Convenience Store Management - Befitting Post COVID Challenges

Convenience Store Management - Befitting Post COVID Challenges

Description

One of the sectors that has taken a very significant damage of the pandemic and the lock down thereafter, are the brick and mortar convenience stores.

Over 85% consumers prefer online shopping over the brick and mortar stores. - CNBC TV

Brick and mortar convenience stores needs to get their edge back, here are the reasons why and how this is possible;
 

A huge shift was seen in online grocery shopping during the pandemic, putting the brick and mortar stores on the back-foot. But it was recently observed that the trend was dropping as soon as unlocking was set in motion

Adherence to the Traditional Ways

A huge shift was seen in online grocery shopping during the pandemic, putting the brick and mortar stores on the back-foot. But it was recently observed that the trend was dropping as soon as unlocking was set in motion.

Graph showing online grocery shopping trend drop after the peak during pandemic.

This graph showcases how people in the states still prefer shopping in the store rather than online. 

“...more than 7 in 10 people have continued to visit stores for groceries and other essentials” - McKinsey & Co.

According to a survey conducted by Economic Times, it was found that ⅔ of people prefer the local kirana stores for buying groceries and other necessities. 

As I was speaking of the legacy of these mortar stores, this preference study shows that it still stands true and has a chance of reviving through these difficult times. 

Leveraging Convenience

Along with the high prices and delayed grievance redressal process, one of the biggest flaws of online shopping for groceries is the time it takes to deliver the items. 

But in case of brick and mortar convenience stores,  you can be assured of the quality before you make a purchase, and enjoy the products immediately.

The Satisfaction Factor

The shopping spree with the family in the convenience stores is something we have all experienced. Satisfaction of comparing the quality and then making the best buy is something that will never go off market.

The pandemic has put a stop to this, but gradually as things are getting to the new normal, the importance of satisfaction level is getting back into the game. 

New norms are still being defined. However, here is what you can do to be ready to pace with the new norms. 

Upgrade

When I say upgrade, I mean covering following 5 aspects:

  • Stock -
    The competition is with the online stores, the things you were offering earlier need updating.

    >Add more options for everything that you offer.
    >Attractive loyalty plans.
    >Attractive pricing, offers and promotions.
    >Assure them that the store purchase is great quality

  • System -
    System basically means how you used to operate and how you need to operate considering the current scenario.

    >Sanitization of your stores is still a must both for staff as well as customers
    >Create integrations with your own webstore or app. 
    >Make your inventory available on aggregator platforms like Dunzo and others

  • Infrastructure -
    If you are not already switched to the POS system, do that at the earliest. Reasons being, the readiness it offers in terms of billing helps building the trust factor.

    > Regulates Retail and Wholesale activities.
    > Faster checkouts.
    > Ease in operating the store. by knowing the live stock 

  • Knowledge -
    With the changed retail atmosphere, there are experts who are helping out supermarkets/convenience stores by addressing their pain points and helping them understand how we can deal with this

    > Attend webinars
    > Be active on social platforms for ideas.

In conclusion, there is plenty of scope to keep the new wave of convenience stores running.

Are you a convenience store? 
Do you want to explore POS software or ERP or ecommerce solutions?

Get it here!

 

 

Image removed.

Vyomika | September 19th, 2020
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