The Convenience Leaders Vision Group (CLVG) recently released an insightful report titled, “Industry Leaders on Academic Collaboration, 24/7 Operations, EVs, Labor, Tariffs and AI.” This report explores how convenience retailers are not only teaming up with universities but also tackling significant industry challenges.
Here are some key takeaways:
Working with Universities: Robert Hampton from VGN emphasized that universities can drive innovation and develop talent. This collaboration can happen through projects like capstone initiatives and hackathons. Joe Sheetz of Sheetz Inc. supports this hands-on student involvement.
24-Hour Operations: The conversation highlighted that safety is vital, but 24-hour stores meet both operational and customer needs. Mark Samuels from Dash In noted that early morning customers expect stores to be open; even a small delay can lead to lost business.
Labor Challenges: Many companies are noticing better job candidates and lower turnover. Jonathan Polonsky from Plaid Pantry shared that the quality of applicants has risen significantly, which has strengthened their workforce.
Tariff Effects: Retailers are feeling the pinch from tariffs, particularly concerning construction and equipment costs. Ongoing supply chain issues are exacerbating these challenges.
Embracing AI: Businesses are slowly introducing AI in their operations. Innovative tools like multilingual customer support bots and predictive ordering systems are becoming vital. There’s also a growing focus on prompt engineering to enhance customer experience.
In recent months, a survey by the National Retail Federation found that over 70% of retailers are planning to expand their technology investments, hinting that the trend of integrating AI is likely to grow even further.
As the landscape continues to evolve, it’s clear that collaboration and innovation will be at the forefront of the convenience retail industry.
For more in-depth insights, you can view the full report here.
