Drive Success: Avoiding Software Lemons

05/22/2024 | Comment

Investing in New Software: Avoiding the Lemon

Investing in new software can feel like buying a used car—exciting but risky. The true risk lies not in the cost but in ensuring the technology delivers as promised. Product reviews and feature comparisons often fail to provide the necessary insights to mitigate this risk.

A common pitfall is purchasing a highly-rated product that doesn’t integrate well with your existing systems, leading to increased manual effort and low staff adoption.

Buying Software vs. Choosing a Technology Partner

Convenience retailers are shifting from merely buying software to investing in a Technology Partner that delivers a comprehensive, functional solution, ensuring full staff adoption.

At Taiga, we understand the importance of smooth implementation and continuous education for successful software adoption. Our approach ensures that convenience store operators not only implement our Front Office Platform efficiently but also maximize its potential through ongoing support and training.

Staff Adoption: The Key to Success

Retailers now recognize that staff adoption is crucial for realizing the expected benefits of a new technology system. They seek Technology Partners who prioritize this aspect.

Continuous education maximizes software utilization, keeps users updated with new features, and improves proficiency. Taiga offers monthly tours, biweekly email tips, and regular check-in calls to keep users informed, engaged, and skilled. This leads to higher user satisfaction and better software usage, translating to improved business outcomes.

Versionless Software and Continuous Evolution

Another critical factor in selecting the right Technology Partner is their commitment to ongoing enhancement. Retailers are not just buying a product for today; they are making a long-term investment with a partner that will evolve to meet future needs.

Versionless software continuously evolves without traditional version upgrades, akin to a car upgrading itself while you drive—no need to buy a new one every five years.

Taiga is dedicated to continuous improvement. Our development team incorporates user feedback and industry advancements into our software, ensuring it remains cutting-edge. Users benefit from seamless updates, enhanced security, and the latest functionalities without disruptive upgrades.

Implementation Success Story

FKG Oil, operating 83 MotoMart stores across six Midwestern states, needed a solution capable of handling vast amounts of data and making it accessible for informed decision-making. Taiga’s Front Office Platform quickly began providing MotoMart stores with actionable insights for data-driven decisions.

Conclusion

A successful software implementation, coupled with ongoing training and a versionless approach to software evolution, is crucial for maximizing the benefits of any technological investment. Taiga’s Front Office Platform exemplifies these principles, offering convenience stores user-friendly, continuously improving technology that supports their unique needs.

By prioritizing effective implementation and continuous education, Taiga ensures that its customers are well-equipped to leverage real-time data and drive business growth. Embrace the future of convenience retail with Taiga and experience the transformative power of our Front Office Platform.

Insights at the Speed of Business: Why C-Stores need Answers Now

04/11/2024 | Comment

In the fast-paced realm of c-store retail, the demand for actionable insights has surged. However, many retailers overlook the complexity of accessing and utilizing data efficiently. While some cling to the belief that insights are easily attainable with effort, the truth often contradicts this assumption. As the CEO of a prominent data analytics company noted, “Most of the world will make decisions by either guessing or using their guts. They will be either lucky or wrong.” Why can’t convenience retailers simply make informed decisions?

When faced with issues requiring prompt decisions, the manual, labor-intensive process of data extraction, manipulation, and analysis becomes a significant barrier, often resulting in decisions based on intuition rather than informed perspectives. The crucial element in this equation is “time to insight,” as pertinent information swiftly becomes outdated before thorough analysis can be completed. For convenience retailers to unlock the true value stored in their data, their teams need Answers Now.

The Journey from Raw Data to Insights

Convenience stores accumulate terabytes of new raw data everyday. With each transaction, data is spread across various technology systems like Back Office, POS, Loyalty, and ATG. Integrating this data necessitates multiple steps before analysis can even commence. The journey from aggregated raw data to insights is intricate, involving tasks such as data cleaning, categorization, and thorough analysis. Without adequate tools and technologies, this process becomes excessively time-consuming, error-prone, and may yield only fragmented insights. Data insight platforms are reshaping this approach by offering streamlined solutions that facilitate real-time aggregation and AI-driven analysis, thereby extracting maximum value from data.

“My team was skeptical about adopting a new software system. But now that we have experienced the power of real-time data in our business, we will never go back. Taiga’s Front Office Platform has revolutionized the way we operate.”

Jason Wittekind, COO, Triumph Energy

Crucially, the final step involves data visualization, ensuring insights are presented in an easily understandable and actionable manner for every team member. Envision the potential for your business to thrive when informed decisions are just a click away.

The Perceived Skills Gap

“The analytics software that is Taiga pulls data in real time. It is user friendly and what you can access in real time is unbelievable”

Dave Linder, General Manager, Mach 1 Stores

When introducing our platform to a new retailer, there’s often an initial assumption that deploying a data insight platform like Taiga would entail significant effort. However, the reality is quite the opposite. Unlocking actionable insights doesn’t demand a team of SQL experts and Data Scientists. Let our automated technology handle the heavy lifting for you. A typical implementation takes less than 90 days from project kickoff to providing data-driven insights for all

team members, irrespective of their technical proficiency. By bridging the skills gap, Taiga empowers retailers to fully leverage their data’s potential without the necessity of hiring additional technology experts.

The Strategic Advantage of Insight-Driven Organizations

In conclusion, insight-driven organizations hold a strategic advantage in the competitive landscape of convenience retail. By prioritizing actionable insights and investing in the right tools and technologies, retailers can unlock new opportunities for growth and success. With Taiga, the path to informed decisions is streamlined, saving valuable time and delivering Answers Now. It’s time to embrace the power of insights and propel your business forward.

Demystifying “Data Driven” Transformation: A Roadmap for Success

02/15/2024 | Comment

Over the past year, “becoming data driven” has been a central theme at industry events and in industry publications. The term “digital transformation” has been used to describe the journey from the manual, the analog, and the traditional, towards a future where data is not merely present, but deeply integrated and actively working for us. This transformation promises not just enhanced revenue, profit, and customer satisfaction, but also a profound change in how businesses operate. For many operators, it sounds too complicated or simply too good to be true – particularly after previous experience with technology vendors that have over-promised and under-delivered.

The purpose of this post is not to sell you on the concept, which has been done ad nauseam, but to make it approachable, understandable, and less daunting. Here’s how you can break down the process into manageable steps and key considerations for a successful digital transformation.

Steps to Digital Transformation

1. Selecting Your Partner

Choosing the right partner for your digital transformation is like choosing a co-pilot for a cross-country road trip. It’s not just about the vehicle but also about the company you’ll keep.

a. Cost – Consider the financial investment and the time commitment required from your team.

Is the cost justifiable based on the projected outcomes?

Will your team need to sideline other projects to implement and learn to use these new systems?

b. Capability – Investigate the full range of what the product can do.

Is it designed specifically for convenience retailers?

Does it have existing integrations with the systems that are already in use at your business?

c. Collaboration – Evaluate the implementation process, customer support and partnership you’ll receive.

Will your vendor lead you through this transformation step by stem or will they simply provide the necessary technology?

Will you have access to training, customer service, and technical support when you need it?

Our industry is evolving quickly and modern technology solutions have to keep up. Will you be charged for future enhancements and upgrades to the system that you have chosen?

2. Sorting Out Your Data

“Good Data” is the fuel for your digital engine. If it’s unrefined or improperly cataloged, it will cause your engine to seize up rather than increasing your horsepower and performance.

a. Real-Time Integration – Data that is days or weeks old will not allow you to take action and address issues before they become big problems.

b. Cataloging – The NACS Standard of Categorization allows you to perform analysis down to the SKU level.

c. Tailored Solutions – Look for a solution that was purpose built for the convenience store industry. Off-the-Shelf products require huge amounts of customization and integration work.

A convenience specific solution should enable you to analyze promotions, price items, analyze market baskets and prevent losses.

3. Getting Everyone On Board

Remember, technology is a tool, not a solution. The most advanced systems are worthless if your team isn’t using them.

a. Effort to Implement – How long will it take to integrate with your existing technologies and get the system up and running?

Assess how the technology will be adopted by the users. Your solution provider should have a proven process for implementation, training and the ongoing utilization for each of your user groups.

b. Automate Manual Reporting – Technology that can replace batch data extraction and manipulation in Excel will free up time and resources. So does this save time extracting and manipulating data and will it be in real time?

c. Simplifying Other Tasks – Consider what other business problems your new technology can solve. What other tasks could be made easier? Pricing? Inventory management? Can the solution help with these tasks?

Embracing digital transformation can be daunting, yet with the right partner, organized data, and user adoption, substantial benefits await within 90 days. Careful partner selection and data organization, coupled with driving user adoption, pave the way for success. Contact Taiga to discuss how we can partner with you on this transformative journey.

Decoding Trends: Navigating the 2023 NACS Show with Taiga’s Front Office Platform

10/19/2023 | Comment

Now that the 2023 NACS show has concluded and we have all returned home, I wanted to take this opportunity to reflect a bit on the show and themes our team saw while we were there. The NACS Show was a great place to learn and connect, as usual. It was also great to see so many of the Taiga team in person. While we were in Atlanta, my team and I had the opportunity to attend education sessions, connect with friends and clients, and walk the show floor to see the future of convenience retail. As we went through the week, we saw three pivotal themes that are reshaping the convenience store landscape: Digital Transformation, Artificial Intelligence and Customer Experience.

Digital Transformation: Powering Smart Retail

Digital Transformation is no longer a choice for convenience retail but a necessity, dominating discussions at the 2023 NACS Show. Consumer expectations are evolving almost as fast as technology and convenience retailers must keep up. Digital Transformation was defined in one of the education sessions with Alix Partners, Yesway, and Pilot as “the change and acceleration a company undergoes through the integration of digitally enabled innovations at scale”. This digital transformation is occurring as many convenience stores are fast-tracking their adoption of digital technologies; from self-checkout, to dynamic pricing, to personalized customer journeys to chatbots and voice recognition. A consumer study reiterated that digital innovations can impact each of the value drivers for consumers. In the study, Alix Partners found that consumers value innovations tied to payments and mobility (i.e., self-checkout, contactless payments, and mobile app/loyalty). However, listening to consumers feedback on technology investment is essential to ensure adoption of these new technologies. Consumers stated they are more likely to adopt technologies that are somewhat familiar AND that make their in-store experience better.

Artificial Intelligence: Revolutionizing Operations

Artificial Intelligence (AI) is a subset of digital transformation and was, in itself, a theme of the show. AI is becoming more prevalent in C-stores, from predictive analytics helping optimize inventory to AI-driven customer service chatbots. Some examples of how AI can help convenience retailers are with predictive analytics on loss mitigation, labor forecasting/staffing optimization, sales forecasting, and inventory optimization. One example given for AI was having AI track sales against predictive analytics to identify when an item was going to go out of stock and send an alert, just like Taiga’s Front Office Platform does with our Issue Detection module. The most important application of AI was in customer experience. Customer expectations for service and a personalized experience continue to grow. AI can help meet ever changing customer needs as it can provide you with real-time, relevant information on your customers and their habits so you can provide them with an optimized experience.

Customer Experience: Beyond Transactions

Customer Experience was probably one of the most important themes of the show. As I reiterated in several previous articles, customer behavior changed during the pandemic, with people looking to convenience stores to replace their grocery runs. The era of c-stores just being a quick stop for snacks is over. Convenience stores are transforming into community hubs, focusing on personalized experiences. As convenience stores are looking to enhance customer experiences, Taiga’s commitment to this theme is evident in our technology roadmap and will be available soon to our customers. We are using our aggregated data to decipher purchasing patterns, preferences, and demographic data in order to provide a detailed segmentation of customers for c-stores. This data will help convenience retailers tailor promotions to individual customers, fostering a sense of belonging and turning one-time shoppers into loyal patrons.

Now What? How To Take Action

So as a retailer, how do you take advantage of the NACS 2023 trends? As you look to implement digital transformation and AI to provide a better customer experience, make sure your systems are set up so you can see the data and results from these investments. You wouldn’t put money in the bank without expecting to see a return on it, right? The same goes for investments in technology – don’t put in self-checkout, promotions, or a loyalty program without ensuring you have systems in place to track performance and make sure you get a return on your dollars spent.

That’s where Taiga can help – our Front Office Platform can work with the other systems in your stores to aggregate and categorize your data, allowing you to see results easily and quickly. Say you install self-checkout – Taiga’s system can display the adoption rate, compare sales between self-checkout and cashier, and provide details on items purchased through self-checkout. The ROI will be right there for you to see, and if something needs to improve you can identify where to focus your efforts. Don’t worry about the Taiga platform being out of date for changes in technology. Our platform is versionless, so it is continuously upgraded for customer needs. This means that if you want to see a new dashboard view or adapt your platform for a new technology, we can make it happen without adding costs.

2023 NACS Show Recap

The 2023 NACS Show was a great experience for the Taiga team, and it helped us understand the priorities for the industry: Go digital, leverage the power of AI, and prioritize customer experiences. The good news is that Taiga’s Front Office Platform isn’t just keeping pace with what convenience retailers need; it’s leading the charge, enabling retailers to thrive in this transformative journey.

How Data Analytics Shows The Convenience Store Customer has Changed

04/21/2020 |

Here at Taiga, we’ve been working long hours since our founding last June to accomplish a single goal: The launch of our Front Office Platform, the first real-time data analytics platform purpose built for the Convenience Store Industry. We were sure that a 5 minute demonstration at the M-PACT Conference would be enough to fire your imagination about how your operations could become more efficient and profitable overnight. We expected our Front Office Platform to takeoff at the M-PACT Conference and instead we got: THE LOCKDOWN.

So, like you, we’ve been thinking. The LOCKDOWN won’t simply revert back to 2019 in a few weeks or months and allow us to pick up where we left off. In fact, many things have changed and some of those changes are permanent. Together, we all need to adapt to the “New Normal” which will take some time and a massive amount of collaboration across the industry. To do our small part, we have decided to publish a free weekly newsletter where we share the new trends that we identify and their impact on convenience store operations. We have decided to call this the New Normal Newsletter.

The Topic of this week’s New Normal Newsletter comes from a recurring conversation that we have had with several convenience store operators. I wouldn’t be surprised if you have had a similar conversation so please read on…

“Fuel sales used to be a reliable indicator of how in-store sales were performing and depending on which source you use, fuel demand is down at least 50% across the US. Surprisingly, since the Lockdown began, most of my stores have only seen a decline in retail sales of 20%, and, there are a handful of stores that are actually outperforming their numbers from last year. It’s like my customers changed overnight along with my top selling items. What is driving these changes?”

We volunteered to use our Front Office Platform free of charge to investigate. Our Front Office Platform is a one stop shop for convenience store data analytics. To keep the process simple, we used sales data from 4 types of stores: urban, highway, residential and rural. Once the data was uploaded, Taiga’s Front Office Platform immediately began to provide useful insights:

Key Findings

– Customer Segmentation has changed at all 4 categories of stores. At the urban stores where “coffee commuters” were the largest segment, local residents have replaced them. **We’re planning to do a full market basket analysis in a future newsletter. No matter what we find, it’s clear that Fuel purchases are no longer the key driver.**

– Age restricted sales are up across the board. In Addition, wine was the fastest growing subcategory of alcoholic beverages and the margins on wine were among the highest.

– The perception of cleanliness and a lack of lines is driving grocery store customers to visit c-stores more often. Keep doing the little things that make your store clean and safe: good lighting, hand sanitizer stations, plexiglass shields etc.

– General Merchandise sales were up across the board. This is another indicator that customers are going to a convenience store rather than a large grocery store.

– Non-edible grocery sales were also up. Some categories were up 250% so it’s critical to track the sell-through rate of these items to avoid being out of stock. OTC pain meds like Advil, were among the top sellers in this category by volume and profit margin.

– Propane sales were up by an average of 500%. While this trend was consistent across February and March, we’re watching it to determine if it is a one-time demand spike caused by customers “stocking up” or if demand will continue because customers are using more propane at home.

The start of the pandemic provided these simple data analytics for conveience stores, but a lot has changed since then. Imagine what you could learn from Taiga’s Front Office Platform now!

Convenience