3 ways your brand can maximise data and strategy in convenience
16 August 2021
Author: Kirsty Whyte
Throughout the course of the pandemic, we discussed some of the shifts in buying patterns and how this had impacted retailers. Eighteen months later, it’s clear that the trend in convenience is still on the rise with consumers now accustomed to shopping locally. What started as something driven by Covid-19 has now become a choice in consumers daily life and a huge opportunity for brands to maximise sales. Recognising the potential, brands are beginning to explore the options in data analytics and how they can combine this with their strategy in convenience.
It’s no surprise that convenience stores were a vital lifeline for many in the ongoing global pandemic. They provided people with greater ease and safety, allowing consumers to pick up key items closer to home. Research by Which? highlights that when consumers chose to shop at supermarket convenience stores, they paid on average, £320 more a year for the same brands that they would find in bigger supermarkets. This proves that regardless of price difference, consumers are still demanding access to goods locally.
Now that we’ve emerged out the other end of the pandemic, it appears that these consumer behaviours are here to stay. As the convenience market continues to grow, what can brands do to take advantage of this trend?
1. Nail your strategy
Unlike supermarkets, consumers don’t want to hang around very long in a convenience store. They want to get in, get what they need, and leave so they can continue with their day. This means that making sure your brands products are available and on display is vital. Products need to be in stock and they need to be on the shelf. A field marketing team can help you align your products – ensuring they are in the right place at the right time, displayed in the best way to maximise sales.
2. Take advantage of EPOS data to unlock efficiency
In order to truly get your execution right, and make your field teams more efficient, brands need to make smart use of EPOS data. By harnessing this data, brands can get up to the minute insight on how brands and products are performing, meaning that whenever stocks dip or an intervention is needed, you can get resource in the store to fix the issue and sell more.
We currently offer this service through our Pinpoint technology, created by Thumbprint in partnership with In Touch Group and Retail Spotlight. The first of its kind, Pinpoint pools data from multiple POS houses into one location. This data is accessible via a webapp, providing analytics, and enabling rapid identification of opportunities to sell more and drive brand strategy.
So far, we’ve been able to generate actionable insight that shows us what consumers are buying in convenience stores in over 5,000 retailers on an hourly basis. When taken alongside performance reports and location data, brands can improve their ROI and efficiency in the field.
3. Use technology to connect with retailers
It has long been known in field marketing that reaching Convenience retailers is difficult, but it doesn’t have to be. With an app like MyStore+ brands can talk directly to retailers, giving them category advice and showing them special offers that can supercharge the way products are seen and sold in store without the need for direct coverage by a field sales agent. Our partnership with PayPoint allows brands to directly influence over 20,000 convenience retailers by putting your brand directly in their hands through one simple app. This kind of technology is a game changer in today’s unique retail environment, putting more power in the hands of the retailer to increase sales of your products.
How does your brand plan to tackle Convenience this year?
With more people buying in these stores, it is imperative that Convenience is a key part of your brand’s retail strategy, and we can help. You need to take a smart approach to selling combining execution and data to position yourself in the best possible place. Paired together, our field marketing and data solutions offer the perfect combination to achieve results.
Whether you’re looking for more information on how to take your brand to the next level, or if you want to know if your plan is geared towards success this year and for FY22, get in touch.