Powered by iNFX Learn More
Gray Taylor has been in this industry for 60 years. He was practically born into it. With a rich background in POS systems and executive roles at Conexxus and NACS, you’d be hard-pressed to find someone with more experience when it comes to convenience retail.
Recently, he shared his insights into the future of the industry. With technological advancements and changing consumer behaviors at the forefront, his thoughts offer a roadmap for retailers and vendors alike to navigate these shifts successfully. Check out a few of them below!
The Need for Speed
“What we do is we sell time. We want people to be able to serve their shopping mission much faster. Every retailer in the world, even the US postal service, is trying to be more convenient and frictionless.”
Frictionless. You’ve probably heard that word countless times recently, and for good reason – it's what your customers demand. The convenience retail industry must adapt to changing consumer behaviors if retailers are going to compete not just with other c-stores, but with giants like Walmart, Target, etc.
Learn more about the frictionless experience here: Gone in 30 Seconds: How Fast is Your C-Store?
Be Seen to Succeed
“You’ve got to be found. You have to have the best online presence in the world. If I can't find you, you're dead to me.”
The convenience retail world of today and tomorrow is driven by things like online commerce, voice recognition, and Search Engine Optimization (SEO). It’s important for retailers to understand and leverage these tools to maintain competitiveness in a market that's increasingly shifting online.
Reward Your Regulars
“Loyalty programs. That's going to be your biggest brand weapon. It's very important for you to have a very strong brand program.”
How do you bring a customer into your path when there are dozens of competitors for them to shop at? The development of loyalty programs can help. By rewarding frequent shoppers with points, discounts, or exclusive offers, these programs enhance customer satisfaction and build brand loyalty.
The Secret Sauce: Outstanding Foodservice
“In 2023 we sold 24.7% of the fast food in the United States, and that's growing. That's a huge component of growth for us.”
Foodservice continues to grow and become more impactful. More importantly, customers have begun expecting it at c-stores as nearly 1/3 of them are heading to c-stores for something to eat. The best time to capitalize on this budding giant was probably a few years ago. The next best time is right now.
Learn more about foodservice here: Foodservice is Earning Some Major Brownie Points
The Bottom Line
Gray Taylor's insights provide a valuable perspective on the future of convenience retail. As the industry continues to evolve, embracing these ideas will be key to staying competitive and securing a place in the digital marketplace. Retailers must heed this call to action, preparing for a future that's already at their doorstep.
Join us in Chicago from March 31st - April 3rd for RTC25 to gain early access to information like this.