Innovation and Collaboration Are Key to Connecting Convenience

Convenience retailers, petroleum wholesalers and haulers, and consumer brands today face many challenges-from workforce shortages to supply chain constraints, cybersecurity threats, changing consumer preferences, and more.

Yet it is these same challenges that create opportunities for innovation and collaboration across the convenience industry, says Jimmy Frangis, Chief Executive Officer at PDI Technologies, and Linnea Geiss, Chief Operating Officer. Following their above interview with Dan Munford and Global Convenience Store Focus at the NACS Show 2022 in Las Vegas, the two leaders reflect further on the value of connecting convenience across the globe.

Our industry has undergone significant transformation in recent years. What are some takeaways from the transformation, and how does technology play a role?

Frangis: Like many other industries, convenience retail has seen an acceleration in transformation resulting from COVID and the pandemic’s continued influence over the last several years. With that transformation comes additional complexity, as we broaden our focus beyond the retail operation. Today we’re looking at a convenience ecosystem that includes consumers shopping in stores and through mobile apps, the consumer packaged goods (CPG) brands found on the shelf, the brand advertisers promoting those products, and the entire supply chain moving them. Technology is the common thread that connects all the components, no matter where you are in the world. At PDI, we’re continuing to invest in our solutions and global infrastructure so that we can support our customers and the entire convenience ecosystem globally.

Geiss: There’s no doubt there’s been an acceleration in the shift to digital, which has created challenges and opportunities for everyone in the ecosystem. The operating requirements of the store are changing, and there aren’t enough hands to do the work with today’s workforce challenges. More than ever, retailers need technology to underpin and simplify their business processes. As we continue investing in innovation across the ecosystem, we’re looking at the transformation of the store, transformation of the supply chain, transformation of the consumer experience, and even energy transformation.

What are some of the most critical opportunities for innovation across the ecosystem?

Geiss: Corporate social responsibility is more than a trend, and it will increasingly impact our industry. The second annual Business of Sustainability Index [published in June 2002 by PDI Technologies] showed that 66% of Americans and 80% of young Americans ages 18-34 are willing to pay more for sustainable products versus less sustainable options. The Business of Sustainability Index also reported that 64% of Americans would be willing to pay more for fuel if the carbon emissions from their purchases were offset through sustainability efforts. For Americans ages 18-34, the number jumps to 75%. Implementing loyalty-based carbon offset programs, along with exploring the viability of other innovative sustainability technologies like EV charging, will be key considerations for convenience retailers looking to connect and differentiate with consumers and even their own employees who share a vision for an environmentally responsible future.

Frangis: One of the keys to accelerating innovation is realizing the value of collaboration. No one in the ecosystem has to go it alone. Whether its automation, managed security, targeted offers, or something else, collaborating with trusted providers both in the innovation and execution phases is a way to utilize technologies more efficiently and effectively.

What is ahead for the future of our industry?

Geiss: It’s energizing to think about how far our industry has come and what still can be done. The opportunity in front of us is so vibrant and vast, especially with globalization. I’ve been fortunate enough to have a global career for almost 20 years, and I believe our industry is going global at a faster pace than ever before. This makes the need for technology partners who can expand with operators around the world even more essential.

Frangis: The convenience industry has proven to be resilient. It was resilient through COVID and through the last economic downturn, and I’m optimistic about the future in the face of change. There was a lot of energy at the NACS Show and positive discussion about upcoming plans and initiatives. Working together with a goal of connecting convenience, there’s a unified “can-do” attitude and approach to solving whatever comes our way for a number of years.

Learn more about how innovation and collaboration can help your business increase productivity, make informed decisions, and engage faster by connecting with PDI Technologies.