Convenience retailers now have access to equivalent analytical capabilities as supermarkets to help with store layout, category management, price/promo and product assortment
Bracknell, UK – 2 October 2017 – IRI, a leading provider of big data and predictive analytics for retailers and suppliers, has launched the first analytics solution for convenience retailers, enabling convenience stores to access the company’s market-leading analytics capabilities. Previously only available to the major multiples, IRI’s convenience analytics capabilities will cater for the specific needs and challenges of this channel, helping answer questions like ‘What should I sell?’, ‘Where should I sell?’ and ‘How should I sell?’ – and ultimately helping maximise profits and deliver return on investment (ROI).
Designed by IRI’s specialist Retail Solutions team, the solution will offer convenience chains the same business changing insights that the supermarkets have successfully used for years, including support for category management, product assortment and store layouts, as well as pricing, promotional and marketing strategies.
“Growth in the convenience sector has been unprecedented in recent years, particularly among the symbol groups like Londis and Mace, as well as the main grocers opening ‘local’ stores in response to demand from shoppers for convenience over size,” comments Stephen Lampard, Head of Convenience at IRI. “As a result, the convenience channel now has many of the same challenges that the bigger stores do when it comes to developing pricing and promotional strategies for example, but also challenges that are unique to its size and format. Convenience chains need fast, actionable and easy to implement recommendations with a quantifiable business benefit.”
He adds: “Space is one of these, because it is always at a premium, so stores have to decide what type of products they want to sell, what package size they are able to stock, and whether they are matching products to the needs of the shoppers in the local area. Pricing is another pain point for convenience stores, but using our unique price optimisation analytics we can help them find the right price tiers between private label and brands, as well as what deals will help maximise sales.”
IRI’s advanced analytics capabilities can also provide cross category demand correlation to calculate which categories have the highest demand for a particular type and location of store. It can also help analyse what is the best product assortment and what shelf spacing is required and the right kind of store layout, right down to the number of fridges, freezers and secondary sites that a convenience retailer will need.
IRI’s Convenience Analytics solution will help convenience retailers answer the following questions:
What should I sell?
Category Combination – using cross category correlation, IRI can calculate which categories have the highest demand in the convenience sector for any type of store.
Where should I sell?
Store layout and Category Spacing – analyse how categories interact with each other and provide store layout recommendations, as well as how much space should be given to each category.
How should I sell?
Secondary locations – determine the right number of fridges, freezers and secondary sites to maximise sales.
What should I sell in each category?
Sub-category and segment composition – identify what to sell in-store more accurately, down to the right number of SKUs per sub-category, eg 8 colas within soft drinks – and the right combination of SKUs within a category, eg diet Pepsi 500ml, Red Label Coca Cola 330ml, etc.
How can I maximise sales?
Retail analytics – Pricing and finding the ideal price points between private label and brands with price gap analysis; marketing ROI – which products to advertise within leaflets and the ROI on store advertising; promotions – analysing which deals maximise sales.
Notes for editors:
IRI is a leading provider of big data, predictive analytics and forward-looking insights that help CPG, OTC health care, retailers and media companies to grow. With the largest repository of purchase, media, social, causal and loyalty data, all integrated on an on-demand cloud-based technology platform, IRI guides over 5,000 clients globally in their quests to remain relentlessly relevant, capture market share, connect with consumers and deliver growth. www.IRIworldwide.com. Follow IRI on Twitter.
Amanda Hassall, PR Consultant , Eureka Comms
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