Convenience store revenue growth continues to climb
Money counters are useful tools for business owners at convenience stores who anticipate an increase in cash payments in the near future. Despite a struggling U.S. economy, recent data from IBISWorld, a market research firm, has shown the c-store industry is growing at a relatively steady pace compared to other sectors.
In fact, many businesses in the industry have already experienced a rapid increase in cash payments. According to a press release from the organization, total store revenues grew at an annualized rate of nearly 2 percent in 2013 to $40.1 billion. The organization attributed this success to the fact that the small scale of the convenience store business model uniquely positions businesses to adapt to changes in consumer behaviors and preferences. Analysts involved in the report also said consumers are increasingly attracted to stores that make it easy to quickly find items and make small transactions.
Wells Fargo, a global financial services company, even went as far to say the convenience store industry is at the cusp of an entirely new era of continued growth, the online publication Food Navigator USA reported. The IBISWorld study estimated revenue growth will continue throughout the rest of 2013. A new focus on food services and fresh products may also contribute to long-term profitability through 2018 - even as sales for cigarettes decline at a relatively rapid pace.
As convenience stores experience an increase in foot traffic from U.S. consumers, money counters can help business owners keep better track of cash during backroom processes. Instead of manually counting daily revenue, automatic machines result in both greater operational efficiency and improved accuracy. This combination ultimately makes it easier for employees to spend more time maximizing service in other parts of the store.
November 25, 2013