A new generation of consumers brings with them new expectations, many of which revolve around technology.
Integrating new technologies into existing operations has proven to be an extremely useful tool for retailers looking to attract new customers and retain existing ones. However, the intricacies of integrating certain technologies can be daunting.
To learn more, CStore Decisions recently met with three industry experts for an exclusive webinar.
Moderated by Editor-in-Chief Erin Del Conte, panelists included Yaqub Baiani, Vice President of Digital Product Management at 7-Eleven, Adi Dhandhania, CEO of Neon Marketplace, and Mike Templeton, Vice President of Digital Strategy at NexChapter – a growth consulting firm for the c-store industry.
At the beginning of the webinar, panelists discussed the topic of digitization as more retailers turn to technology to complement traditional operations.
Baiani noted that the COVID pandemic has greatly accelerated the digitization movement, but still stressed the importance of brick-and-mortar stores. Therefore, every brand must find a balance between its digital and physical presence, Baiani said.
“I think every player, big or small, goes through this iteration of really figuring out what makes sense for their customer base,” he said.
Dhandhania of Neon Marketplace, on the other hand, shared the perspective of a young company founded during the pandemic.
“We started about three years ago and wanted to build a company that tried to adopt these technologies by learning from a lot of retailers that have been doing this for a very long time,” he said. “Our customers were demanding a very simple customer experience, so our focus was always on providing a very good customer experience.”
As retailers continue to adapt to the technology-driven landscape, NexChapter’s Templeton says there is still room for improvement in implementation, but the company is very pleased with how things are going.
“Many retailers have taken the first steps to start digitizing their business. For example, they’ve looked at marketing software to automate customer outreach and implemented loyalty programs to generate detailed customer data about the people they interact with on a daily basis,” he noted. “But we still see room for growth in terms of reconnecting these capabilities that people have started to experiment with with real business growth for the retailer, and that’s really the benefit that everyone is looking at now.”
At 7-Eleven, delivery has been a major focus in the company’s digitalization process, Baiani said, largely due to customer demand.
“(Customers) expect fast delivery, they expect food, they expect so many different elements – and when you have the store space and now the technological ability to connect those two things together, that’s when the magic happens.”
In addition to delivery, Baiani emphasized that 7-Eleven and Speedway’s mobile apps are at the heart of the company’s digital connection with its customers.
“We’ve seen time and time again in every single case study you read externally and in all the data you look at internally that when app members are more engaged, they spend more and visit your stores more often,” he continued. “That’s why we’ve made strategic investments in 7Rewards as part of our offers and rewards experiences.”
All three panelists agreed that it would be wise for retailers to adopt new technologies when it comes to digitalisation, mainly due to consumer expectations and the fact that an increasingly digital generation of consumers is entering the market.
Other topics covered in the webinar include point-of-sale practices, digital omni-channel approaches, loyalty and more.
The full recording of the webinar can be found here.
