Insights from the Business Insurance Center Team
For decades, Americans have hit the local fuel station for “gas, smokes, and cokes.” Even today, the name of the game is convenience as morning commuters stop for a quick fill-up and a drink. Yet, tastes and desires are changing and it is causing a ripple effect for store owners and corporations. Gone are the days where you could stock your stores with pre-packaged snack foods or hot dogs. Consumers, especially Millennials, want additional options, like choices in fresh food.
Staying up on the new trends will aid you in making smart business decisions for your enterprise. One of the best choices you can make is to work with the right convenience store insurance program provider. The experienced team at the Business Insurance Center understands the risks and demands you face in your specialized industry. We are ready to assist you in protecting your company, employees, and consumers.
Trends to Look for in the Convenience Store Landscape
According to a CNBC article, Americans and especially Millennials, are stocking up less in their pantry and instead are opting for a pre-made meal at their local convenience mart. Here are a few observations they made:
- More grocery sales will be made at venues other than grocery stores. Citing a report by the consulting firm McKinsey, by 2026, $200 billion to $700 billion in grocery sales will not be at the local grocery store. Instead, they can be at your convenience store.
- People want convenience stores to stay “convenient.” That is, they do not want to spend any more time than absolutely necessary to make their purchase. Most of the items purchased will be consumed immediately, so they want it now.
- Gas is still the main reason people stop at your store. When gas prices stay relatively calm, consumers choose to stop at those places where quality is high. Which means now is a great time to spruce things up to invite more customers to stop by.
- More fresh items mean new challenges. You may not be as familiar with carrying produce and perishables. It may take some time to learn how to order the appropriate amount, so nothing goes bad and you’re not losing money.
If you want to cast a wider net to attract new customers, then consider embracing the latest trends and diversifying your options. Remember to consult your Business Insurance Center broker as you look for new avenues within your business plan to ensure you have the right coverage. For example, you may want to look into product liability insurance if a product you offer for sale causes a customer harm and you are sued.
Protect Your Convenience Store with Coverage from the Business Insurance Center
Embrace the new trends in your industry to enjoy potential growth while offering your community an efficient service. Choose to work with a knowledgeable broker at the Business Insurance Center. We help small business owners across a variety of industries to offer them the best coverage at reasonable rates. Talk with us today and experience the difference our team can make in helping safeguard your stores.
Request a quote online or call and speak with a knowledgeable and experienced broker at the Business Insurance Center. We have a 24/7 call center to serve you and an online Live Chat operator.