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 has this week launched a competition for convenience retailers to win one of two Business Optimisation projects worth £5,000 to mark the launch of the new analytics solution. The competition is open to High Street, Symbols and Petrol & Travel Convenience Retailers. Any manufacturer or supplier that wishes to enter should contact their convenience retail client and submit an entry in partnership with them. Submissions must come from the retailer.
The competition entry deadline is 22 October 2017 and the two winners will be announced on 30 October. Entrants have two chances to win – Ts & Cs and the entry form can be found here.