Convenience retail in 2023 is a fast-moving, innovative and high-pressured industry, but there may be a valuable tool to help retailers face the challenges in the year ahead.
Fresh from the upheaval from Covid and the various lockdowns, the cost-of-living crisis and spiralling price inflation have brought further strains to the sector.
Store owners are already juggling a lot of plates and face the constantly evolving challenge of stocking the right products at the right price, while making sure they’re keeping in touch with the latest consumer trends.
Recent research conducted by an independent market research company1 on behalf of Britvic, revealed that retailers have learnt to be more self-reliant over the last few years to stay innovative and ahead of the game. However, the day-to-day pressures make looking to the future a struggle.
Not only this, but the constantly evolving landscape means retailers are always looking for new ways to remain competitive.
The research also showed that some of the key barriers retailers face when it comes to growing sales are not having access to sales-driving aids, limited information about products in market until seen in the wholesale depot, and difficult direct avenues of communication with suppliers.
It was also found that nearly half of retailers wanted a supplier that was always on hand to help with any problems – marking an opportunity for supplier sites to act as a virtual representative on top of in-store visits and communications from field sales teams.
Fresh ideas and advice at all hours
Over the last few years, there has been a shift towards retailers relying more on online communications, with these hubs providing information, fresh ideas and advice at all hours – making it an efficient way of working for retailers.
Alongside convenience press, supplier websites can be a valuable source of information for retailers, especially when it comes to category-specific insights and keeping up to date on the latest products available for your shelves.
To cater to these needs, Britvic recently launched a new website for convenience retailers – At Your Convenience. The website provides advice on how to boost soft drink sales, capitalise on cross-category opportunities, understand the latest trends and insights, and access point-of-sale materials, product trials and information on the Britvic range.
“We wanted to create a platform that was developed with the current climate in mind, helping retailers not only navigate the big issues such as inflation and HFSS regulations for example, but also offering tips to drive everyday soft drink sales.
”It was really important to us to ensure that the platform is shaped from first-hand feedback, meaning it is designed around retailers’ needs, not ours,” says Ben Parker, retail commercial director at Britvic.
”The new website acts as a virtual rep and works in partnership with retailers to help them achieve their ambitions, remain competitive, innovate and plan for the longer-term growth they aim for.” .
Soft drinks for the win in 2023
Total take-home soft drink sales in convenience and impulse over the last year showed significant growth of +5.3% versus 20212. It has proven to be a resilient category and while drinks are a vital part of any stores’ product mix, innovation is what brings in new customers and helps to keep chillers exciting for them.
In fact, 88% of retailers stated that they liked to be the first to sell new and different products3.
Britvic has introduced a number of new products over the last 12 months, including Robinsons’ Benefit Drops to broaden the availability of on-the-go squash opportunities, and Tango Paradise Punch Sugar Free to tap into the growing demand for more choice in this area. And the brand will be offering product trials via the new website, so that retailers can stock the latest drinks for their customers without the risk.
Shoppers currently see more value in the familiar brands they trust, so stocking up on fan favourites such as 7UP or Pepsi MAX will help drive sales. Make sure your shelves are full of the usual best-sellers, with a mix of formats between cans and bottles, while also leaving space for new innovations.
Checking supplier sites on a regular basis, whether that’s on desktop or mobile, to see what new product development is on the horizon will help with forward planning.
“We’re firm believers that stronger collaboration between retailers and suppliers can benefit both parties, as well as ensuring that the overall convenience channel remains relevant to the modern shopper and is able to remain profitable in this tough economic landscape,” says Parker.
”Our aim is to make At Your Convenience a go-to platform, not just for information on soft drinks, but for wider advice that will help our retail customers grow their businesses.”
Top tips to drive your soft drink sales
1. Maximise on-the-go drinks
Ensure that there are a variety of lunch meal deals, snack and drink deals or breakfast deals, at different points of the day, which will nudge your customers to buy soft drinks on more occasions.
2. Know your events
Make sure you are aware of upcoming events, including key sports dates, bank holidays and seasonal occasions. Be fully prepared with the right range and enough stock to keep up with demand, catering for all the family.
3. Know which products are most popular with your shoppers
Customers are more likely to abandon their entire purchase if the item they want is not in stock.
Sources:
[1] Independent research conducted on behalf of Britvic with Value Engineers – August 2022
[2] IRI Total Deferred Soft Drink, Total Convenience Britvic Defined, Value Sales % Change vs YA, 52w/e 20/11/22
[3] Independent research conducted on behalf of Britvic with Value Engineers – August 202
Britvic is an international soft drinks business rich in history and heritage. Founded in England in the 1930s, it has grown into a global organisation with 39 much-loved brands sold in over 100 countries.
View full Profile
