VideoMining Announces New C-Store Space Optimization Product
New tool to help improve space productivity using ideal size, location and adjacencies that improve exposure and conversion for each category
STATE COLLEGE, Pa., November 20, 2018 – VideoMining Corporation, the market leader of in-store behavior analytics for CPG retail, is excited to announce its new product, the C-Store Space Productivity Optimization Tool (SPOT).
The goal of this data-driven interactive tool is to provide an in-depth understanding of the impact of store layout on the performance of the various categories in c‑stores, enabling CPG brands to collaborate with retail partners to develop fact-based strategies and tactics for assigning space to brands and categories.
SPOT uses various metrics to develop a holistic view of effective space allocation within the store, including category profitability per foot of space, category exposure and traffic response rate. In addition, the tool includes analysis on year-over-year sales trends and adjacencies to understand how macro factors affect space productivity. The combination of these metrics quantifies not only the performance of categories within the space but also the inherent value of certain spaces in the store.
“SPOT provides an exciting new way for all stakeholders to understand the role of various categories in the c-store channel,” stated Rajeev Sharma, Founder & CEO of VideoMining. “Quantifying the true impact of store layouts and adjacencies enables fact-based decisions for improving category and total store performance.”
For example, innovations such as front-end queue fixtures or even complete store redesigns can free up extra space to carry more products in the aisles. Using SPOT, CPGs will have data that shows which categories would perform best in these new spaces, allowing for a more productive store that best uses its available real estate, a win-win for CPGs and retailers.
SPOT is the latest innovation powered by big data from VideoMining’s C-Store ShopperImpact (CSI) MegaStudy, the industry-standard channel tracking program now in its 10th year. The CSI MegaStudy utilizes a representative nationwide panel of c-stores to track over 100 million c-store shopping trips each year.
VideoMining is the market 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 transactions, planograms, product mapping, loyalty and promotions to fuel comprehensive solutions for optimizing shopper experience and sales performance.
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, store design and brand innovation.