The year 2020 is shaping up to be one of the most challenging years for the US gas station and convenience store owners due to the COVID-19 outbreak. Many c-store owners are worried about the long-term impact of the pandemic on their operations and the future of their business due to the air of uncertainty.
Due to social distancing measures and less economic activity, fewer people are visiting the gas stations and c-stores, which has affected their profitability. In this blog, we’ll talk about some cost c-store trends to watch in 2020 and beyond to help convenience store businesses to get back on their feet and improve the bottom line of their business.
5 C-store Industry Trends to Watch in 2020
Branded fuel stations
Consumer behavior, particularly their brand consciousness, can play a substantial role in the c-store’s profitability. Vehicle owners who prefer branded fuel don’t frequent unbranded gas stations, which also affects the sales of c-stores. Therefore, many gas station owners are partnering up with a fuel brand to increase foot traffic at their c-stores.
In addition to branding, c-store owners have started loyalty programs to encourage clients to come back and become regular customers. It involves providing discounts and financial incentives to loyal customers. C-stores that run these programs report increased and more consistent sales revenue.
In today’s digitalized world, bringing customers to brick and mortar stores has become a surmountable challenge. Many c-store owners are tackling this problem by using technology. Mobile apps are a great way to remind customers to visit the store. Loyalty points and discount offers encourage more customers to visit the c-store.
Modern consumers are educated about frauds and take their financial security very seriously; therefore, they prefer shopping at c-stores with secured payment gateways. Therefore, many gas stations and c-stores have started migrating to EMV-technology to provide a highly-secured, virtually risk-free payment solution to customers.
A significant portion of convenience store sales occurs at night. Unfortunately, the history of US convenience store robberies discourages many customers from visiting c-stores. In fact, most consumers only visit c-stores that are illuminated and well-lit as they tend to be safer. Therefore, c-store owners have started installing bright LED lights for improved lighting.
John W. Kennedy Company is a leading service station equipment provider that offers a wide array of gas station products at competitive prices. We have premium-quality petroleum equipment and supplies, including EMV POS terminals, LED lighting, and more. Visit our online store to browse our products.