As the convenience stores segment goes through yet another year of evolution, catering to the new ‘I need everything personalized’ customer is clearly standing out as the biggest differentiator from the competition. To take it further, here are top three trends that are clearly standing out.
- Convenience chains are increasingly turning to predictive and prescriptive analytics to make automated decisions that are based on data
- Merchandisers and store managers are being empowered to make decisions on the go
- Customers are expecting personalization and as a result, brands are doubling down on digital customer engagement
To maximize revenue impact and be prepared for 2018, C-Stores have 5 levers that they can use to be successful.
- Have a system that can prescribe profitable and timely decisions for merchandising and store managers about assortment, inventory, pricing, promotions and day-to-day store operations
- Empower marketers to identify revenue generation opportunities and predict customer behavior by understanding customer behavior and preferences
- Improve customer engagement by executing machine learning based personalized promotions in real time across email, SMS, mobile app and social
- Create a high performing agile supplier network through comprehensive insights, process automation, and data integration between the retailer and suppliers
- Implement local pricing strategies across stores based on competitor pricing and customer segment needs
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