Recently, Nathan Griffis and I had the pleasure to present at the Convenience FoodService Exchange 2022 summit in Savannah, Georgia. During the discussion, Nathan explained why convenience is not a store, rather a state and why convenience store owners and operators must innovate while also adapting to new technologies.
Accepting new innovations is absolutely a new state of mind for many. Your customers have grown accustomed to new options, like having others picking and packing items for them and frictionless checkout. With that, C-store owners must be able to adapt and deliver or risk revenue loss.
When thinking innovation, think of it as a puzzle, formed with four building blocks. They include:
- Barriers to Entry
- Relevance in a Changing Landscape
- Convenience State (Not Store)
- Designed Differentiation
Your customers have a mindset of what convenience is, so how do you maintain and understand that?
We took a closer look individually on how the puzzle impacts your brand, your geography, how to determine what works best for you and how to put together a business case (your customized puzzle) to solve it.