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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.
What does a standout instore customer experience look like today? Our Head of Industry Insights Miya Knights spoke with Market Scale about the latest retail marketing and technology trends at NRF2020.
Moving away from discounting can and will be hard for a lot of retailers and brands. However, if brands choose their channels wisely, discounts can be used to leverage quiet parts of the day, underperforming verticals and limited product promotions.
Retailers attending this year’s National Retail Federation’s (NRF) conference, 2020 Vision: Retail’s Big Show, confirmed that 2020 would mark the start of a decade of customer insight becoming a key differentiator.