The convenience store beverage market has been in constant flux for the past several years, as consumer tastes, preferences, and purchasing habits continue to evolve. With a proliferation of new beverages entering the market every year, retail operators must stay up-to-date on the latest trends and developments to remain competitive and drive sales.
Of course, the challenge of successfully navigating this ever-changing landscape doesn’t get any easier, and convenience store operators must consider a variety of factors and trends when making their beverage decisions. From knowledge of which beverages are performing well to understanding the foodservice industry factors driving the trends, retail operators must stay in the know to stay successful in the beverage retailing game.
In this article, we’ll look closer at some of the key elements of convenience store beverage trends and explore the top 10 things that all retail operators need to consider when making their beverage decisions. We’ll explore everything from trends in flavors to consumer demographic shifts and even discuss the importance of utilizing data-driven insights to maximize success. After reading this article, you’ll have a firm grasp of the major trends driving the convenience store beverage market and have the resources and knowledge needed to make informed decisions for your business.
1. Knowing the Local Market
The first step to understanding the convenience store beverage market is to gain knowledge of the local area or region in which the storefront is located. This means having an understanding of the demographic shifts and trends in the local population in terms of age, gender, ethnic background, income level, and lifestyle preferences. Knowing the local market and the trends that go along with it can help operators in determining which beverages to stock and the types of promotions they may need to run to drive sales.
2. Exploring Beverage Flavor Trends and Innovations
Flavor is one of the biggest drivers of trends in convenience stores, as consumers are always seeking out unique and exciting flavors to try. This could include things like tea and coffee flavors, energy drinks, juices, protein drinks, etc. Exploring the trends in flavors can help operators determine which beverages have the potential to perform well and drive sales.
3. Inspecting Packaging and Design Choices
Another element to consider when it comes to convenience store beverage trends is the packaging and design of the products. With the increasing number of foodservice packaging innovations, such as plastic bottles, cans, and tetra packs, operators must stay up-to-date on the latest trends to ensure that their beverages stand out from the competition.
4. Utilizing Technology to Boost Sales
With the increasing availability of technology in the convenience store setting, many operators are beginning to leverage digital tools and techniques to boost sales. This could involve things like leveraging AI to predict consumer preferences and even using social media for targeted promotions. Utilizing technology correctly can help operators to drive sales and remain competitive in the convenience store beverage market
5. Analyzing Competitors’ Beverage Mixes
Another important element of understanding convenience store beverage trends is to analyze the offerings of competitors. By understanding what other retail operators in the area are stocking and selling, operators can better identify gaps in their own beverage line and determine what beverages need to be added to boost sales.
6. Exploring Shopper Data and Insights
Understanding consumer preferences and habits is key when it comes to successfully navigating the convenience store beverage market. Fortunately, there are a variety of data sources available that provide insights into shopper demographics and purchase behaviors, including in-store shopper surveys, customer loyalty data, and panel surveys. Utilizing insights from these data sources can help operators better understand their customers and determine how to best target their promotions and offerings accordingly
7. Utilizing Different Distribution and Logistics Channels
In addition to understanding the market and its trends, convenience store operators must consider the various distribution and logistics channels that could be used to get their beverages to their stores. With a variety of options at their disposal, they must determine which channels are the most cost-effective and efficient for their operation.
8. Capitalizing on Alternative Beverage Categories
Convenience store operators must also remain up-to-date on alternative beverage categories that could be of value to their businesses. This includes exploring things like plant-based options, adaptogens, and more, as well as understanding how to best capitalize on all of these categories in terms of pricing, placement, and promotions.
9. Managing Labor Costs and Efficiency
Operators must also understand and manage labor costs associated with stocking, merchandising, and selling beverages. Having an efficient labor system and leverage data-driven insights can help operators better target their resources to maximize efficiency and ensure that their labor costs are under control.
10. Leveraging Foodservice Market Intelligence and Insights
Finally, convenience store operators should always be looking to the future and utilize foodservice market intelligence and insights to make informed decisions about their businesses. This could involve utilizing resources like restaurant technology providers and data-enrichment platforms to gain better insights into the market and understand the latest trends.
