State of the Industry
Future of Convenience Stores
Q4, 2023
In the age of Quick Commerce, convenience stores are challenged to adapt to ultra-fast delivery by streamlining operations and expanding order fulfillment capabilities. This transformation is driven by evolving consumer preferences, including unique services, EV charging, and a focus on food offerings.
Success for convenience stores in the future hinges on their ability to rapidly adapt, innovate, and respond to changing market dynamics, offering more than just transactions but also experimentation, scalability, and swift responses to evolving retail landscapes.
This report brings you in-depth analysis of the evolving convenience retail landscape amidst rising competition and eCommerce influence. It also offers valuable insights to shape the roadmap for next-generation convenience stores.
FOUR KEY B2C COMMERCE IMPERATIVES
Incisiv
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As consumers continue to reshape their expectations,
enterprises must contend with a uniquely challenging landscape.
The consumer technology landscape is forever changing.
From Pinterest to TikTok, WeChat to Instagram, new experiences can rapidly gain consumer adoption and relevance.
From augmented reality to voice, smartwatches to chatbots, consumers are constantly embracing new interaction paradigms.
Commoditized convenience is eroding loyalty and margin.
Consumers expect convenience. If you can't deliver it, they'll go elsewhere - e.g. next day shipping becoming the new standard.
Walmart will reportedly lose USD 1 billion on eCommerce revenue of USD 21 billion this year as it faces challenges in its bid to complete against Amazon – from trouble integrating its DNVB acquisitions to impact on margin from its next-day delivery operations.
Consumers value experiences that are curated to fit their lives better.
They want to engage, be served, and transact at their time, their pace, their place. They have little patience, infinite choice and the freedom to swipe left at the slightest hint of friction.
