STATE COLLEGE, Pa. — VideoMining Corp. is releasing the Convenience-Store Space Productivity Optimization Tool (SPOT) to provide retailers an understanding of the effect of store layout on the performance of various categories in c-stores.
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. The tool also includes analysis on year-over-year sales trends and adjacencies to understand how macro factors affect space productivity.
“SPOT provides an exciting new way for all stakeholders to understand the role of various categories in the c-store channel,” said Rajeev Sharma, founder and 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, consumer packaged goods (CPG) companies 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.
The new product is a result of data sourced from VideoMining’s C-Store ShopperImpact (CSI) Megastudy, which quantifies and analyzes c-store shopper behavior and tracks the in-store path to purchase. Now in its 10th year, the study uses a representative nationwide panel of c-stores to track more than 100 million c-store shopping trips each year.
VideoMining, located in State College, Pa., offers in-store behavior analytics for CPG manufacturers and retailers. The company’s analytics platform uses a patented suite of sensing technologies to capture shopper behavior data. These insights are then integrated with multiple other data sources, such as transaction, plan-o-grams, product mapping, loyalty and promotions to fuel strategies to optimize CPG retail.