As shoppers intensify their control and expectations of every step of the purchasing journey, retailers must absolutely turn away from the gut-feel approach of years past. Today, survival demands that they apply timely, data-driven insights to provide prices and promotions that have meaning, align with brand and price strategy, and sustain healthy business results.
To help jump-start retailers on that path to success, we commissioned Forrester Consulting to conduct two global shopper surveys in recent months.i At NRF we’ll be making the newest study available publicly for the first time. And to translate the findings into meaningful and actionable context, we’re hosting a Big Ideas session on Monday, January 15 at 11:30 a.m. that explores the eye-opening myth-busters that the surveys uncovered as we looked through the data from respondents in the U.S, U.K., France, Germany and Brazil. Our featured panelists from Forrester and Walgreens will tell retailers what actions they should take to gain the competitive edge in light of the survey results. Hope to see you there! This session will fill up. Pre-register today to reserve your seat!
Meanwhile in our booth #3513 we’ll have hands-on demonstrations of data science-driven retail solutions for price, promotion and markdown optimization as well as dynamic pricing and Promotion Performance Analysis. As the most recent Forrester study found, a whopping 52% of weekly or monthly promotions from retailers go to customers who would happily have paid full price – a stunning loss of margins at a time when retailers are fighting for every dollar in order to survive and thrive in a fierce competitive landscape. Our schedule is filling up rapidly, so book time with us at NRF today!
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.