4 ways convenience store retailers can grow in 2019
The convenience store market is ever-evolving and for many retailers this presents a challenge to stay ahead of the curve. Customers are more likely to shop at a range of shops rather than remain loyal to one. With research from Mintel revealing that around 59% of Brits visit convenience stores twice a week or more, there’s ripe opportunity for convenience store retailers to make the most of so-called “top-up shopping” habits.
So, how can convenience store retailers make the most of the growth of top-up shopping and grow in 2019?
Shoppers have certain expectations of the product ranges available at convenience stores, however, these preconceived expectations are slowly being eroded with retailers who are changing and increasing their product ranges and going after trends with higher margins.
Increasing or changing your product range subverts customer expectations and encourages impulse purchases and return visits. Indeed, Nielsen has noted that “The increased availability of fresh and healthy products in convenience has changed significantly over the last two years, and c-store retailers have continued to invest in refrigeration to meet growing consumer demand—but there is still significant room for growth in this area.”
Yet, with considerations such as floor space and the price barrier associated with buying and installing new refrigerated space, not to mention the differing requirements with temperature or display; increasing product lines can be a significant and often risky decision for retailers.
So, why buy refrigeration when retailers can rent refrigeration risk free? Long-Term Rental plans are breaking down the price barrier with the flexibility to split the cost into affordable fixed payments, these plans always include all servicing costs. Long-Term Rental makes it more affordable for retailers across the UK to increase their product lines, and with options to switch refrigeration as soon as one year after the plan starts, retailers are able to keep their stores fresh.
In today’s time-poor culture, flexibility and ease of access is extremely important for accommodating shoppers who are in a hurry. As Mintel notes “Consumers are increasingly looking for convenience in all aspects of their grocery buying experience.”
So, how can retailers make their stores more convenient for shoppers? Looking at shop layout and effective merchandizing are some of the ways in which retailers make products easier for shoppers to find. However, creating a commanding display is as equally important in directing shoppers around stores and even in pushing shoppers beyond mere necessity purchases and into the territory of impulse buys.
Branding refrigeration units to promote new lines or old favourites is just one of the ways retailers are filling shopping baskets more effectively. Pair this with Grab n’ Go units that have the capacity and functionality to display a range of fresh produce and retailers have another means by which they can effectively promote new and existing lines.
Subverting customer expectations of convenience stores moves beyond product ranges and ease of access. Refreshing and modernizing the in-store experience is just another way that convenience store retailers can invest in their business and attract more repeat shoppers. Indeed, research from Mintel has suggested that new experiences are a key driver for future growth for retailers.
Investing in modern equipment is no longer a significant financial investment. Long-Term Rental is making new, modern equipment affordable for retailers through 1-5-year plans that don’t require cap-ex investment but rather can be paid off in flexible monthly, weekly or annual payments. And with product innovations on a rapid increase, Long-Term Rental is facilitating a means by which retailers are staying relevant and ahead of tomorrow’s world.
Corporate Social Responsibility is increasingly important for shoppers when choosing what shop to spend their money in. With an increasing awareness and news coverage on how large corporations are or aren’t respecting the environment, there’s never been a better opportunity for smaller retailers to get ahead of the curve with green credentials.
Additionally, with legislation on refrigeration constantly changing, retailers have the responsibility to stay compliant with the changing standards in refrigeration; which can be a daunting task.
Retailers can ensure that they stay ahead of the curve with Long-Term Rental and the provision of the latest industry-compliant refrigeration units. Indeed, the green credentials of Long-Term Rental benefits retailers in three ways; it future-proofs businesses and ensures their compliance with industry standards, it improves corporate social responsibility and also cuts energy costs through the utilization of the latest energy-saving refrigeration technology.
Did you know that the integral refrigeration available on Long-Term Rental is up to 15% more energy efficient that their remote counterparts? Lowe commissioned an independent study on the energy efficiency of integral cabinets vs remote systems. Learn more here