So, you’re scanning at the POS, but now what? While most convenience retailers have progressed to scanning items at the register, many still struggle to maximize that data in a way that produces actionable insights about their c-stores.
Here’s the truth. If you’re not using scan data to make informed decisions within your c-store, you’re likely leaving money on the table and potentially losing ground to the competition. That’s definitely not what we want.
There seems to be a gap between knowing what to have in your c-store and knowing what consumers want you to have. But that’s ok, we’re here to bridge that gap. And you’re already doing the hard part – scanning. Now it’s time to take a step towards understanding and proactively assessing the information you collect through scans.
Defining Scan Data
Scan data is any information captured when scanning items at the POS in your c-store. Instead of ignoring information tied to each item, data can be measured and compiled into reports to inform your store, business at large, and third-party vendors about customer purchases.
This is vital. Understanding what your customers want, while having the ability to provide it at your location, is the goal of every convenience retailer. Instead of ignoring the gold mine at your fingertips, you can leverage the data to drive customers into your c-store and reap the financial rewards.
The Benefits of Knowing What Your C-Store Customers Want
Information is power. Use the scan data from your store to initiate changes within your business. Leveraging scan data allows you to better inform your overall financial decisions through improved purchasing and distribution, merchandising, inventory, store branding and promotions.
Analytics and insights gleaned from scan data can significantly benefit your business. Your scans can uncover consumer purchasing behavior, so you can see and understand buying trends. But why is this important? You see the trend as it starts and have the ability to “lean in” to it to make the purchasing decisions needed to keep your c-store properly stocked.
You also have the data to support your promotion decisions, allowing you to customize them around the story the scan data tells you at your actual location.
The result? Your promotions are well-informed and targeted.
Monetizing your Tobacco Scan Data
Tobacco vendors specifically, desire scan data information to better understand their customers. You can earn rebates by monetizing this data from your store.
Here’s the scene, your regular customer, John, comes in around noon, picks up a diet soda, a prepackaged snack, and a pack of cigarettes. At the POS, each item is scanned, and the data is collected. From the data tied to the cigarettes, John’s purchase is added to a report of all other cigarette purchases for an assigned period of time. Then, that report is shared with the vendor, and in exchange for the data, you’re sent a rebate. It’s that simple.
Just Remember, Don’t Focus on the Past
Yes, it’s true that scan data was once only used in larger retail chain establishments. But when it comes to convenience retail today, scan data is absolutely essential for your business. From small businesses and shops to the mega, big-box retailers, businesses of all sizes benefit from scan data.
The bottom line is, scan data can lead to increased sales for your business. Whether it’s through in-store optimization or vendor rebates, when scan data is used properly, it guarantees value for your business.