Four Business Lessons from 7-Eleven Every Retailer Should Know

YRC's convenience store consultants highlight four key business lessons from 7-Eleven for retailers.

In this communiqué, the team of convenience store consultants of retail and eCommerce consulting firm - YourRetailCoach ( https://www.yourretailcoach.in/ ) stresses four business lessons from global convenience store brand 7-Eleven that every retailer should know.

Get advise for Retail Business Consulting : https://www.yourretailcoach.in/contact/

Extended Value Propositions

Diversification is a strategic essential for both survival and growth. This applies to businesses as well. History provides numerous examples of companies that have withstood the trials of time by adapting and diversifying. 7-Eleven has evolved to extend the range of its offerings to include services like food/snacking, fuel, ATM, and parcel - going beyond the notion of a convenience store. Extended value propositions lend agility to business models ( https://www.yourretailcoach.in/business-model-development/ ). It creates additional streams of revenue generation creating a shield from temporary imbalances in demand. Another way to look at it is risk diversification. However, retailers should always bear in mind that the extension of value propositions must not come at the cost of compromising the core set of offerings. As a provider of convenience store consulting services, YRC also recommends conducting curated C-store market research before investing in any new offerings.

Get advise for Retail Business Consulting : https://www.yourretailcoach.in/contact/

Consistency and Uniformity in Brand Positioning

All 7-Eleven stores across the world exhibit a remarkable level of consistency and uniformity in brand positioning. The significance of brand positioning is not something that has relevance only on papers and meetings. Brand positioning is something that should instantly resonate with customers in their minds. Achieving this not only calls for strong strategies but also a high degree of consistency in maintaining the established standards of branding in the following areas across all stores at all times:

· Offerings/products
· Store layout and design
· Pricing approach
· Promotions
· Distribution/channels
· Digital marketing
· Brand communications
· Store operations
· Customer experience, shopping journeys, touchpoints
· Franchise management (e.g. by use of franchise SOP manuals)
· Supply chain management
· Staffing
· Use of technology

Localisation

While there is no denying the effectiveness of localisation when it comes to the how of it, things tend to become a little too general and brands and businesses often find it difficult to stand out in this aspect. One unique area where 7-Eleven leverages localisation is its food service. Conventionally, food service was not even the core offering of 7-Eleven. Yet the element of localisation is apparent in 7-Eleven stores. In food services, the offerings are tuned to regional tastes and preferences. Veteran C-store consultants may not disagree with the observation that it can be very challenging to stand out as a brand or business in FMCG retail ( https://www.yourretailcoach.in/industries/retail-grocery-supermarket-kirana-consultants/ ) . Again, this is where extended value propositions get prominence.

YourRetailCoach
+91 98604 26700
consult@mindamend.net

To speak to a professional convenience store business consultant, and Get advise for Retail Business Consulting : https://www.yourretailcoach.in/contact/

This release was published on openPR.