Boosting Foot Traffic Thru Product Innovation & Diversity
Nick Bhullar, NCASEF Executive Vice Chair
Photo by Timon Studler on Unsplash
Driving foot traffic and building customer loyalty are important to the success of our stores, especially in today’s economic climate. We can achieve these goals by focusing on two key strategies: product innovation and diversification. By continuously updating our product mix and offering exclusive items, we can attract new customers and retain existing ones, setting ourselves apart from the competition. But this isn’t a solo effort—it’s a collaborative push between SEI, franchisee leadership, and our valued vendors, all working together to bring fresh, exclusive products to our shelves that drive traffic and ultimately, improve the bottom line for everyone involved.
Product innovation lies at the heart of what makes our stores appealing. When customers know they can find something new and exciting at 7-Eleven, it gives them a compelling reason to visit our stores over others. This might involve introducing seasonal flavors that resonate with current trends, offering unique and fresh food options that cater to the evolving tastes of consumers, or bringing in trendy beverages that aren’t available at other convenience stores. The key is to stay ahead of the curve by keeping our product lineup fresh, diverse, and reflective of the latest consumer preferences. And here’s where our partnerships with vendors become invaluable. By working closely with our suppliers, we can secure exclusive product lines that customers can’t find anywhere else, making our stores a destination for those looking for something different.
Responding to changing market demands is another crucial aspect of product innovation. For instance, with the growing emphasis on health and wellness, offering products that cater to health-conscious customers is a necessity. Collaborating with vendors to bring in low-sugar, organic, or plant-based options can help us attract and retain this valuable consumer demographic.
Beyond tapping into broad market trends, it’s crucial to offer products that cater to the diverse tastes and cultural preferences of our customer base. This means introducing flavors and items that reflect the tastes of the local community, which can vary significantly depending on the region. By working closely with local vendors to bring in products that click with the local population, we create a shopping experience that feels personalized and relevant. This local focus helps drive foot traffic and creates a sense of loyalty among customers who appreciate the personal touch. Franchisees and vendors are on the same page here—working together to ensure that our stores offer a mix that’s both unique and deeply connected to the communities we serve.
Diversification is another critical strategy for driving foot traffic. By expanding our product range, we appeal to a broader audience and meet a wider array of customer needs. Diversification can take many forms, from offering a broader selection of snacks and beverages to introducing entirely new product categories. This approach increases the chances of attracting different customer segments and encourages customers to visit our stores more frequently, knowing they can find a variety of products in one convenient location.
One effective way to implement diversification is through exclusive collaborations and special promotions. These unique offerings can create a buzz around our stores and draw in customers eager to try something new. Whether it’s a limited-edition product or a special partnership with a well-known brand, these initiatives can significantly boost foot traffic and generate excitement among customers. Plus, running promotions that offer great value, like discounts on bundled items or rewards for frequent purchases, can incentivize customers to choose our stores over others. With SEI, franchisee leadership, and vendors all working together, we can ensure these promotions are as compelling and wide-reaching as possible, driving not just sales but also customer loyalty.
The 7Rewards app plays an important role in this strategy, serving as both a customer loyalty program and a powerful tool for driving repeat business. By offering exclusive deals and rewards to members, we encourage more frequent visits and increase customer spending.
The success of our stores hinges on our ability to attract and retain customers through innovative products and a diversified product range. By staying on top of market trends, embracing local flavors, and leveraging technology to enhance customer loyalty, we create a shopping experience that is both unique and compelling. With SEI, franchisee leadership, and vendors all pulling in the same direction, we can build a business model that benefits all stakeholders, ensuring the long-term success and profitability of our stores.