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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.
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This penultimate Eagle Eye blog serialising our CEO, Tim Mason’s new book, Omnichannel Retail: How to Build Winning Stores in a Digital World, tackles the critical subject of content that is fit for the digital age.
The challenge for traditional retailers is this: can the likes of Walmart, Coles and Woolworths master new digital skills faster than the digital natives can learn to become effective store retailers? Unless companies with large networks of stores solve this challenge, the likes of Amazon and Alibaba may one day dominate store retail as completely as they dominate e-commerce today.