The acceleration of digital transformation around the globe during the COVID-19 pandemic has left no sector untouched and that includes the convenience store industry.
“2020 brought about many changes in the use of technology for retail stores — and your c-store or gas station business is no exception. So now, you may be looking at the need to implement new technology for convenience stores faster than anticipated to remain competitive,” says Petrosoft, a company that designs end-to-end c-store technology.
The need to implement new technology at record pace can be overwhelming with Microsoft CEO Satya Nadella saying in 2020 “we’ve seen two years’ worth of digital transformation in two months.”
Innovation Pushes C-Store Sales Higher
C-stores are not only weathering the pandemic-related storm, but many are flourishing thanks to their embrace of innovation and new technology.
“Despite pandemic-related challenges throughout the year, 2 in 3 convenience retailers (66 percent) report that their in-store sales were higher in 2021 than in 2020,” said NACS, the global convivence and fuel retailing trade association.
In 2020, in-store sales reached a record $255.6 billion, according to the NACS State of the Industry Report of 2020 Data. Complete 2021 industry data will be announced during the NACS State of the Industry Summit, which will take place April 12-14 in Chicago.
Some 71 percent of those surveyed were going to invest more in their c-stores in 2022 and strong sales are expected thanks to new technology such as frictionless and cashier-less checkout and app-based ordering and payment.
Evaluating New Technology Options for C-Storers
For some c-store and gas station managers and operators, they may need to metaphorically go back to school for a refresher on the new technology options available for their channel.
“Learn as much as you can about the different types of technology available in retail stores, what new technology to consider for your convenience store or gas station, and which solutions will positively impact your operation,” recommends Petrosoft.
When evaluating new technology to implement, c-store operators should ask the following questions:
- How quickly can the new technology be implemented?
- Will the implementation require downtime at your outlet?
- Does the vendor provide training and ongoing support?
- Is the technology cloud-based and controllable from anywhere with an internet connection?
- Does the new technology have mobile capabilities and are there multiple integration points?
PWM’s EASY Hybrid Checks All the New Tech Boxes
A great example of new technology that checks all those boxes is PWM’s EASY Hybrid which takes existing electronic price sign controls and integrates them into a cloud-based version via a web interface.
Fuel stations using the legacy version of EASY, an intelligent POS control for price displays via wired or radio control units, can upgrade to EASY Hybrid with no downtime and take the first step to full display system digitalization.
Among the advantages of EASY Hybrid:
- Cloud-based flexibility
- Control via a web interface from anywhere
- Gathers status information and maintenance data
- Fast and affordable retrofit for c-stores
EASY Hybrid is not PWM’s only new technology that can make c-stores more profitable as their Profitboard-LED Message Center is an eye-catching option to drive impulse buying that is so important to the c-store bottom line.
These innovative signs can take certain conditions or market trends and trigger specific messages once parameters are set. For example, ice cold drinks can be advertised when the temperature outside reaches 90 degrees, or celebrate the win of the local team with a discount or special displayed within hours of the victory.
Among the advantages of Profitboard-LED Message Center:
- Bring clients inside c-stores by advertising impulse specials
- Keep advertising fresh by controlling the Profitboard anytime, anywhere, from any device
- Easily control multiple locations from one interface
New Tech for Large Retailers to Small C-Store Chains
Adding new technology to your c-store does not have to break your budget, as some solutions are tailored for the small chains as well as the large retail operations.
“Retail technology is moving at breakneck speed, making it tough for c-store operators who must juggle running an efficient business while meeting rising customer expectations. Integrating loyalty apps, order ahead, delivery and point-of-sale (POS) systems, while tracking inventory and labor hours, can be daunting,” wrote CStore Decisions in December.
Other tech trends to watch for in 2022, according to CStore Decisions, include:
- Frictionless stores
- Chatbot kiosks that can respond to common customer questions
- Ability to order out-of-stock items via automation
Another must for c-stores in 2022 in the option for customers to pay with their smartphones. Since the start of the pandemic, customers have not only embraced this option but are coming to expect it as an offering.
The rule for new technology is that c-stores can not afford to ignore it.
“In the past, a wait-and-see attitude made sense because change was kind of slow,” advised Burrus. “But today, change is coming faster and faster, and you can ‘wait and see’ yourself right out of business — because you’re either going to be more relevant in the marketplace or less. There’s no in between,” Daniel Burrus, disruptive innovation expert and founder of Burrus Research told CStore Decisions.
