Almost half (46%) of corner shops see supermarkets as their biggest competition and are preparing to take them on through an increased adoption of retail technology. With the retail sector in a state of flux, driven by consumer preferences and the continued choice of online shopping, over one in three (36%) corner shops say that having enhanced technology and a better understanding of their customers is their biggest opportunity for future growth.
As consumer behaviours change, twice as many people are using their local store as a supermarket. Research by PayPoint and JWT (a division of Retail Connect) reveals that a quarter (25%) of corner shops say limited access to advanced technology is the biggest challenge to delivering good customer experience. In order to continue to compete effectively, new technology will help corner shops eat away at the supermarkets’ market share.
This research coincides with the launch of PayPoint’s new PayPoint One platform. The next generation device will give corner shops access to the same type of technology that supermarkets use by offering EPOS, card payments and PayPoint services, and is designed to help retailers run their whole store from one device.
Dominic Taylor, chief executive at PayPoint, said: “It’s exciting to see the future of the retail landscape changing so quickly. Corner shops recognise they have to take the fight to the big supermarkets and we’re working with our retail partners to ensure we can arm them with the best technology.
“Our new platform provides access to crucial technology to help corner shops grow their business, and allows complete flexibility and control for their owners, enabling them to run their whole business from it.”
Paul Baxter, CEO of National Federation of Retail Newsagents (NFRN), said: “Having seen a demonstration of PayPoint One, the new platform including EPOS, card payments and PayPoint services, I can say it’s excellent for small businesses and convenience retailers.”