Volatile gas prices cause shoppers to rethink fueling and other rituals related to convenience stores. Some forego the tank fill-up and, instead, just buy enough gas to get through the day/week/trip. Others will skip or reduce the in-store portion of the visit. Either way, convenience store operators get pinched each time a shopper chooses to leave their property without making an in-store purchase.
Unfortunately for convenience store marketers, control over gas price fluctuations is out of their hands. However, they do have the power to use innovative marketing strategies to not only reduce the negative impact of gas prices, but also entice even more shoppers to walk through their doors and put additional items in their baskets. Since more than 80 percent of convenience stores sell gas, and changing gas prices affect trips and baskets, convenience store decision makers must develop approaches for rapidly adapting their offerings and promotional strategies when gas prices change, either up or down. Doing so requires a solid and granular understanding of how to draw more shoppers into the store, even in the face of high gas prices, and which categories are most impacted by fluctuating gas prices. Connecting these dots will boost industry earnings by billions of dollars annually.
In this report, discover how convenience store marketers can use innovative strategies to reduce the negative impact of volatile gas prices and entice shoppers to walk through their doors and put additional items in their baskets.
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