The Importance of Adapting to New C-Store Retailing Technology
As technology continues to evolve, it can be challenging for c-store operators to understand when and if they should adopt new technology in their business. In this post, BATeam sheds light on key areas c-store operators should consider making the leap.
As new software and hardware solutions become available, it is essential for c-store retailers to remain at the forefront of the latest advancements that will improve operational efficiency. Such technology can help improve performance in key areas:
Many c-store operators have already adopted some type of Point-of-Sale (POS) hardware. But, as payment technology advances, the ability for these operators to accommodate the payment preferences of their shoppers can set them apart in the areas of customer service and convenience. One emerging preference is the ability for shoppers to pay using their smartphone. Apps such as Apple Pay and other mobile banking apps are making that a reality. Not only does it offer greater convenience, but it also ensures greater security for both the shopper and the operator.
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2. Product Ordering
While many operators rely on suppliers and vendors to place replenishment orders, having an understanding of what technology they use and how effective that usage is can have a significant impact on product availability in-store. With the right technology, it is possible to view prior day/week sales, future forecasts, and recommended order quantities that eliminate the guesswork. Applying this technology effectively can maximize in-stock positions and minimize lost sales.
3. Inventory Management
Many operators have little-to-no inventory storage in their locations. This requires pro-active inventory management to make efficient use of the existing space. Technology that combines daily sales data by UPC with current store inventory counts can provide operators and their suppliers with real-time visibility to in-stock positions. This information can be integrated with ordering/replenishment processes to generate highly accurate demand forecasts that ensure the right amount is in stock and on order on any given day.
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4. Food Production
Similar to inventory management, some operators deploy hardware and software solutions that assist with store food production, ingredient inventory and ordering, and even production cycle planning. Such technology makes it easy for store staff to produce the right amount of food at the right time – which improves freshness while minimizing waste.
5. Sales Reporting
Perhaps one of the most significant ways an operator can apply technology in their store is with software to report, analyze and archive sales data. This visibility can improve sales forecasting, labor scheduling, and even business planning across multiple locations.
Business Accelerator Team is an outside-in catalyst assisting with insight, strategy, marketing and connections. Our consultancy provides business-development expertise derived from a deep understanding of what has worked with suppliers, retailers and media in retailing and foodservice. If you would like to learn more about how Business Accelerator Team can help you adopt the best technology for your business, contact us for more information.