Today’s tech-savvy shoppers have a keen sense of what is (and isn’t) fair pricing, and they are willing to wait for the right price if they think a retailer has unfairly overpriced when an item is in short supply. And contrary to widely held beliefs, they don’t expect competitive price-matching and free shipping is less important to them than price and quality.
These and other results from an as-yet unpublished Revionics-commissioned study by Forrester Consulting really made me sit up and take notice. And it made my thoughts turn to the obvious burning question: what do retailers really need to know about the full survey results, and how can they operationalize the insights from the study to more effectively win shoppers’ hearts while sustaining a healthy business?
We’ve assembled an expert panel to address these questions head-on at a NRF Big Ideas session on Monday, January 15 at 11:30 a.m. We’ll also take a hard look at the research findings around promotions, which found that, in a time when retailers are struggling for every single possible margin dollar, they are leaking truly massive margins with misguided promotions that don’t change shopper behavior and leave money on the table. In fact, a whopping 52% of shoppers receive weekly or monthly promotions on items that they happily would have paid full price for!
I’m delighted to be joined on the panel with two incredibly insightful retail experts. Guest panelist George Lawrie, VP and Principal Analyst at Forrester, helped design and oversee the research and he has great thoughts on how retailers must apply data science to act on the findings and ensure they remain profitable and relevant in a very unforgiving retail landscape. Walgreens’ Senior Director of U.S. Insights Luke Rauch shares great insights into what he is seeing data-driven retailers do well – and where other retailers are missing the boat – in the fight for customer loyalty and spending.
Don’t miss hearing first-hand about myth-busters that the surveys uncovered as we looked through the data from respondents in the U.S, U.K., France, Germany and Brazil. Pre-register today to reserve your seat. Attendees will also have access to the full survey results. See you at Retail’s Big Show!
P.S. I also invite you stop by our booth #3513 for hands-on demonstrations of data science-driven retail solutions for price, promotion and markdown optimization as well as dynamic pricing and Promotion Performance Analysis and to schedule a 1:1 discussion of how to leverage science to fit your specific retail needs. Our schedule is filling up rapidly, so book now!
Finally, a high-energy in-person event like NRF is a great opportunity for networking and for some R&R. That’s why we’re putting together a networking event on Monday night, January 15 at the legendary B.B. King’s Blues Club with live music, cocktails and hors d’oeuvres to give all of you retail rockstars a chance to mingle, share insights and best practices, and blow off some steam. We have a limited supply of party passes, so please RSVP soon! (This complimentary event is reserved for retail practitioners only)
Having optimal pricing, promotions, and markdowns is longer optional. The time is NOW to apply cutting-edge machine learning and data science that translates shopper insights and competitive response into high-impact results – today and in the years to come. Connect with us at NRF to learn more.
i Understanding Retail Customers’ Pricing Expectations and Tolerances, May 2017 and “Demystifying Price and Promotion,” September 2017, commissioned studies conducted by Forrester Consulting on behalf of Revionics.