A lot of convenience stores around the world are having to make strategic moves to stay relevant in the current on demand economy. Big corporate organizations like Walgreens and CVS have displaced the smaller pharmacies and convenience stores that used to control the market. Now, getting a taste of their own medicine, Amazon is eating into these big corporations’ revenue. Walgreens has announced they will be closing 200 stores in the United States, and another 200 stores in the UK. They need to find a way to fight against companies like Amazon to stay in the picture. Amazon delivers prescription drugs directly to people’s doors. CVS has fought this by expanding their membership program which includes delivery of prescription drugs. More customers are leaning towards the at-home delivery model due to its convenience. To stay competetive, CVS should start utilizing a faster delivery system. They need to be faster than Amazon to stay relevant in the market.
If you are a small or midsize pharmacy, grocery store, or convenience store you can take this opportunity to fight back against the big companies. Why can’t your store deliver goods in a particular radius to dominate the geographical market? People want delivery, and they want it fast. It is great to be a brick and mortar store and offer delivery for items. This is something that we will need to pay attention to as it changes.
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