Pump-to-store conversion
For its eighth CSI MegaStudy, VideoMining harnessed a proprietary Internet of Things (IoT) sensing device and artificial-intelligence technology to anonymously track customers’ behavior during more than 50 million c-store shopping trips. The research was conducted at a nationwide panel of c-stores representing multiple brands, with results segmented by demographic, daypart, region and the level of the retailers’ foodservice programs.
“Even a 2% increase in pump-to-store conversion translates to significantly higher profits for the store,” said Rajeev Sharma, founder and CEO of VideoMining. “In-store products have much higher margins than fuel, making fuel customers who also purchase nonfuel items extremely valuable.”