Published on : Jun 06, 2017
Albany, New York, June 6, 2017: Convenience stores are booming as Chinese consumers want "high speed" channels to purchase goods. After online, convenience stores recorded the biggest sales growth last year for all kinds of fast-moving consumer goods. Considering this fact, analysts have recently prepared a new study titled “Convenience Stores - China - May 2017”, which has been recently added to the mega-repository of Market Research Hub (MRH). The study offers an in-depth introspection of the Chinese convenience stores market that covers many active companies. Furthermore, the report also provides insights into the restraining factors, upcoming strategies and consumer’s perspective towards convenience stores in China.
At first, the report starts by presenting the market overview along with the companies & brands and the consumer preferences towards products bought, services used, choice factors and key consumers groups. In this section, best and worst-case retail sales forecast of total convenience chain stores, during the period of 2011-21 are also mentioned. Top 10 convenience store chains by a number of outlets between 2015 and 2016 are included in the study.
Convenience stores are intended to be quick and convenient for their shoppers. In a rapidly growing and changing retail world convenience stores need to stay competitive. As per the findings, in China convenience stores are booming, as the pace of life speeds up and consumers seek quick purchases. The number of convenience store companies rose to 262 in China in 2015, when there were 10 or more chains each in Shenzhen, Nanjing and Shanghai. Competition for opening new stores is also intensifying among the companies. Also, in the next five years, the market report shows that convenience stores in China will continue to raise by doubling the number of outlets, especially in second and third tiers cities.
Moving further, the research throws lights on the various market drivers contributing towards the market growth including past performance and market size analyzed for the period 2011 to 2016. Strong recent growth in the convenience store market has not yet alleviated the fragmentation and regionalized nature of the competition. The rise of online grocery retailing and new business from providing ‘last mile’ online shopping solutions have also helped drive growth, but convenience store chains must increasingly differentiate to remain competitive in the market. From the consumer perspective, it has been analyzed that they want wider product and service ranges from convenience stores, and more open for home delivery, but on the other hand they also want localized and customized service, and for store chains to respond quickly to their changing needs.
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Also, Chinese people are going cashless and prefer online methods for shopping which have forced the convenience stores for online services. Bigger stores, more in-store dining options and for convenience stores to fulfill a growing list of local community needs are major factors displays the consumer demands. Moreover, the study further includes analysis of key players along with their market shares, competitive strategies and latest innovations.
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