3 Things You Can Do To Improve Your Convenience Store's Profit Margins
If you're like most convenience store owners, you are probably always looking for ways to improve your company's overall profit margins. Here are a few important options that shouldn't be overlooked:
Expand Your Offerings
One great way to increase your convenience store's profit margins as time goes on is to expand your store's overall offerings. Instead of just selling snacks and drinks, set up a display stand where locally produced products such as jewelry and soap can be sold. Or sell t-shirts, water bottles, and other gear that features your logos for added convenience. And when customers buy your logo items and use them around town, you'll enjoy free advertising and likely attract more customers to your store in the coming months and years.
If you don't have a lot of extra space in your convenience store, you can hang floating shelves on the walls to store new products. You can also set up portable stands outside near your entrance and feature sale products to attract passersby. When it's time to close for the day, you can simply roll the stands into your store and lock up like usual. The next morning, the stands can be rolled right back outside when you open for business.
Host Community Events
Another great ways to improve your convenience store's profit margins is to host various community events throughout the year. You can host your own events such as flash sales in the parking lot in order to generate more interest in your store. You can also work with different organizations in your community and allow them to host special events on your store's property.
For example, a local church might want to raise money for a new project, and you can allow them to host a bake sale or similar event on your store's property to help them earn the funds they need. Or a local school might want to host a car wash to raise money for a field trip, in which case your parking lot could be the perfect location. And when hosts and guests are on your property to attend a function, they'll probably spend money in your store on things like snacks and toiletries before leaving.
Invest in Secret Shoppers
Investing your time and money in secret shoppers is an excellent way to make sure that your convenience store is being run properly even when you aren't there to keep an eye on things yourself. By having a secret shopper engage with your employees and evaluate their buying experience, you can learn a lot about what your store is doing right and what needs to be improved to increase your profit margins as time goes on.
You'll gain insight into how customers are treated by your employees, how easy it is for customers to find what they need, and whether your products are presented in a way that is attractive to customers. You'll learn just how long it takes for a sales transaction to take place and whether customers are more likely to have peace of mind or feel frustrated when leaving your store.
All of this information will allow you to make adjustments to your convenience store's practices and policies so you can enjoy higher profit margins through the coming years.