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7 WAYS AUTOMATED PRICING PROCESSES HELP BOOST ...

by Ian Thompson, Executive VP, Global Solutions Consultancy

Automated pricing processes can feel like a risk. How will you know if your prices are optimized? Can you really depend on a software solution to boost profit? And how will you feel giving up some control over pricing tactics?

7 WAYS AUTOMATED PRICING PROCESSES HELP BOOST FUEL PROFITS
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AUTOMATION IN FUEL PRICING: AS SIMPLE AS AN OUT ...

By Ethan Walker, Solutions Consultant

Utter the word "automation" in a room full of people with diverse careers and histories. Some will shudder. Some will ignore. Some will start to get excited at the possibilities. Utter it in a room full of best-in-class fuel pricing analysts, and they're liable to start clapping. While automation is sometimes perceived as threatening, scary or "too difficult," it is absolutely essential from an overall efficiency standpoint. And at the end of the day, it equates to increased revenue, which analysts and executives alike happen to enjoy.

AUTOMATION IN FUEL PRICING: AS SIMPLE AS AN OUT OF OFFICE?
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EXPERT INSIGHT: THE RACE FOR VOLUME, PART 7: ...

Our high-performance race car is almost complete. We have pulled together a powerful turbo engine, great telemetry, winning powertrain, fantastic crew and the right spoilers and wings. In relation to our convenience store, we are set up for success with great facilities, the right data and analysis of the competition, excellent operations, the right merchandise and world-class pricing.

EXPERT INSIGHT: THE RACE FOR VOLUME, PART 7: LOCATION
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EXPERT INSIGHT: THE RACE FOR VOLUME, PART 2: ...

What does the driver of the convenience store "race car" need to know?

In Part 1, I introduced the analogy of the convenience retailer as a finely tuned performance car in a challenging race for volume. We explored pricing as the turbo charger, best used in short bursts for growing margin and exploiting daily opportunities, but not the best way to maintain or grow market share. We also looked at how dropping prices across the board to increase volume often results in price wars and minimal volume growth at reduced margins.

 

EXPERT INSIGHT: THE RACE FOR VOLUME, PART 2: DATA
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USING DATA-DRIVEN SALES STRATEGIES TO MOVE THE ...

You don't always have control over your promotional items, and that means you don't always have a plan to understand their effects on sitewide sales. Your gut instinct on what works and what doesn't is a good start, but is it giving you all the strategic support you need? Access to critical, integrated data can raise your game to the next level.

USING DATA-DRIVEN SALES STRATEGIES TO MOVE THE NEEDLE

Convenience Retailing

HOW TO LEVERAGE DATA TO TRANSFORM YOUR CONVENIENCE STORE OFFERING

HOW TO LEVERAGE DATA TO TRANSFORM YOUR CONVENIENCE STORE OFFERING

Convenience isn't a one-size fits all business. Best-practice retailers know that their offering needs to be adapted to their demographic and current site and retail network strategy. The trends emerging as the convenience concept evolves are as important to consider as the role you play in this evolution.

IF YOU’RE NOT DOING THIS BEFORE MOVING INTO A NEW MARKET, YOU MIGHT LOSE

IF YOU’RE NOT DOING THIS BEFORE MOVING INTO A NEW MARKET, YOU MIGHT LOSE

To confidently move into a new market, it's important to make sure your investment of time, resources and funds will be met with success and a strong return on investment in the future. Doing so requires careful planning, evaluating and forecasting into several key indicators to accurately assess the market. In this post, we've listed out a few important metrics to keep a close eye on when analyzing how your proposed site will fit into a potential new market.

FUEL STORE RELATIONSHIP: A TWO-WAY STREET?

FUEL STORE RELATIONSHIP: A TWO-WAY STREET?

Which came first, was it the chicken or the egg? Like this riddle, there are many business relationships where it can be difficult to pinpoint which factor is the first influence on the growth of another. In the fuel retail market, is it fuel driving convenience store sales or is it the convenience store offering that is increasing your fuel sales? Or do they both impact each other? How can you take advantage of this relationship to increase total site profitability?

HOW TO IMPROVE YOUR EXISTING RETAIL NETWORK

HOW TO IMPROVE YOUR EXISTING RETAIL NETWORK

Bill Tome (President, Mark Oil Company) has been successfully navigating the market in Charlotte, NC since the early 1990s. However, his company has been in the area for over a hundred years. His stable growth and success in a market that has changed significantly and continues to fluctuate and diverge into different trends has been determined by his consistency in a few best practices.

MARKETS RIPE FOR THE TAKING: WHERE TO CONSIDER EXPANDING IN 2018

MARKETS RIPE FOR THE TAKING: WHERE TO CONSIDER EXPANDING IN 2018

To expand your retail network, you first need to identify those places where expansion makes sense. There is no blanket answer, here. In fact, there are a multitude of variables you will need to consider, including demographic growth, benchmark competitors, regulations and more.