- Go beyond a reliance on in-store traffic
- Tap into emerging technologies in the way grocery stores have done
- Focus on the need to capture customer loyalty by using smart technology solutions
- Leverage POP data to make better decisions for the future
- If you have a gas program, incorporate promotions at the pump to drive traffic into the store
Source: Symphony RetailAI, ROC Associates
Data showed that, overall, c-store sales tracked improving week-over-week performance. At the outset of the lockdown, Symphony “recommended that convenience store retailers stock up on frozen and canned fruits and vegetables.” As the market gradually transitions into a new phase of the pandemic, Symphony is advising convenience retailers to renew their “focus on better-for-you and fresh options, (which should) also translate to snack categories.”
Be a camel
In an article in The Globe and Mail, venture capitalist Alexandre Lazarow called for Silicon Valley to create a new model for a post-pandemic world.
He notes that the tech world has spent the past 20 years trying to find the next “unicorn” startup. Unicorns are companies having seemingly unlimited potential, capable of growing from zero to more than $1-billion valuation in short order.
Our current harsher, less stable market environment calls for a different approach. Instead of unicorns, the future will be “camel” startups that prioritize sustainability and resiliency.
Lazarow writes that the camel, “adapts to multiple climates, survives without food or water for months, and has humps to protect itself from the desert’s deprivations. Unlike unicorns, camels are not imaginary creatures… camels are survivors.”
There will be bumps and impediments in the road ahead. As always, the ability to adapt to changing circumstances, and sustain your business through emerging challenges, will enable you to survive and flourish. Put simply, just like all of us in the face of COVID-19, be prepared to do what you need to do to live to fight another day.