ALEXANDRIA, VA, 2017-Jul-06 — /EPR Retail News/ — The Association for Convenience and Fuel Retailing (NACS) and SwiftIQ, a leading retail insights, execution and measurement platform, have announced a strategic alliance.
The alliance, initially publicized at the NACS State of the Industry Summit in April, will advance NACS advocacy, events and education by bringing significant shopper, merchandising, data integrity and supply chain insights to the convenience marketplace to help retailers and their suppliers enhance food bundles, improve product offerings and gain operational improvements to drive cash flow.
“Swift IQ’s ability to analyze billions of retail transactions on-demand, including basket-level performance, foodservice, promotions, item correlations, size, seasonality and dayparts will bring an unmatched level of granularity and help convenience retailers gain tremendous benchmarks for success,” said Dae Kim, NACS vice president of research about the partnership.
“Considering the pace of the technological change in the industry, the need for basket-level data and continuous measurement of category management, promotions and supply chain initiatives is greater now more than ever. The ability to utilize artificial intelligence applications and basket-level data to optimize merchandising, foodservice and out-of-stocks is more important than ever,” explained Jason Lobel, CEO and Co-Founder of SwiftIQ. “We have worked with several top convenience chains are very excited to further our collaboration with NACS to help the community understand and leverage the power of basket-level data to drive business value.”
SwiftIQ data will complement NACS’s existing suite of data products: CSX, an online database that lets users benchmark and compare financial performance and operating trends against industry averages, and CTP, a program that conducts shopper intercepts on-site at retail locations to capture actionable insights based on customer perception, opportunity gaps and conversion rates for specific categories as well as effective forms of promotion that customers find engaging.
NACS advances the role of convenience stores as positive economic, social and philanthropic contributors to the communities they serve. The U.S. convenience store industry, with more than 154,000 stores nationwide selling fuel, food and merchandise, serves 160 million customers daily—half of the U.S. population—and has sales that are 10.8% of total U.S. retail and foodservice sales. NACS has 2,100 retailer and 1,750 supplier members from more than 50 countries.