7-Eleven Works With IRI to Create 'Single Version of the Truth'
CHICAGO and LAS VEGAS -– 7-Eleven Inc. and Information Resources Inc. (IRI) teamed up to launch the 7-Exchange Next Generation solution.
This new solution is designed to help ensure that 7-Eleven and subscribing manufacturer partners work from a "single version of the truth" for elements such as identical basket-level transaction data, promotion optimization, trip-mission segments, store segmentation, and same-store and time-of-day information.
The approach will facilitate collaboration and accelerate return on investment for joint activities, the companies stated.
"This new solution offers the manufacturer a more robust way to partner with 7-Eleven on their category management processes," said Brad Shelton, executive vice president, retail client solutions, IRI. "The new 7-Exchange will provide detailed insights into the purchase patterns of almost 7 million guests who visit 7-Eleven in a typical day."
With 7-Exchange Next Generation, 7-Eleven becomes the first convenience store operator to share basket-level transaction data with its partners in order to accelerate innovative and more customer-focused products and merchandising approaches, according to the Dallas-based retailer.
Standardized category management workflows will encourage stronger alignment between all of 7-Eleven's external manufacturer-partner activities and internal category management processes, including analysis, execution and measurement of key category sales information.
"The 7-Exchange Next Generation solution and its brand-affinity insights provide the detailed data manufacturers and 7-Eleven need to more effectively identify product assortment and merchandising opportunities, design more effective promotional strategies, and identify high-value, cross-merchandising opportunities," noted Jim Hendrickson, 7-Eleven's manager of market research and consumer insights. "This unprecedented access to precise basket-level data gives our manufacturer partners the improved insights they need to thrive at 7-Eleven."
The 7-Exchange Next Generation solution is deployed using IRI's Retail Advantage platform, the latest module under the Retail Advantage product portfolio that empowers integrated insights and closed-loop marketing for retailers and their supplier partners, according to both companies.
The Retail Advantage platform is a data-analysis tool that delivers improved access to integrated shopper, basket, panel, point-of-sale and third-party insights, and offers subscribers the flexibility to expand the 7-Exchange service to include "rest of market" and loyalty data.
Today also marked the announcement that SymphonyIRI Group is rebranding itself IRI. President and CEO Andrew Appel announced the change during the opening day of the company's 2013 Summit conference held at the Wynn Las Vegas.
7-Eleven Inc. operates, franchises and licenses more than 8,500 stores in the United States and Canada.
IRI, formerly known as SymphonyIRI Group, provides solutions and services for consumer, retail and over-the-counter health care companies worldwide.