How Technology, Consumer, and E-mobility Trends Will Influence the Convenience Retail Industry in 2024
Innovation leader PDI Technologies reveals its second annual trends outlook in live webinar
With ongoing pressures to optimize their workforce, offer advanced amenities, manage industry consolidation, and navigate economic uncertainty, convenience retailers experienced many challenges and opportunities in 2023. As this year comes to a close, innovation leader PDI Technologies looks at what’s ahead in 2024.
“The need to prioritize additional amenities beyond fuel will continue as c-stores cement their relevance to consumers”
“Top retailers, popular brands, and technology innovators will distinguish themselves by prioritizing integration and collaboration,” said Jeff Hassman, VP Product Strategy and Partnerships, PDI. “We all have insightful data on what’s happening in the store, at the pump, or behind the scenes. By working together to connect that data, we can maximize the convenience experience for consumers—which means a big win for the industry.”
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The three trends that will most impact the global convenience industry in 2024 include:
- Technology’s growing role in operational excellence: With evolving labor challenges, forward-looking operators will invest in technologies that integrate easily with their existing systems to reduce complexity and make their processes—and their employees—smarter, faster, and more efficient.
- The need to deliver more valuable consumer experiences: While consumer confidence may improve as inflation levels off, engaging shoppers with the most relevant, compelling, and personal experiences will become table stakes for retailers and CPG brands alike. Product promotions also can have positive long-term results, as revealed in the recent “Tracking Convenience Report” based on data and analysis from PDI and GasBuddy.
- E-mobility and EV readiness: Though the energy transition has begun, there’s still runway to ensure that the prime real estate c-stores already occupy becomes a strategic destination beyond fuel for consumers looking to charge their EVs.
“Retailers already winning at foodservice understand the c-store as a destination, which we’ve seen with success first in the highly competitive European and Asian markets and now throughout North America,” said Justin Baxley, Vice President, Retail Product Management, PDI. “The need to prioritize additional amenities beyond fuel will continue as c-stores cement their relevance to consumers of all kinds, no matter if they’re driving internal combustion engine, electric, or other types of vehicles.”
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