In Ireland convenience is becoming more and more popular with shoppers visiting convenience stores at least twice a week. The busy schedule of consumers has contributed to this increase in popularity, as they are looking for ways to keep pace with their accelerated lifestyle through shortcuts and automation. In addition, shoppers don’t enjoy the act of shopping as they consider it’s too time-consuming and 47% describe it as a chore.
However, the increase in popularity of convenience stores may not necessarily mean an increase in spending, as shoppers are spending less time and subsequently less money during their shopping trips. According to the latest Irish Convenience Market Trends report from HIM, 2 in 3 Irish shoppers spend less than 5 minutes and the average shopper purchases 3 items per trip. In this respect, shopping trips are becoming more frequents and need-based. According to Nielsen, 10% of global shoppers claim to buy just for their daily meal requirements.
This scenario creates a fierce competition among brands and wide-scale changes within the convenience sector, with brands seeking for ways to stand out from their competitors. In this landscape, in-store displays play a much bigger role with more and more impulse purchases being driven through in-store displays, as suggested on the latest research by HIM on convenience.
Not only choosing the correct messaging and fixture type will have a big impact on the success of a campaign, but also the product location is key with the ideal location having a conversion rate of between 3.9% and 14.1% depending on category.
At CPM we understand that effective merchandising and retail displays are key to driving sales and gaining a genuine in-store competitive advantage.
We have 80 years’ experience worldwide and 30 years in Ireland and we have constantly learnt and reapplied our knowledge and experience to point of sale (POS), promotional management, new product launches and of course, visual merchandising.
We understand that merchandising is a key sales promotion tool. If your brand is not on a shelf, that’s a missed sales opportunity. That’s why we specialise in creating tailored sales strategies to maximise every opportunity. And with our strategically-led creative solutions, you’ll stand a much better chance of standing out in the few seconds it takes a consumer to make that purchasing decision.
We’ll also make sure that your brand is on the shelf through POS placement and stock control and we can support your investment with our mystery shopping team to ensure POS compliance and provide you with fully audited reports.
If you’d like to know how CPM can drive sales for your brand on the convenience sector, contact us today at firstname.lastname@example.org
This months Expert Speak comes from Karen Jackson, MD, CPM UK.
At CPM UK, we’re leading the way in sales analytics by combining cutting edge analytics software, machine learning, artificial intelligence and our team of amazing data scientists to deploy the power of predictive analytics through our PREDICT solution.
Even today’s fastest retail analytics teams are gathering data today, analysing it overnight, to drive actions and resource deployment the following day – and they call this dynamic.
We believe that however fast this is – your teams are still being forced to react to historical data… and if you are reacting, you’re missing valuable opportunities and not running a fully optimised team. To be truly optimised and drive the highest returns possible, you need to predict the future. Predictive analytics is nothing new, but with the data that’s now available and the technology that can support in analysing that data – we now have the perfect opportunity to use predictive analytics to drive optimal resource deployment for our clients.
Machine learning is a form of AI that enables our systems to learn from data rather than through explicit programming. However, machine learning is not a fully artificial intelligence-controlled process. Our human experts set the outcome required to solve a business problem and the machine then analyses all variables to create the best hypothesis (and algorithm), and as new data is added the system learns and increases accuracy.
For example, consider what drives sales in stores (outcome), machine learning will look at all variables including consumer density, stock availability and sales data to create a predicted algorithm. As more data is added over time the algorithm adapts and increases in accuracy.
Put simply Artificial Intelligence (AI) is the ability of a machine to simulate human behaviour without
the need for human input. This differs from machine learning by not requiring a human to intervene once set up. The machine thinks like a human by setting the business problem, building the machine learning models and then rolling them out.
This means that AI becomes your ‘analyst’, learning from data and making recommendations that can help to improve activity to grow your sales
With our considerable investment in PREDICT we can now help brands, retailers and any business harness the vast amount of Big Data to hand to create true insight in the form of predictive analytics. If you imagine a world where you can accurately predict when and where your next biggest opportunity (or risk) is going to occur and then deploy the right resource, be it human, digital or phygital to optimise that opportunity, in the most efficient way, then you have imagined CPM’s new predictive analytics and liquid workforce solution. This ground-breaking solution will transform how businesses profitably sell, now and into the future.
Predict is now live and several of our customers are already benefiting from a considerable sales uplift through our integration of Predict with our field sales CRM and analytics solutions we that we have deployed for them today.
To read more about how predictive analytics can drive higher returns, click here
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