Supplier Spotlights: BDSA, Cantaloupe Inc. & The Coca-Cola Co.
NATIONAL REPORT — While it's important for convenience store retailers to market themselves, new products, services, promotions and other initiatives by c-store suppliers are a major part of capturing consumer interest. Convenience Store News will regularly highlight such efforts in this roundup.
Here are the latest supplier spotlights:
Cannabis data company BDSA launched its Menu Analytics solution. The new product will enable cannabis industry leaders to make data-driven pricing, sales, marketing and merchandising decisions.
Menu Analytics offers hyper-local insights and weekly updates with actionable data to better understand the market and evolving retail dynamics. This will allow cannabis retailers and investors to gain critical insights into the menu-listed pricing and availability of brands and products at a local and store-specific level.
Retailers can use the generated data to unlock key distribution opportunities, uncover store-specific pricing and assortment, identify restock issues with trend analysis and enable brand evaluation based on markup, velocity, availability and price.
"In a quickly developing industry like cannabis, tools that provide data-based insights are critical for building a successful brand strategy," said Liz Stahura, co-founder and chief operating officer of BDSA. "Our new Menu Analytics solution provides visibility to answer crucial business questions. The ability to drill down into county, city and store-specific insights enables better-informed decisions that lead to more effective promotions, revenue growth and enhanced market share."
The new offering builds upon BDSA's existing suite of data and analytics solutions. When paired with BDSA's Retail Sales Tracking solution, Menu Analytics can offer a comprehensive view across the supply chain of brand strength, pricing and assortment, as well as metrics to help shape strategy for pricing and inventory allocation.
Retail artificial intelligence (AI) engineer Standard AI signed a definitive agreement to acquire self-checkout solutions provider Skip. Standard AI will become the only company to connect self-checkout (SCO) with AI-powered autonomous checkout, creating one integrated experience..
Standard AI will also integrate Skip's cloud-based POS with back office ecosystems to streamline operations and give greater control over price, discounts, promotions and more.
The on-going difficulty in both hiring and retaining talent in retail, limiting growth and store performance, has fueled a renewed energy in the industry for SCO as a strategy to resolve certain labor challenges.
"Autonomous retail has seen exponential growth, and in the next five years we'll see thousands of AI-powered stores across the world," said Jordan Fisher, CEO of Standard AI. "Through this acquisition, we will create a unique offering that combines the self-checkout experience with autonomous retail for the first time ever to give retailers immediate relief from their labor challenges and a way to accelerate their path to an autonomous future."
The new combined system will empower retailers to offer innovative checkout experiences, while offering shoppers a way to access autonomous retail experiences through the SCO kiosks that they're already familiar with.
"Skip has differentiated itself in a crowded field of self-checkout solutions. In addition to being modular and easy to install, it delivers all the functionality required by retailers at a fraction of the cost of its competitors," said Chase Thomason, founder and CEO of Skip. "By integrating with Standard AI, we are now taking our kiosks to the next level and working on solutions that will go beyond them as we create the future of autonomous checkout."
Upon closing, Standard AI will continue to sell Skip standalone or together with its Vision OS offering.
Tyson Foods Inc.
For the seventh consecutive year, Tyson Foods Inc. ranked Number 1 on Fortune magazine's list of the World's Most Admired Companies in the Food Production category.
The annual survey, conducted by Fortune and Korn Ferry, asks top executives, directors and financial analysts to identify the companies that have the strongest reputations within their industries and across all industries.
"Our team members are the heart of our business and their hard work and dedication to win with excellence every day is what put us in the position to be recognized as a leading food company," said Donnie King, president and CEO of Tyson Foods. "We're honored to again be acknowledged and we're committed to continuing to provide high-quality protein at good value to our growing world."
The company invested more than $20 million this year to offer longer parental leave, additional mental health support and other wellness benefits, including eligibility for healthcare benefits on the first day of employment for all full-time U.S. team members. The new policies and investments come in addition to recent compensation benefits, including more than $50 million in thank you bonuses and $100 million in wage increases for U.S. hourly workers.
The company also provides opportunities for education and life-skill development through the Tyson Immigration Partnership and the Upward Academy program, the latter of which provides free education for all U.S. team members at more than 200 programs from 35 universities and learning providers.
Korn Ferry has collaborated with Fortune annually since 1997 to identify, select and rank the World's Most Admired Companies. To compile the rankings, corporate reputation and performance are measured against nine key attributes: innovation, people management, use of corporate assets, social responsibility, quality of management, financial soundness, long-term investment, quality of products and services and global competitiveness.
This year's list can be found on the Fortune website. For more information on how the rankings are determined, view the full methodology at Korn Ferry.