Technology is rapidly evolving in the convenience-store industry. All retail sales are forecasted to increase 4% in 2024 vs. last year, but the budget growth for technology exceeds sales growth, adding pressure, according to the National Retail Federation (NRF) 2024 Retail Forecast, the Gartner Tech Investment Report and the CSP Technology Outlook Report.
While investments in tech are growing, there is a lack of collaborative opportunities specific to the c-store channel for leaders looking to stay well versed and create partnerships.
That was CSP’s motivation to create a new event where c-store retailers and tech providers could network and learn from experts about how they can take action and what solutions might work best in their stores. In Partnership with NexChapter, a strategic growth advisory firm for the convenience and grocery channels, CSP’s inaugural C-StoreTEC event took place Oct. 28-30 in Schaumburg, Illinois.
Retailers are spending 2-4% on average of total revenues against technology, said Art Sebastian, CEO of NexChapter, Des Moines, Iowa.
“That's a lot of money, a lot of dollars going against tech,” he said. “That's a good thing for us, but it leads to a lot of questions for us: What are we investing in? What's the prioritization? What's the sequencing? How do we integrate new, modern tech with legacy systems? Do we have the talent? Who are the right partners? What’s the return on investment for all these tech investments?”
Those were some of the topics that the C-StoreTEC event addressed. Tech experts and the C-StoreTEC Advisory Board shared three days of content and panel discussions that sparked conversation between peers in the industry.
The board is comprised of c-store leaders that have been teaming up all year to understand the biggest technology needs within the industry and provide strategic guidance, insights and recommendations.
Sebastian, former vice president of digital experiences with Casey's General Stores, is the chair of the board. The board consists of leaders from EG America, GPM Investments, Kwik Trip, RaceTrac, Jacksons Food Stores, Refuel, CEFCO, H&S Energy, Rutter’s, Weigel’s, Parker’s Kitchen, The Wills Group, TXB and Chestnut Market, plus technology provider Par Retail and tobacco supplier Altria.
At C-StoreTEC, the board covered four areas of focus:
- Data-driven engagement: a focus on the growing amount/complexity/importance of customer data and digital marketing.
- Digital customer experience: a focus on app engagement, loyalty programs and websites.
- Foodservice enablement: a focus on kitchen technology to enable c-stores to compete with quick-service restaurants (QSRs), production planners, display systems, printers and more.
- Information technology and unified commerce committee: a focus on all the core IT elements including but not limited to infrastructure, cyber security, and employee app experiences, plus a focus on point-of-sale (POS) transactions (pump, in-store, app), ways to check out, delivery partners, curbside pickup and more.
In addition to panel discussions that covered these topics, technology experts provided insights, including Justin Swagler, worldwide head of physical retail at Amazon Web Services; Michael Spataro, chief customer officer at Legion Technologies; and more.
Topics included Cloud-based Digital Strategies, Conexxus standards, a first look at CSP’s Technology Outlook Report and embracing artificial intelligence (AI).
It’s more than a conference, though, Sebastian said.
“It’s a full, year-long leadership initiative with the board committees, content distributed through media channels, opportunities to get together in person, and finally, a conference,” he said.
Look for more C-StoreTEC content from CSP in the coming weeks.
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