Sustainability may seem like a buzzword to get customers to spend more for products, but it is a business practice that you need to take seriously. More and more, consumers are making decisions solely based off the business’ ethical practices.
Sustainability in convenience retail is not just ethical, but it can affect the profitability of your business as well. For instance, implementing automated software to track sales and reduce unneeded inventory spending can not only cut purchasing costs for the convenience retailer but can limit the amount of food wasted. Lars Kvale from environmental tech company GreenPoint points out that “in a convenience store, for example, 95% of their greenhouse gas emissions are likely to come from the products on the shelves but they have little control over how they are packaged.”
Many brands are in the process of reducing their packaging and/or making it recyclable/reusable, but convenience inventory buyers can still reduce their footprint by ordering less overstock through predictive analytics.
In a recent edition, we identified 4 key themes impacting retail:
- Extreme Convenience, the elimination of barriers to shopping (e.g., product availability, shipping times, customer service);
- Extreme Experience, which focuses on creating a connection between the brand and consumer, but not just through product;
- Sustainable Practices, brands with purpose doing good for the earth and its humans, and
- Omni-Integration, the coalescence of online and offline retail channels
This month we are taking a closer look at some interesting retailers demonstrating sustainable practices in the convenience industry. These brands are a sneak peek of some of the retailers that will be featured in our 2022 edition of Global Retail Trends & Innovations:
Lars Kvale, GreenPoint, environmental tech company aimed at helping brands become more sustainable, https://www.globalconveniencestorefocus.co.uk/features/sustainability-is-opportunity-for-differentiation-in-convenience-and-forecourt-retail/
These may not be trends that you think of when looking at convenience retail, but sustainability is a necessity when looking into the future of retail and the world. It is not just a clever marketing tool to get customers to spend more on “green” products, but it can also affect your bottom line with things like waste reduction thanks to predictive analytics. With customers wary of the impact that major corporations are having on the planet, convenience stores are poised to make a difference.