NORTH SALT LAKE, Utah -- Convenience store retailer Maverik Inc. has signed an agreement to license Applied Predictive Technologies' (APT) Test & Learn and Market Basket Analyzer software modules.
Maverik will use APT's software to improve its data-driven decision-making across merchandising, pricing, marketing, operations and capital investments.
During an initial pilot project with APT, Maverik used APT's software to optimize its beverage strategy, refine pricing and measure the incremental impact of new offerings on fuel and merchandise sales.
"APT's software has improved the speed, accuracy and granularity of our data-driven decisions," said Aaron Simpson, vice president of customer fanatics at Maverik. "APT generates actionable recommendations for how to improve performance across a wide range of business programs. APT's Test & Learn software allows us to reduce the risk associated with rolling out a new strategy across our network. It rapidly tells us the incremental impact of each new idea, while providing store-by-store recommendations about which ideas to deploy."
Simpson added, "APT's Market Basket Analyzer software has substantially improved our ability to use detailed transaction-level data. Using the software, our decision-makers can easily access all of our transactional data in one place--we don't have to write queries to aggregate the data or develop code to answer each business question. The software allows us to easily explore the data to understand which items to promote, how to improve bundles, which items are found in larger baskets, and which items are good candidates for rationalization."
"As retailers collect more data about the details of each transaction, the question becomes: how do we use this data to improve decisions?" said Marek Polonski, senior vice president at APT, Washington. "The first way is through rapid and in-depth analysis of their transaction-level data. Such analysis helps retailers design more effective promotions, improve their bundling strategies to grow basket size, and understand which SKUs to rationalize."
He continued, "Another way in which convenience stores are effectively using their data is through Test & Learn. By first trying a new idea in a subset of the network, retailers can confidently determine which ideas work, which components work best, and how they can be targeted for maximum profitability. These in-market tests often include such innovations as tailoring menu offerings, customer loyalty programs, and digital promotions."
North Salt Lake, Utah-based Maverik--with the tagline "Adventure's First Stop"--is a convenience store chain with more than 250 locations across 10 western states.
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