5 TRENDS SHAPING CONVENIENCE RETAIL
Retail’s convenience store segment is growing rapidly, presenting a wealth of opportunities for brands and suppliers.
IGD’s retail analysts recently identified five trends likely to shape the development of global convenience this year and beyond.
1. Tech supporting convenience
Just like many other retail channels, fast and efficient service is key to convenience. Retail brands around the world are integrating digital features into stores and supply chains, including everything from in-store digital displays to on-demand fulfilment platforms. The focus needs to be on how to make the shopping journey frictionless for shoppers.
2. Moving beyond c-store retailing
The traditional notion of convenience shopping is being turned on its head. New and innovative formats are popping up everywhere; retailers are pairing up with specialists such as foodservice operators, butchers and florists to deliver more exciting experiences to consumers. Brands need to consider what they can do to make their store an experiential destination.
3. Redefining product range
Consumers’ daily shopping habits are evolving – as such, categories including fresh food, food-to-go and evening meal options are transforming convenience retailing. Brands are giving consumers new reasons to pay their stores a visit. Retailers need to make sure that their product ranges, and the space in which they are sold, meet consumers’ changing needs.
4. Greater focus on health
Health and wellbeing are becoming increasingly more important to consumers across every channel. As a result, convenience operators are expanding their range of fresh food and providing plenty more healthy options. They’re also making it easier for consumers to locate healthier items, implementing promotions to generate greater awareness. The trick for retailers is identifying how they can help consumers lead more healthy lives, without sacrificing speed of shop or convenience.
5. Improved local stores and minimarts
Convenience stores are vital to communities; they know their shoppers very well. More and more brands are thinking about ways to improve their connection, supporting communities and at the same time fostering goodwill. Suppliers need to think about how they can seize the opportunity to create products specific to different locations.
If you’re a retailer in the convenience space and you’re looking to build deeper connections with your customers, the Delta Group can help. Get in touch today to find out more!