Data reveals that convenience retailers need to focus on fundamentals after experiencing significant tailwinds behind the rise of in-store sales
ATLANTA, GEORGIA, November 16, 2023 (PR Newswire) – PDI Technologies, a global leader delivering powerful solutions and insights that serve as the backbone of the convenience retail and petroleum wholesale ecosystem, today released the latest edition of its c-store trends report, “Tracking Convenience Report: From the Pump to the C-Store,” an analysis of key findings in the convenience retail and fuel market.
The report encompasses data from PDI and GasBuddy, a PDI company, covering everything from sales trends to consumer “mission mindsets” to some of the hottest product categories in 2023. The latest assessment also provides key insights for retailers and CPG brands, along with actionable opportunities to improve business results. These opportunities include tips on how to convert visitors from the pump to the store, increase overall foot traffic, leverage CPG-funded promotions, and identify product growth areas such as beer subcategories.
Key insights from the report include:
- Increase units per basket for foundational growth. During 2023, convenience retailers experienced significant tailwinds behind the rise of in-store sales (up 2.2%), spend per basket (up 3.9%), and average price per unit (up 4.1%). But most of this growth has been driven by persistent inflation.
- Get to know the in-store consumer mindset. Store trips were down 1.7% in 2023, but the overall percentage of shoppers spending 5 to 10 minutes per trip in the store has grown year-over-year. Many consumers are displaying a different mindset at different times of the day.
- Know what customers are craving. According to PDI Insights and Analytics data, three key categories experienced especially high growth in 2023: alternative snacks (such as jerky and protein bars), liquor, and wine.
“Evolving trends in the convenience retail landscape are reshaping customer behaviors, but today fuel stops remain the primary driver of convenience store visits,” said Patrick De Haan, Head of Petroleum Analysis at GasBuddy. “In light of today’s unpredictable fuel market, retailers should adapt their approach to entice fuel customers to explore the store, especially during peak visit hours, in order to drive sales growth and increase customer engagement.”
“This year, the retail landscape is defined by modest growth in in-store sales, primarily driven by price inflation rather than more trips or larger baskets,” said Greg Crow, VP of Insights at PDI. “To thrive in this environment, convenience retailers need to get creative in how they approach balancing convenience and value to address consumer concerns about rising costs. Utilizing data-driven strategies is key to maintaining shopper engagement and building customer loyalty.”
To learn more, please view the full “Tracking Convenience Report: From the Pump to the C-Store” document.
About PDI Technologies
With 40 years of industry leadership, PDI Technologies, Inc. resides at the intersection of productivity and sales growth, delivering powerful solutions that serve as the backbone of the convenience retail and petroleum wholesale ecosystem. By “Connecting Convenience” across the globe, we empower businesses to increase productivity, make informed decisions, and engage faster with their customers. From large-scale ERP and logistics operations to loyalty programs and cybersecurity, we’re simplifying the industry supply chain for whatever comes next. Today, we serve over 200,000 locations worldwide with solutions like the Fuel Rewards® program and GasBuddy®, two popular brands representing more than 30 million users. Visit the PDI Technologies website.
GasBuddy is the leading fuel savings platform providing North American drivers with the most ways to save money on gas. GasBuddy has delivered more than $3.5 billion in cumulative savings to its users through providing real-time gas price information at 150,000+ stations, offering cash back rewards on purchases with brand partners, and through the Pay with GasBuddy™ payments card that offers cents-off per gallon at virtually all gas stations across the US. As one of the most highly rated apps in the history of the App Store, GasBuddy has been downloaded over 100 million times. Acquired by PDI Technologies in 2021, GasBuddy’s publishing and software businesses enable the world’s leading fuel, convenience, QSR and CPG companies to shorten the distance between the fueling public and their brands. For more information, visit www.gasbuddy.com.
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