Single Store Owner

JUN 2016

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50 / Convenience Store News for the Single Store Owner / JUNE 2016 FROM THE EXPERTS Become a Big Fan of Data & Analysis Moving to a more data-based approach can help you make better category decisions needs to be provided by your suppliers. I'm hoping that if you are not already a big fan of data and analysis, I'll make you a fan. Once you develop a basic understanding of how your data can help you make better decisions for your store, you will embrace it wholeheartedly! By moving to a more data-based approach to decision-making, you should see improvements in both your sales and profit. Your Key Category Management Data Sources Before you can start to analyze your data, you need to consider the key data sources available to you and understand the following: • How is each type of data derived? • When should I use this data to make strategic decisions for my store? • How can I access this data? The three most common category man- agement data sources available to you as a c-store owner are: retail point-of-sale data, retail measurement data and consumer panel data. Retail point-of-sale data is your own internal data and it contains a wealth of information. In fact, it is the most powerful data source to use in your category management analysis. The level of depth and types of reports are driven by your front-end and backroom systems. Scanned sales data allows for powerful, flexible analy- sis, including in-depth profit, promotion and pricing analysis. Retail measurement data gives you a total market perspective. It is derived from scanned sales data across many re- tailers, which comes from a third-party resource like Nielsen, IRI or market shipment information from your suppliers. This data helps you understand how your store's results compare to the rest of the market. Consumer panel data gives you a consumer/ shopper perspective. Remember, they "own the wallet" that drives sales in your store. Panel data is derived from a panel of consumers who scan M y last article gave perspective on the importance for you as a convenience store owner to make strategic and fact-based decisions that focus on your unique shopper. It starts by creating some overall strategies and implementing category management in your store. This doesn't have to be very time consuming or complex, but it sets the foundation for a more strategic approach for the future. Once you've defined your strategies, you can start to analyze your data. Before you learn how to analyze and interpret data, you need to understand the key data sources that you may have access to as a c-store owner. Some of the data is available in your store, but much of it By SUE NichollS, catEgory MaNagEMENt KNowlEdgE groUp

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