A recent study shows that the typical focused c-store consumer is in and out in under four minutes, passing 606 different product category displays on average as they browse. This means they spend less than .5 seconds per display. Further, 46% of c-store shoppers purchase only one product during a shopping trip and 95% of c-store shopping decisions are made subconsciously. That’s from the consumer side.
From the supply and manufacturing side, each year, more than 30,000 new products hit the market. Since new products make up around 20% of a convenience store’s selection, a store owner can’t ignore these products.
So stuck in the middle is you, the convenience store owner, who has a rather tricky challenge on your hands. You must ask and answer well: What is the right set of products in your store? How do you know when to change the product mix? What new products should you take on and which old products should you let go of?
This challenge is not one you should take lightly. This is because customers are extremely devoted to their favorite convenience store. 7 out of 10 customers shop at the same store and location, with 93% doing so most of the time. If you fail to give them what they want – the right price, products they need, and variety – they will go elsewhere and may never return.
To address this challenge, you need to invest in an amazing product discovery tool. We built such a tool – the Evidnt Marketplace. Evidnt’s Marketplace enables merchants to identify the right categories, brands, and products for their stores and order them all within the Marketplace. The Marketplace is backed by Evidnt’s Intelligence Hub. The Intelligence Hub does two things that are very important for product discovery. It uncovers regional and national product trends, so you can stock up on best-selling items and discount those that are losing their appeal. And it examines sales data for various brands, categories, and goods to better manage your inventory throughout the year.
With the Evidnt Marketplace and Intelligence Hub, your convenience store can be positioned for success in a highly competitive environment that can make life difficult for store owners but doesn’t have to be.