Global insight leader, IRI, has launched Convenience Market Place, a transformational solution that provides retailers with granular-level insight and data across the UK Convenience channel, enabling them to create successful strategies, as well as develop actionable plans with their trading partners. Worth an estimated £37.7bn in annual sales, according to IGD Research, and projected to grow by £6.4bn to £44.1bn by 2020, the Convenience market has until now been difficult to accurately measure and understand the performance drivers.
Convenience Market Place will provide a bottom-up read of the channel, delivering truly actionable insight with sales, price and distribution measures spanning almost 20,000 stores, including grocery multiple convenience, high street multiples and CTNs, symbols and independents, petrol, travel and convenience in Northern Ireland (including the main player Hendersons). It sees IRI partner with 44 convenience retailers, including SPAR, NISA, Costcutter and Londis – with many retailers releasing EPOS for the first time, including McColls, GT Retail, Motor Fuel Group and Rontec.
“As the whole retail industry undergoes a fundamental reset, we are seeing incredible growth across the Convenience market, driven by shoppers’ increasing preference to shop little and often, increased retailer investment and improved formats,” said Paul Hinds, SVP, International Retail Solutions, IRI. “Until now, it’s been incredibly difficult for retailers to accurately understand what is driving this performance across the channel. Now they can benchmark accurately against the Convenience market for the first time, able to spot opportunities and make sure that they do not miss out on growth products, formats, packaging trends and the market winners. They can also monitor promotion, ranging and pricing trends and keep one step ahead of the competition.
“IRI now offers the broadest and deepest read of the market, allowing clients to pinpoint exactly what is happening and truly understand the drivers for performance across the whole of the Convenience channel. Retailers can as never before work with their suppliers on the same datasets to identify key growth areas and action them collaboratively, including identifying distribution gaps on best-selling lines, visibility on regional performance and understanding optimum price and promotion strategies.”
A total of 13 categories are currently available through IRI’s Convenience Market Place: Cigarettes & Tobacco, Confectionery, Beers, Wines & Spirits, Cereals, Crisps & Snacks, Biscuits, Soft Drinks, Butter, Margarine & Spreads, Coffee, Tea & Hot Beverages, Ice Cream, Jams & Sweet Spreads, Sugar and Milk. Additional categories will be added soon.