While consumers are increasingly demanding more choice, many retailers are taking a wait-and-see approach. That’s according to findings from the First Insight and the Baker Retailing Center at the Wharton School of the University of Pennsylvania Report. While this survey reports on U.S. consumers, the findings reflect similar shopping trends across other countries in Europe and more.
Even if some consumers have difficulty defining exactly what “sustainability” means to them, they know it when they see it. Yet their preferences around environmental impact can vary widely, ranging from biodegradable packaging and organic ingredients to carbon offsets and a number of other factors.
One thing is clear, however. A growing number of convenience shoppers are actively seeking out sustainable products and businesses—and they’re willing to pay a premium for “green” goods. That’s great news for convenience retailers, as long as you’re prepared to meet the demand.
If you haven’t yet detected an influx of green shoppers at your stores, it’s likely only a matter of time before you do. And if you want to remain competitive, you need to implement a sustainability strategy that benefits both your customers and your business.
Address the inflection point
In some cases, you simply can’t foresee disruptive change on the horizon—such as a global pandemic. In other cases—such as sustainability—all the signs are clear. Just as digital transformation helped you adapt faster to the rapidly changing market dynamics during the pandemic, a transformation around sustainability can create new opportunities to differentiate your business while making a positive impact on the environment.
This type of transformation means finding ways to bridge the gap from the legacy carbon world to a more sustainable future—from the store to the forecourt. But if you’re like everyone else in the industry, you probably have a lot of questions about how to offset lost fuel sales due to the rapid growth in electric vehicle sales.
In other words, how soon do you need to make EV charging a priority? And how can you start attracting EV drivers to your business?