Category management, or at least the form in which we see it today, has been developed quite recently. If we look at just 10-15 years ago, we find that convenience stores would have brands and companies vying for the best product placement and the best promotion spots, in order to generate sales and glean the best profits.
A product, be it of any variety, has a certain life cycle, which begins when it is newly launched into the market, and ends when it finally loses the majority of its demand among the customers. The very final stage in the life cycle is when the product is no longer in as much demand as it was when it was experiencing a surge in popularity and when it is on the verge of becoming a liability for the company that produces and stocks it.
As a convenience store owner, it is important to always be looking for new ways to market your business. National chains are stepping up their c-store game, and even larger companies like Amazon are getting into the mix. The smart play is to become more proactive in the marketing department and to reach customers in ways that resonate with them.
Cloud-based businesses have a distinct advantage when it comes to efficient management and considerably lower operational involvement as well as costs. This is because a significant amount of data, which would otherwise be collected and processed manually, is then done in cyberspace, where there is virtually limitless space and computing capacity.
Unless you’ve been living under a rock for the last week, you heard the news that online retail giant Amazon recently reached a deal to acquire the healthy grocery giant Whole Foods for approximately $13.7 billion.
The move sent shockwave through the online retail and grocery industries as some analysts praise the move while others are left scratching their heads.
Thirsty customers are always a winner, and for convenience stores looking to capitalize on thirst; beer is the order of the day. Stocking beer creates a destination hot spot where customers know they can fuel up their car, grab any necessities, and grab some much-needed beer without having to haul themselves to the grocery store.
Previously, we’ve discussed how a growing number of Americans are using food selection as a factor in choosing their gas station. Now, let’s hone in on the most important meal of the day: breakfast! An important part of gas station management is reading the trends in the industry, and this is one that is gaining steam quickly!
The life cycle of a product denotes the various stages through which the product goes, during its span on the market. This applies to both consumer products as well as commercial ones. In its essence, a product life cycle is a business management method, which seeks to define all the phases of a product’s life.
It’s no secret that many convenience stores are behind on the times when it comes to loyalty programs. Per a study done by General Mills in 2014, “Eighty-nine percent of [c-store] shoppers currently participate in some type of loyalty/reward program across a variety of channels and categories.