Listen up, convenience store owners. The game is changing and it's time to adapt or get left behind. With new technologies and consumer trends emerging, it's crucial to stay on top of the latest developments to grow your business and meet the needs of your customers. Sure, big companies like Amazon may be making headlines with their tech-filled stores, but as an independent player in the game, it's up to you to stay ahead of the curve. Don't let them outshine you. Keep pushing forward, stay innovative, and always be on the lookout for new opportunities.
Convenience store owners, it's time to embrace the future of retail. With more and more consumers turning to their smartphones for grocery shopping, it's crucial to offer seamless online and mobile options. This includes joining e-commerce platforms, integrating mobile payments, and offering home delivery or pickup services.
Sure, services like Deliveroo, Uber Eats, or Snappy Shopper make it easy to offer delivery and pickup, but be aware of the fees each platform takes. Deliveroo takes up to 35% commission, and Uber Eats takes up to 30%. That can hit retailer margins hard. But, only 24% of stores offer some form of delivery service and only 14% are on the popular delivery apps.
The downside is the fees each platform takes - which can hit retailer margins hard. Deliveroo takes up to 35% commission and Uber Eats takes up to 30%. When factoring in VAT, stores can lose up to 42% of the value of an order.
It is important for independent convenience stores to adapt to the rise of online and mobile shopping and offer their customers the convenience and ease of online shopping options. But you will need to consider if rapid delivery services are the right it for your store.
Can convenience stores quickly adapt to new trends
Let's talk about sustainability, convenience store owners. With food costs on the rise, consumers are looking for ways to reduce waste and save money. As a convenience store owner, you have the power to support these efforts. It's time to think outside the box and implement cost-effective zero-waste initiatives.Offer bulk or refillable options for products, reduce packaging and partner with local organizations to recycle and compost waste. You'll not only be doing your part for the environment, but you'll also be giving customers what they want. It's a win-win for everyone. Be a leader in the industry and make a real impact.
Some retailers who have installed refill stations are seeing £750-£2,500 in weekly sales at 40% margin. This is a rising trend that can offer value to your store but also the consumer. If you are looking for inspiration, check out some of the best zero-waste stores in the UK.
Convenience stores need to know their customers
Consumer shopping habits are always changing, especially when the economy is uncertain. Want to know what's hot and what's not? Track your sales data and even customer habits. This is why some convenience stores have chosen to start loyalty programs. Not only do they reward the customer, but it makes the overall shopping experience better and allows for collection of customer data. It's a smart move that can help increase revenue. Be a trendsetter, not a follower.
As of 2022, the average spend per customer was £7.22 with 3 items in the basket. While the average customer went to their local store 2.7 times a week. Knowing what these stats look like for your store is going to help you make better decisions. Think about can you increase the average spend, frequency, or even number of items in the basket.
There are some interesting examples which show the value of keeping an eye on sales data. For example, one study showed customers made fewer trips to the petrol pumps and convenience stores in 2022, but on average they spent more when they went. This may be driven by spiking fuel prices, but there are ways forecourts could use this data to improve their customer experience.
Augmented reality in retail
Convenience store owners, I know this one might seem a little out there, but hear me out. Augmented reality (AR) is the future of retail. It's a technology that adds digital information to the real world. You might have seen it in gaming or education, but it can also be used in convenience stores to supplement the customer experience. Imagine this, customers can use their phones to scan a product and see further information like how it was made or where it came from, or even watch a product promotion. It's an exciting opportunity to set your store apart and give customers an immersive experience. Keep an open mind, and always be on the lookout for new and innovative ways to enhance your business.
AR can also be used to help customers find products in the store. For example, customers can use their phones to see a map of the store and where to find the products they want. This can make it easier for customers to find what they need and save time. AR can also be used to show customers special offers or discounts on products. This can help stores promote products and increase sales.
It's time to take control of your business and rise above the challenges. Stay on top of the latest trends and developments, and adapt to the changing needs of your customers. This post has given you some ideas of how you can leverage technology to grow your business. But don't stop there, always be on the lookout for new opportunities. And check out our post on how Coral's price comparison and ordering website is making it easier to save time and money on stock orders. Remember, those who adapt, survive. So don't let anyone outshine you. Keep pushing forward and make your mark in the industry.