forecourttech February 20

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forecourttech pagesix When it comes to the role data can play in fuel pricing, it is a one-size fits all approach. Different types of retailers have different objectives and will use different data sources to varying degrees. “Edge and our competitors are upgrading the use of data in the industry and, as a whole, that is beneficial for everyone. We want to show retailers what is possible with the right data and the right tools at your disposal,” explains Mark Truman, Chief Revenue Officer who was joined on the webinar by Nikhil Patel, Senior Sales Manager and Oscar Smith Diamante, Chief Editor at Petrol Plaza. To make things simple Edge Petrol, has identified four retailer stereotypes, based on their meetings with hundreds of different retailers. Each stereotype has different objectives and strategies and will use data to varying degrees in order to meet their goals. The Libero retailer is focused on volume and achieving high footfall. They achieve this by undercutting competitors and therefore need competitors pricing data in order to ensure their price is competitive. This is model is particularly popular with supermarkets where they are able to convert the footfall into dry stock sales. The Zlatan retailer, like the man himself, is a high roller. They have high margins and can maintain this because they are in low competition areas – think motorway service sites or stations in rural locations. The data they need is cost prices to ensure they are achieving the required margins. The Groundhog does not require much data at all because their prices rarely change, unless there are huge fluctuations in the market. Their focus is on brand perception and their time and this stereotype is often associated with small, busy retailers. While this system may be easier to run it also runs the risk of missing opportunities to maximise profits. The final stereotype is The Enganche, for those not familiar with the phrase, it’s an Argentinian footballing term used to describe a traditional playmaker. The playmaking retailers are focused on maximising profits using a whole range of data sets and is and ideal model for large or growing portfolios. Being the Messi of the petrol retail world does come with its risks however as inaccurate data, out of date insights and not being able to action quickly can significantly affect outcomes. Whilst each of these stereotypes differs drastically in needs, they all require some form of data in order to unlock their full potential. Once a retailer is able to identify their type it becomes much easier to source the products and services that they need. “If you don’t see value in these tools, your competition will,” added Mark. “Change is coming to the forecourt industry and those who don’t improve or adapt will be left behind.” Edge plan to expand on this first webinar and plan to run a panel style webinar with representatives from other pricing solutions providers with the primary goal of educating retailers: “anyone can sell a product to a company, but can you sell an idea to an industry? added Mark. The full webinar can be viewed below: #forecourttech @forecourttech www.forecourttech.com
forecourttech THE LIBERO THE ZLATAN Cares about: Volume Common market type: Competitive Good system for: Strong dry stock offerings Data / insight required: Competitor pricing Benefits: High footfall Risks: Low / negative margins, low conversion to dry stock sales. Cares about: Margin Common market type: Rural / low competition Good system for: Prime real estate Data / insight required: Cosy prices Benefits: High margins Risks: Volume fluctuations / low shop sales pageseven THE GROUNDHOG THE ENGANCHE Cares about: Brand perception, their time Common market type: Varied Good system for: Small and busy retailers Data / insight required: Not much Benefits: Easier to run Risks: Leaving money on the table. Volume, margin and profit fluctuations. Cares about: Maximising profits Common market type: Varied Good system for: Large or growing portfolios Data / insight required: Volume, cost prices / margins, competitor pricing Benefits: Easier to run Risks: Inaccurate date/ out of date insight. Not being able to action quickly. #forecourttech @forecourttech www.forecourttech.com
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forecourttech February 20

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