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Blog
In days gone by, getting customers into stores revolved around blunderbuss techniques like loss leaders or cut-price essentials. While they drive the top line, promotion strategies need to be more sustainable from a profitability point of view. In the digital age, personalisation adds a new dimension to pricing and promotions. A typical blanket offer affects customers in three different ways. An offer of £5 off a £50 basket will be wasted on a customer who normally spends £25. If they usually spend £50 this offer simply rewards them for their normal behaviour, but to a customer who usually spends £40 it’s likely to drive £10 of extra sales. Continue reading Tim Mason’s article in The Grocer, in which he advises on the opportunities for data insight and how this can lead to hyper-personalised promotions, rather than irrelevant blanket offers. Tim also talks about changing consumer behaviour to your advantage, and touches on the bursting potential for hyper-personalised pricing to give brands and retailers a competitive advantage.
The success of the Government’s Eat Out to Help Out scheme proved that consumers love a bargain. But how can the hospitality industry now move beyond discounting to drive footfall and sales?
The UK advertising market is expected to decline by 7.5% in 2020, driven predominantly by the impending effects of Brexit, a lack of sporting events and consumers’ need to stay home during Covid-19 lockdowns.
Read why Eagle Eye's Head of Industry Insight, Miya Knights believes that next-generation loyalty schemes could make a difference to retailers, this Christmas in her latest The Grocer column here