Use the latest in predictive analytics to forecast store traffic and category demand in your stores
Should you increase shelf space for salty snacks?
Last quarter you saw out-of-stock situations in beer and candy. This quarter, you’re overstocked on beer but your salty snacks are flying off the shelves. What is happening? With Prevedere, you can find answers. We provide a holistic picture of your business by automatically combining your internal sales performance data with real-time global economic data and consumer behavior trends. You will be able to offer the right products at the right time, at the right location, AND at optimal inventory levels.
How would this work in the real world?
Learn how RaceTrac dramatically improves forecasts on guest count, margins, and labor expenses using Prevedere’s solution.
Download our Racetrac Case Study
Racetrac Petroleum operates over 650 gas stations and convenience stores in the Southern United States. After working with Prevedere, Racetrac was able to dramatically improve demand forecasts for many products sold at their stores. By including regional economic data, Racetrac was able to save millions in overstock charge-offs.
“We wanted to be more strategic in our evaluation of in-store sales trends and subsequent inventory planning, as these decisions impact our margins….Prevedere allows us to identify leading indicators on a market-specific basis to assist with our forecasting accuracy…”
Our advanced economic and modeling engine allows companies to determine how store sales would be effected by external factors (economic, environmental or consumer behavior) without the influence of promotions or pricing changes. This will give your team a solid baseline to assess marketing effectiveness.
After creating a forecast using the most predictive external factors, Prevedere allows you to test various scenarios before committing to any plan. Changes in pricing, distribution of product, entering/exiting a market, even staffing changes can all be included to see how your sales forecast changes.
Predictive Heat Map
In one powerful graphic, you can easily see which markets are forecast will exceed targets and which markets will face challenges. By leveraging microeconomic data sets from thousands of sources, you can develop forecast models for all of your retail locations. Armed with this information, you can focus on the areas that need the most help.
Leverage the power of predictive analytics and global data for your convenience store business.