The minimart industry is more competitive than ever. Not only is the industry facing direct competition from other minimarts, but also from indirect competitors such as grocery stores, supermarkets, gas stations, and online stores that offer same-day delivery. At the start of each new year, experts weigh in on their predictions for the challenges and trends that lay ahead. With only a few months remaining in 2023, we’ve reflected on those predictions and the impacts on small retailers. We’ve discovered solutions on how POS software can help minimarts and convenience stores stay ahead for the remainder of 2023 and into the future.
To do more than just keep the lights on, minimarts need the right tools. POS (Point of Sale) software is an essential part of the solution. POS software can empower minimarts to capitalize on the customer and market issues of 2023. As a result, they will stay ahead of the competition in this ever-changing industry. All-in-one point of sale and payment processing solutions can provide minimarts with a range of features that help streamline operations, improve efficiency, enhance the customer experience, and boost profitability.
Issues for Minimarts in 2023
Minimarts face a variety of market issues and customer trends. Convenience Store News Canada, identified several issues that were projected to shape, impact, and define the minimart and convenience industry in 2023. As we enter the last quarter of the year, we’ve picked the most influential. We’ve also included ways that POS software can be a key tool to success.
Increased use of cashless payments
According to the Bank of Canada, the volume and value of cash transactions continue to decline. In its place are digital transactions, such as mobile payments and contactless payment methods. A fully integrated point of sale and payments solution enables minimarts to accept a variety of payment options; therefore, providing convenience and flexibility to customers. To cater to the increasing preference for cashless transactions, POS software enables minimarts to accept mobile payments like Apple and Android Pay, and contactless options such as dip, chip & pin, and tap with popular credit and debit cards.
Increased interest in local products
The demand for locally sourced and unique items is on the rise, and customers are willing to pay a higher-than-average price for items that are sourced or produced close to home. POS software helps minimarts manage inventory and categorize products. Thus, making it easier to offer a wide, yet profitable, selection of locally sourced products that meet customer demands. POS software generates comprehensive reports that help minimarts gain insights into popular products, identify slow-moving items, and make data-driven decisions to ensure items are priced to meet target margins.
Ongoing Promotion Clutter
Customers are exposed to a significant amount of advertising every day, resulting in apathy or even cynicism. To break through the marketing clutter and have customers take notice, a strategic approach helps identify what works best to grab customer’s attention. A robust POS system includes the flexibility to offer customized promotions that are unique to the shopping behaviors and preferences of your target customer. POS software provides insights into promotion performance to determine what types of sales and discounts are effective, and what needs to be changed. Maximizing the return on advertising investments not only ensures store promotions are effective but also spurs foot traffic and the impulse purchase of full-price complementary products.
Keeping Shelves Stocked
Managing inventory efficiently is crucial for minimarts, especially during a time of supply chain disruption. Sourcing sought-after products and running effective promotions will not be effective if there isn’t sufficient inventory on the shelves. POS software simplifies inventory management. It provides real-time updates on stock levels, notifying minimarts of low stock, and helping with order management. By leveraging these features, minimarts can optimize inventory levels, reduce waste, and improve overall efficiency. In turn, minimarts ensure the customer’s favorite products are readily available when customers are in the store.
Benefits of POS software for Minimarts
The benefits of POS software for minimarts include increased efficiency, better customer experiences, and improved profitability. By automating tasks, reducing human errors, and streamlining operations, point of sale software improves overall efficiency. Minimarts can save time on manual processes and focus on delivering exceptional customer service. POS software enhances the checkout process which reduces waiting times and minimizes transaction errors. As a result, a more satisfying shopping experience for customers is born. Optimizing inventory management and minimizing stockouts and overstocks contributes to improved profitability for minimarts.
As we embark on the remaining months of 2023, minimarts will continue to face strong competition. By utilizing technology to turn the issues into opportunities, the last quarter of the year can finish strong. POS software can be used to cater to the increasing demand for cashless payments and local products, break through the promotion clutter to peak customers’ interest, and keep shelves stocked. Staying ahead in this rapidly evolving industry is essential for minimarts. POS software is a vital tool to streamline operations, enhance the customer experience, and boost profitability in 2023 and beyond.