STATE COLLEGE, Pa., June 9, 2015 /PRNewswire/ -- VideoMining Corp., the leader in shopper behavior analytics, announced the results of two major national studies that found shoppers spending less time in supermarkets and more time in convenience stores.
According to VideoMining's third annual Grocery MegaStudy, shoppers are spending 5 percent less time in supermarkets compared to the previous year. The sixth annual C-Store MegaStudy found that shoppers' time in convenience stores increased 6 percent from the previous year.
These shifts are in line with the broader national trends surrounding channel blurring and its impact on trip missions. But these measures only reveal part of the picture and raise many questions. To address these questions and to add greater depth and value to the insights, VideoMining integrates behavioral data with a range of other data sources, including transaction data and exit interviews. In the C-Store MegaStudy, for example, this integration showed a correlation between time in store and average dollar basket size, which grew by 9 percent.
VideoMining's standard tracking programs provide a foundational understanding of shopper behavior by harnessing the power of in-depth data from 14 million shopping trips. In collaboration with top grocery and c-store retailers, the MegaStudy programs provide detailed analyses of shopper interactions with over 220 categories, insight into behaviors of key shopper segments like Hispanics and Millennials, and a number of special interest reports.
Engaging shoppers for longer periods can lead to increased basket size in C-stores, according to Mark Delaney, VideoMining's Senior Vice President of Retail. Identifying the factors driving these increases and which levers can be pulled to maximize the value of longer in-store visits is the key for manufacturers and retailers.
"Convincing time starved shoppers to spend more time is a challenge that the convenience channel seems up for," Delaney said. "One key is ensuring they have the right assortment to satisfy shoppers who are increasingly concerned about healthy eating and expecting tailored offerings by time of day. Our MegaStudy provides the next-level insights to understand what's actually happening at the shelf and helps retailers and manufacturers crack the code for increasing sales."
Dr. Rajeev Sharma, the company's founder and CEO, said VideoMining provides the insights needed to fully understand what is driving the longer shopping time and how retailers and manufacturers can leverage that time to generate higher sales and a better shopper experience.
"By delivering actionable information and recommendations to stakeholders in key areas from category management and shopper marketing to space planning," Sharma said, "VideoMining provides the data and prescriptive analytics tools to truly optimize retail strategies."
For more information about VideoMining and its Grocery and C-Store MegaStudy programs, contact Jeff Hershey at [email protected] or 800.898.9950 x114.
About MegaStudy Programs
For nearly a decade, VideoMining has been filling the gap in understanding in-store shopper behavior with its industry standard MegaStudy programs in Grocery and C-Store. Offering a suite of over 250 detailed reports as well as custom research and testing options, the Grocery and C-Store MegaStudy programs deconstruct and analyze millions of shopping trips to uncover the key drivers of in-store behavior and shopper responses to the range of variables in the retail environment.
Headquartered in State College, Pa., VideoMining employs patented software to convert in-store video into a rich understanding of shopper behavior and demographics, integrating those learnings with other key data sources to deliver comprehensive, actionable shopper behavior insights. VideoMining's powerful Platform for Retail Optimization provides consumer product manufacturers and retailers unparalleled ability to measure shopper response at each retail touch point with breakthrough automated in-store behavior analytics. The insights gained enable a range of stakeholders to make fact-based marketing and merchandising decisions and optimize their retail strategies. For more information visit www.videomining.com.
SOURCE VideoMining Corp.