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The Omnichannel Journey: Translating Big Data into a Prescription for Growth

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Executive Summary: The Rise of the One-to-One Future

Industry growth is elusive. The rise of just-in-time shopping is driving growth of smaller footprint stores, leaving retailers in search of more profitable business models.

  • Volume growth is flat; dollar sales are being driven by inflationary prices; store growth is coming largely from increasing store count
  • E-commerce is feeding an omnichannel shopping frenzy
  • Shoppers are spending their money across more channels and store formats

Retailers that adopt a customer management perspective will capture increased share of 360-degree spending and maximize customer lifetime value. Retailers must personalize the experience for each shopper across the entire path to purchase.

  • Know what key and target shoppers are looking for Engage shoppers when, where and how it matters most to them
  • Deliver against needs and wants at the right time, through the right channel and at the right price

To truly succeed, retailers must undergo a major cultural shift.

  • The complex retail environment and unique goals have rendered turnkey market analyses inefficient Category and item management practices fail to tap into the depth of insights available through loyalty program data
  • Suppliers and retailers are just beginning to realize the value of working in a truly collaborative manner

Framework to Win: IRI ProScoresdrives higher share of wallet by focusing on highest value customers and potential customers.

  • Capture a total market view of customer spending
  • Form supplier-retailer collaborative relationships to personalize offers and optimize campaigns hroughout the flight
  • Tap into critical touchpoints along the shopper journey to strengthen brand equity and enhance brand image

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