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 ProScores™ drives 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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