Big data firm IRI has launched a new analytics package for convenience retailers to help with store layout, category management and product assortment, as well as pricing, promotional and marketing strategies.
The company says that this new solution will offer convenience chains the same business-changing insights that supermarkets have successfully used for years.
“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,” said 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."
IRI notes that space is always at a premium for convenience retailers, and so they need to optimise their stock to maximise sales.
The new analytics system can calculate which categories have the highest demand for a particular type and location of store, and analyse the best product assortment and layout, right down to the number of fridges, freezers, and secondary sites needed.
"Pricing is another pain point for convenience stores," added Lampard. "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.”
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up for ESM: The European Supermarket Magazine.