The global consumer packaged goods (CPG) market is an important one: According to Statista, it is expected to be worth around $3.5 trillion in 2021. Furthermore, with the advent of digital platforms, the internet of things, and other technological advances, the landscape is ever-shifting, making it difficult for CPG companies to keep up. This is especially true when it comes to c-stores.
C-stores are convenience stores, and they are a popular choice for consumers on the go. They often provide items such as snacks, drinks, and other items that consumers frequently need in their daily life. With such a wide range of items being offered, C-stores often have unique opportunities and challenges compared to other stores. For CPG companies, understanding c-store consumer trends and accurately analyzing their potential impact on product sales is a key to winning in this profitable market. With this in mind, here are the top 10 things to consider when evaluating c-store consumer trend reports.
1. Identifying the Target Audience: It is essential for CPG companies to understand the c-store demographic when evaluating consumer trends. By understanding their customer base, CPG companies can develop more effective strategies for product placement, marketing initiatives, promotions, and more.
2. Assessing Loyalty Programs: C-stores are often the go-to choice for convenience, and loyalty programs are a great way for companies to ensure customers keep coming back. Loyalty programs often require customers to join in order to get discounts and other benefits. Companies should assess the relevance of loyalty programs and how they may be affecting c-store consumer trends.
3. Measuring C-store Performance: C-store performance should be assessed regularly in order to understand the impact of strategies and changes made. Companies should measure the store’s sales performance, customer experience, and digital presence in order to get a clear understanding of how their efforts are affecting the c-store customer base.
4. Evaluating Competition: Understanding the competitive landscape is essential when assessing c-store consumer trends. CPG companies should evaluate the strategies and tactics used by competing brands to make sure they stay ahead of the competition.
5. Exploring Cross-Sell Opportunities: CPG companies should continuously look for cross-selling opportunities in c-stores. By utilizing digital platforms such as online media and mobile apps, CPG companies can create a higher likelihood of cross-selling, leading to more successful sales.
6. Examining Consumer Preferences: Consumer preferences vary by demographic. CPG companies should be aware of different consumer tastes in order to better dive into c-store market segments.
7. Leveraging Promotion: CPG companies should take advantage of promotional opportunities offered by c-stores in order to boost their product sales and brand awareness.
8. Analyzing Technology Trends: Technology is playing an increasingly important role when it comes to c-store consumer trends. Companies should be aware of developments such as contactless payments, digital promotions, and the rise of online ordering in order to stay competitive.
9. Monitoring Pricing Trends: Price is an important factor for customers when it comes to their choice of store. Companies should be aware of price changes and adjust their pricing strategies accordingly.
10. Assessing trends in C-store-related Industries: C-stores are closely tied to the foodservice, hotel, and hospitality industries. Companies should assess trends related to these industries in order to gain insight into c-store consumer trends.
By understanding these ten factors, CPG companies will be better equipped to assess c-store consumer trends and accurately evaluate their potential impact on sales. By utilizing the insights gathered through these consumer trend reports, it is possible for companies to stay ahead of their competition and optimize their strategy in order to maximize their product sales.
