The retail industry has experienced significant change over the past decade, and the pace of change continues to increase. As operators prepare for the exponential growth taking place in the industry, they can focus on food and experiences for continued success.
Speaking at NATSO Connect 2020 in Denver, Colorado, Patrik Jacob of Koru-Development said that whether disruptions are coming from a change in the fuel source customers use or increased competition, there are several ways operators can keep customers engaged.
Jacob told attendees consumers are looking for exceptional experiences they want to share. Food is one tool operators can use to attract customers and give them a reason to visit the location. “The great opportunity for you guys is to create those reasons to stop,” he said.
It is also important for operators to continue to focus on operational basics, such as clean restrooms and good lighting. “When the foundation is weak, you have problems with the other things,” he said.
Jacob said that in the beginning, exponential growth looks linear, but then there is a certain point where it moves faster. “When you apply constant growth rates, you get curves. The challenge is to assess if it is going to stay linear and you have time or are you at the bottom of the curve.”
Jacob added that a benefit of bricks and mortar locations is customers can engage with real people and experience all senses of a product. “This is where the opportunities are,” he said.
Photo credit: Lisa Burwell/NATSO
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