Fuel buyers make more in-store purchases nationwide, according to latest VideoMining MegaStudy
Study’s deep analysis of over 50 million c-store trips delivers key industry insights
STATE COLLEGE, Pa., May 2, 2017 – Pump-to-store conversion is up 2 percent nationwide since 2015, according to the latest VideoMining C-Store ShopperImpact (CSI) MegaStudy. Convenience retailers have increased efforts to drive fuel buyers to make purchases in-store, and these efforts are paying off.
“Even a 2 percent increase in pump-to-store conversion translates to significantly higher profits for the store,” says Rajeev Sharma, Founder & CEO of VideoMining. “In-store products have much higher margins than fuel, making fuel customers who also purchase non-fuel items extremely valuable.”
This year marks the eighth edition of the CSI MegaStudy, the industry standard for foundational shopper behavior insights in the convenience channel. VideoMining conducts the MegaStudy using a nationwide panel of retailers to deliver representative insights and benchmarks with key segmentations like NACS regions, demographics, day-parts or the level of Foodservice offerings.
Among the most interesting findings from the latest MegaStudy is the growing importance of women to the c-store channel. Men still account for the majority of convenience store trips, but women are now one-third of all c-store shoppers and spend an average of eight cents more per trip. Whereas men over-index in lower-profit categories, women are comparatively more likely to purchase from higher-margin categories such as Candy or Cookies & Crackers.
The MegaStudy also examined the most important demographic to the future of the c-store industry: Millennials. Millennials have overcome other generations’ misconceptions of convenience stores and more frequently meet their snacking needs at a convenience store. Millennials make up 42 percent of all c-store buyers and are 40 percent more likely to make a trip c-store driven by snacking, which highlights the continued importance for the industry to cater to the habits of this critical shopper segment.
In addition to several new analytics offerings aimed at creating deeper insights into the shopper decision process, the most recent CSI MegaStudy introduces new tools that provide clients with flexibility to analyze and explore data. VideoMining’s Insights Builder is a cloud-based suite of dashboards and modules that enable user-friendly access to the Big Data generated from the MegaStudy. These capabilities extend and complement over 40 comprehensive reports that are available as part of CSI insights packages.
“Our new Insights Builder represents a big step toward what we call ‘guided analytics’ with an easy-to-use interface that enables users to delve into the underlying data and evolve their own learnings.” says Jeff Hershey, EVP Strategy & Development. “With unprecedented access to Big Data on real shoppers in real stores, category managers, shopper marketers and the brands now have access to previously unmeasured insights to fine tune their strategies and execute better initiatives in‑store.”
The CSI MegaStudy is powered by VideoMining’s ShopperImpact Platform, which combines its proprietary IoT sensing device called OmniSensR with patented machine learning and AI technologies to anonymously track detailed in-store behavior and apply powerful prescriptive analytics for a variety of applications. Using a nationwide panel of representative stores across multiple retailers, the MegaStudy provides a channel-wide perspective benchmarking across geographic and demographic clusters.
VideoMining is the leader of in-store behavior analytics for Consumer Packaged Goods (CPG) manufacturers and retailers. VideoMining’s deep analytics platform utilizes a patented suite of sensing technologies to capture in-depth shopper behavior data. These previously unmeasured insights are then integrated with multiple other data sources such as transaction, planograms, product mapping, loyalty and promotions to fuel comprehensive solutions for optimizing CPG Retail.
VideoMining’s client base includes a majority of the top 50 CPG retailers and manufacturers, who gain unprecedented visibility into in-store shopper behavior enabling them to get the most value from their investments in Shopper Marketing, Category Management and Brand Innovation.
For more information about the new ShopperImpact Platform for Grocery Retailers or other shopper analytics solutions for CPG manufacturers and retailers, contact Jeff Hershey at email@example.com or 800.898.9950.