VCOM History
With all the talk about C-Stores and their potential functionality and customer expansion, we thought it made sense to look back at the seminal project for “complete financial services.” Having a copy of the main 7-Eleven presentation made it a bit easier. We’ve noted before how C-Stores are beginning to threaten restaurants (hiring product managers from Starbucks e.g.)
The current situation is that when you walk into a C-Store today at least 20 sq feet is dedicated to multiple machines. Mashgin is just the latest solution trying to establish a claim on that space. A couple of ATMs, a bill pay or two and maybe a Western Union money transfer. Might as well do DMV license registration there too. Throw in some new digital signage while you are at it. We did a second article on C-Store enhancements with digital signage earlier this year on AVIXA.
After all is said and done would it make sense to have a single unit aggregating those transactions?
That’s what 7-Eleven thought 20 years ago.
It may have been the only major deployment for Windows NT in history. Cost back then per unit was around $40K but that was offset by service placement fees to the other partners like Certegy.
7-Eleven’s director of new business development and e-commerce, said the Vcom program will pay for itself by generating incremental fee revenue as well as, perhaps more significantly, by helping 7-Eleven attract new customers and differentiate itself from the rest of the c-store pack.
VCOM Presentation (and to note the dated nature, it’s in the powerpoint format. Remember that?)
Summary In Brief
- Pilot Objectives
- Confirm new technology
- Enhance self-service check cashing experience
- Improve financials / check cashing risk models
- Test effectiveness of marketing programs
- 94 Units installed in 1Q2001
- Austin, Temple, Ft. Myers
- ATM, Money Orders, Money Transfer
- Check Cashing added in July 2001
- Marketing programs added in Oct. 2001
- Under-Banked
- Primarily Income <$35K
- 35MM people (14%)
- 25MM under-served
- Instant Access to cash
- 16% of current 7-Eleven customers
- Target Customer Profile
- Age 18-45
- HHI <$50K
- Male skew
VCOM Category
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VIDEO