Pinnacle is pleased to announce Allied Electronics, Inc. and UTC Retail as sponsors for the upcoming Summit 2017 Client Conference, May 31-June 1, 2017 in Arlington, Texas. Allied, UTC and Pinnacle have a long history of partnership and collaboration, and both have been top tier sponsors of previous Summits, including Summit 2016.
Another amazing NACS show has come to a close and what a wonderful time the team at Pinnacle had! Not only did we get to see so many of our tremendous clients, meet prospective customers and partners, and catch up on new and emerging trends- we also were able to launch our Affiniti Mobile App Platform from the show floor!
Millennials – Who Are They? If you are like most retailers, you invest a lot of time and money in building a loyal customer base, and as part of that effort you are trying to understand and target the up and coming Millennial generation. Millennials are typically defined as those born between 1980 and 2000, although some studies make them a bit older or younger. This means they range in age from teenagers to early 30-somethings. This group is subject of many studies and are on pace to be the most studied demographic in history, behind the Boomers who have been studied for decades. Everyone is trying to figure them out. Why? According to a 2012 study this group already represents $200 billion of direct purchasing power and has influence over $500 billion of indirect spending, primarily because teens and young adults who are living at home influence the purchasing habits of their Baby Boomer parents (source: U.S. Chamber of Commerce Foundation). Since the youngest members of the group are yet to enter the workforce, the prime earning timeframe for this group is still years away, which means collectively the group represents an important part of our future economy and cannot be ignored. Millennials’ annual spending is expected to reach $2.45 trillion by 2015 (source: Deloitte). Clearly understanding and finding ways to appeal to this important demographic deserves a closer look.
With over 700 stores in 11 states, there is a decent chance QT is in your neighborhood. They have a familiar name, their customer base is large, and their customers and employees love them. They, or someone like them, are very likely your competitor, and you have to figure out how to beat them at their own game. What is their game? Their pricing is good, but your pricing is competitive. The merchandise and foodservice they sell is comparable to yours. They have a loyalty program, but you may have a loyalty program as well.
Being competitive in the c-store industry requires attention to all areas of the business. Keeping store managers and area managers well informed of store and company performance empowers them to keep their stores in better running order. In other words, being competitive as a company starts at the store level.
A mainstay of the convenience store experience, foodservice has come a long way since the introduction of the hot dog roller grill. Getting the most from foodservice requires tracking inventory data to mitigate loss from shrink, spoilage, and staleness during slow sales times—while using that data to forecast labor upticks and staffing cycles. The following will demonstrate how Pinnacle solutions can give you the competitive advantage in this realm.
There is a growing trend toward selfserve, quick-serve and interactive content in the convenience retail market. These solutions range from fast food kiosks to forecourt merchandising, and more. From a food service perspective, Palm Kiosks offer several advantages over traditional cashier-attended POS stations.
Managing adequate inventory levels and shrink are two critical and sometimes invisible components of any successful convenience store. If not managed well, companies may be ‘leaving money on the table’ regarding inventory. More importantly, their customers- the consumer who is relied upon for all profitability- will find these seemingly invisible components very visible. Without loyal clients’ preferred products in-stock, those consumers will leave unhappy- perhaps never coming back. And, with multiple social media outlets at their fingertips today, customers aren’t hesitant being extremely vocal about their experience!
Pinnacle’s approach to inventory solutions can be drilled down to the path of a candy bar. Convenience store retailers are constantly looking for ways to get the most from their merchandise, even to the last chocolate. In today’s competitive market, it’s not enough to just buy and resell for a profit. Retailers must stay ahead of the hurdles and headwinds of changing consumer tastes, market saturation, product staleness and shrink. At each step of the inventory timeline, using Pinnacle software and solutions guides the sales process, product mix, ordering, profit evaluation and movement flow- insuring you get the most from your snack merchandise, down the last candy bar.