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Convenience Store News: Investing in the Future

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With technology touching nearly every aspect of convenience retailing these days, investing in more advanced technologies as a means to bolster one’s business is a no-brainer.

Convenience Store News’ 2018 Technology Study finds that convenience store retailers are once again committed this year to spending more money on technology to better serve their customers and their bottom line. Nearly 62 percent of retailers surveyed planned to make a greater investment in 2018, compared to 2017. Roughly 28 percent expected to spend the same, while just around 10 percent predicted less money would go toward tech this year.

The five goals c-store retailers have top-of-mind to accomplish in 2018 remain unchanged from 2017. Topping the list is better management at the store level in terms of inventory and revenue, followed by replacing aging point-of-sale (POS) systems, reducing theft and shrink, speeding up the customer checkout process, and better management of store labor expenses (Learn more: Why SD-WAN? Turn Point of Sale into a Point of Strength).

When asked where they allocated their technology dollars in the past year, 93.5 percent of retailers indicated they spent in the automation space, a slight increase over the previous year.

Also continuing its stable trend as of late is how retailers are spending considerably more money on store-level technology than they are on technology for their headquarters. In the past year, 68.8 percent of retailers’ technology investment went to bolstering technology at their stores, while 31.2 percent was set aside for HQ operations.

As c-store retailers are constantly thinking about how to most efficiently spend money on technological improvements at their stores, they’re also thinking about how their customers can most efficiently spend their money with them when they shop. That’s why 47.7 percent of survey respondents said they want to replace their POS system this year.

To read more from the CSN study, download the article.