U.S. convenience-store visits increased significantly in 2011 from 2010, but conversion rates of shoppers into buyers were lower, and shoppers spent less time in the store and spent less money: VideoMining
STATE COLLEGE, Pennsylvania
March 8, 2012
– VideoMining Corporation, the leading provider of in-store intelligence for retailers and consumer product manufacturers, announced the availability of results from its year-over-year shopping trend analysis as part of its National C-Store Shopper Insights (CSI) program.
The research was conducted using a carefully selected sample of 48 C-stores from major retailers in 11 U.S. markets. It employed VideoMining’s breakthrough in-store measurement and analytics technology to quantitatively analyze shopping behavior of millions of shoppers over the same periods in 2011 and 2010 to uncover the trends. The large behavioral data set was integrated with transaction data to provide visibility into the path-to-purchase of C-store shoppers and factors that impact purchase decisions.
Many interesting trends were observed, such as a significant increase in C-store visits in 2011, but lower conversion of the visitors into buyers. The shoppers also spent lesser time in the stores and spend lower amount per trip, though the overall same-store sales trended up. There were also many interesting shifts in behavior for different demographics, especially for younger age groups and Hispanic shoppers in specific categories such as candy and beer.
"We expected changes, but were quite surprised by the magnitude of shifts in shopping pattern within a year,” said Dr. Rajeev Sharma, CEO of VideoMining, “Understanding and responding to these trends is important for both the retailers and manufacturers in this dynamic channel.”
Dr. Sharma will be presenting highlights from the findings at the National Association of Convenience & Fuel Retailing (NACS) State of Industry Summit in Chicago on April 4.
The results of VideoMining’s C-store Shopper Insights program are available in over two dozen in-depth research reports—including overall channel trend as well as “deep dives” into all major product categories and special topics, such Foodservice, Beverages, Snacks, and Hispanic Shoppers.
Now in its fourth year of the tracking program, VideoMining plans to expand the panel to 120 stores in 2012 by including more markets, retailers and store formats. The expanded program will analyze tens of millions of convenience trips including longitudinal tracking to understand seasonal trends and impact of Holidays on convenience trips. Participants in the program can also conduct custom research and testing using the VideoMining panel of stores, benefiting from the continuous technology-enabled tracking of shopper behavior.
About VideoMining Corporation
VideoMining Corporation is the leading provider of in-store intelligence for shopper marketing. The company’s actionable insights help retailers and consumer product manufacturers optimize their marketing and merchandising strategies. These insights are based on the company’s breakthrough in-store measurement technology that automatically converts video into precise statistical data on the shopping process. For more information: www.VideoMining.com