This article is brought to you by InStore.ai.
Just like any business, convenience stores rely on data and customer feedback to track performance benchmarks and identify areas for improvement. But the industry’s standards for collecting and analyzing data are table stakes compared to some of the more advanced tools available, said Brandon Warshaw, head of growth and strategy for InStore.ai.
“Leveraging accurate and comprehensive data in the convenience and gas channel is invaluable for improving operational efficiency, enhancing customer satisfaction, optimizing sales strategies, and driving overall business success,” said Warshaw. “Accurate measurement provides the data needed to make informed strategic decisions such as launching new products and introducing new services.”
Examples of traditional performance indicators that retailers should track, according to Warshaw, include sales per square foot, inventory turnover, and average transaction value. Monitoring metrics like wait times at fuel pumps and checkout counters helps identify bottlenecks in service delivery, he added.
But traditional performance measurement is not enough to create a competitive advantage when it comes to the customer experience, he said. “With the modernization of fuel and convenience retailing, there is so much more that goes into creating an environment that customers want to frequent for basic necessities or a special treat. There is a rich source of insight that has been untapped until now—the interactions between customers and employees.” That’s where a technology like InStore.ai can help, he said.
With InStore.ai’s automated analysis of conversations between customers and cashiers, which are recorded using a small microphone at the register, operators can receive automated insights and recommendations based on what’s being said in stores powered by artificial intelligence.
“Because InStore.ai has an ‘always on’ capability, the impact of changes made based on learnings can be understood and refined on an ongoing basis much more efficiently,” Warshaw said. In contrast, he said, “measuring customer satisfaction through legacy methods such as surveys and mystery shoppers allows stores to understand a snapshot of the customer experience. But these tools only reflect a moment in time, and they require resources to understand and think through what can be done to drive improvements. InStore.ai is turning the regular interactions in c-stores into proactive guidance for our customers so they can focus on making changes that drive results.”
By tracking words, sentiments, and phrases used in organic conversations in the store, which InStore.ai can automatically identify and create actionable insights and recommendations for, fuel and convenience players can better understand their operations from a big picture perspective.
“InStore.ai is helping retailers understand customer experience and satisfaction in a behavioral context rather than asking them questions,” Warshaw said. “What store employees are doing to create better customer experiences, and how these efforts are perceived, can be understood with AI-powered voice analytics. Then proactive alerts, notifications and summaries with the right information can be sent to the right people to drive action across the business.”
This is part of a series on InStore.ai. Read about using voice analytics at POS, how voice analytics can optimize operations, how to supercharge your loyalty efforts and address employee attrition with AI, and how to leverage passive data collection to improve your operations.