Winning at the point of sale in the convenience sector

It’s quite possible that there has never been a more pivotal time in the convenience-store industry. With the obvious exception of e-commerce, the convenience-store and club sectors are the only two other retail channels expected to grow over the next three years – and not nearly as briskly as e-commerce.1   

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Winning at the point of sale in the convenience sector

Mar 18, 2019

Winning at the point of sale in the convenience sector

It’s quite possible that there has never been a more pivotal time in the convenience-store industry. With the obvious exception of e-commerce, the convenience-store and club sectors are the only two other retail channels expected to grow over the next three years – and not nearly as briskly as e-commerce.

For instance, 2017 sales rose just 2.1 percent, which wasn’t nearly as impressive as the two years prior at between 4 and 5 percent.2 Perhaps more surprisingly, though, foodservice sales increased at about half the growth rate of two years ago. Beyond tobacco, wine and liquor, the biggest gains were seen in prepared food, while the biggest declines were in ice cream, publications, and non-edible grocery.3 We are now in an era of increasing competition, instant gratification, and endless choice, which definitely contributes to the slowdown, but it actually should present great opportunities for convenience stores. We just need to understand where to focus.

Innovation is possible. The most successful convenience stores will continue to thrive by proactively focusing on operational improvements around customer acquisition and resource utilization. They’ll also implement customer-facing improvements like offering more personalized service (i.e. loyalty), and enhancing the overall customer experience, product offering and data security.4 Take product offering for example. Industry leaders are following the trends and are providing more of the types of prepared foods their customers are looking for, and they’re mixing it up from region to region to meet the varying demands (and cravings) of their customers.

One extremely important point to consider is the customer check-out experience. It’s not enough to have a simple cash system and card reader. Is your system optimized to help you make the most of every sale? It should be able to accept all forms of payment, including chip, mobile, and EBT. It needs to be extremely fast to keep the lines down and customers happy. You should also be able to offer, and honor, loyalty-driving rewards programs, weekly deals, coupons, and instant discounts that your competitors up the street (or even across the street) provide. Finally, data security is paramount to just about every transaction.

The Genius® Countertop solution integrates the most important aspects of convenience store operation – processing, payment acceptance, and customer experience into one secure, cloud-based platform that keeps cardholder data off of the POS. With encrypted and extremely fast chip card transactions, robust customer engagement features, and the ability to accept EBT payments, customers pay how they want and are immediately on their way. Genius even updates automatically via the cloud to ensure you have the latest features and functionality with no downtime.

Find out more about what Genius Countertop can do for your convenience store operation.

Genius is a registered trademark of Cayan LLC, a TSYS company. 

1 How U.S. Convenience Stores Can Stay ahead of the Retail Pack, FMCG AND RETAIL, Nielsen,  https://www.nielsen.com/us/en/insights/news/2017/how-us-convenience-stores-can-stay-ahead-of-the-retail-pack.html

2 Industry report 2018: Is The Party Over? Convenience Store News, https://csnews.com/industry-report-2018-party-over?from=gate

3 Industry report 2018: Is The Party Over? Convenience Store News, https://csnews.com/industry-report-2018-party-over?from=gate

4 POS/Customer Engagement Survey, Boston Retail Partners.

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