Korean convenience stores are no longer simply places that are easy to access. These stores now offer expensive options and limited-edition products. These stores have become places people visit on purpose because they have special products that can¡¯t be found at supermarkets. They have products that are a good value for their cost, but also provide people with unique experiences such as special pop-up exhibitions.
Why have convenience stores changed so much? The number of single-person house-holds has increased, which means the number of people who prefer small, single-capacity, cost-effective products has also increased.
People in their twenties and thirties are sensitive to trends and consumption trendsetters, prompting the customization of certain strategies have been tailored to them. This is why some experts say, ¡°If you¡¯re curious about current trends, visit a convenience store.¡±
Let¡¯s take a look at the strategies convenience stores have utilized to transform into trendy places. The most important strategy has been to collaborate with other brands. For example, one convenience store collaborated with a popular game to turn ingame items into food. Products based on a popular character on social media were created to encourage fans to spend money at the store. Convenience stores also collaborate with liquor companies to unveil new products not sold in large supermarkets. Many convenience stores have their own branded products that can only be found at specific stores.
Not only do they offer special products, but convenience stores also implement cost-effective strategies to provide greater satisfaction with the same or similar products. Convenience stores often create their own product lines so that similar products can be purchased at a lower price. For example, a brand-name ramyeon costs KRW 1,500, but the convenience store brand only costs KRW 300. Convenience stores also offer ways to tie specials or discounts to products sold. Some stores include an insulated bag along with wine or offer to buy one, get one free saving on instant rice. These specials may be temporary, but they increase satisfaction.
Special promotions that are unique to convenience stores are also an essential strategy. One convenience store created a special display to showcase popular traditional Korean liquor produced and sold locally in the country.
The store also offered people the option to reserve the liquor through an app. It is also worth noting that some convenience stores have actually designated certain stores where people can enjoy these special promotions. There are stores that specialize in ramyeon where people can take pictures with the ramyeon brand in the background and taste a variety of ramyeon from home and abroad. There are also pop-up stores where people can experience special exhibitions, new products or the convenience store¡¯s flagship products.