The convenience store drink industry has seen a continuous rise in demand in recent years in the United States. From a franchisor’s perspective, understanding this growth and the industry’s future trajectory is critical for making sound decisions and expanding operations. While leveraging industry insights and data can help inform tracking the state of the market, here are the top ten things to consider when looking at convenience store drink trends.
1. Understand Changing Consumer Preferences
The convenience store drink industry is constantly evolving as consumers’ preferences change and new products enter the market. To stay ahead of the trends and better target their customer base, franchisors need to have a deep understanding of their customers’ wants and needs. This means monitoring shifts in product preferences as new product introductions increase shelf space for more variety.
2. Have Data-driven Insights and Analytics at Your Disposal
When planning to expand operations, having the right data and analytics at your disposal is key to success. Having an understanding of the foodservice market relevant to the convenience storeindustry, as well as specific menu and technology insights, can ensure you know the direction of the industry when making decisions. Utilizing data can also help enrich your systems and make sophisticated decisions about product introductions and sales techniques.
3. Follow Volatile Community Trends
When considering the convenience store drink industry, it is also important to have a good understanding of specific, geographic trends in different communities. Local developments can have a significant impact on nearby businesses within the food and beverage industry. This means that having up-to-date, data-driven insights into the foodservice market in a particular area can be a powerful tool when deciding whether or not to expand operations.
4. Utilize Industry Knowledge
Franchisors should also utilize industry knowledge when evaluating potential expansion opportunities. Having an understanding of the competitive landscape and major players in the market can provide franchisors with out-of-the market opportunities and help inform decision-making. The understanding of the industry should also include a knowledge of current state and food safety regulations, as well as labor laws.
5. Track Beverage Production and Distribution Data
Franchisors should be aware of current beverage production and distribution data when considering expansion opportunities. Knowing the number of beverages being produced by each brand and the distribution of these products throughout the country can help identify gaps in the market and inform decisions about entering into new communities.
6. Trend-spotting
When looking into the convenience store drink trends, trend-spotting can provide a wide array of insights into potential opportunities. Recognizing up-and-coming market trends can be key when determining the direction of strategic investments and growth.
7. Utilize Social Media
In the modern age, social media has become an important tool for businesses to increase their reach, gain customers, and interact with their target audience. Franchisors need to be aware of the opportunities and challenges posed by social media when looking into convenience store drink trends. Understanding how consumers interact with different brands and products online can help inform decisions when looking at market opportunities.
8. Adapt to Retail Trends
Retail trends are also an important factor to consider when looking at the convenience store drink industry. From online shopping to mobile applications, technology has greatly revolutionized the retail sector. By understanding the opportunities and challenges posed by new retail trends, franchisors can make more informed decisions when it comes to market opportunities.
9. Leverage Industry Events
Franchisors should also have an awareness of the industry events taking place each year. Attending industry events such as conventions and conferences can provide franchisors with an understanding of the current state of the convenience store drink industry, as well as provide opportunities for expansion and partnerships.
10. Growing Popularity of Alternative Drinks
Finally, the popularity of alternative drinks is growing in the convenience store drink market. As consumers increasingly opt for healthier options, franchisors need to consider introducing new beverages to meet these demands. This could include adding more fruit and vegetable drinks to the menu as well as specialty drinks or ready-to-drink beverages.
It is important for franchisors to understand the convenience store drink industry and stay up-to-date with consumer preferences and changing trends. By utilizing data-driven insights and tracking beverage production and retail trends, franchisors can gain an understanding of the market when considering expansion opportunities.
