Advanced analytics can help retailers and their trading partners meet the challenge of motivating consumers to engage in favorable shopping behavior. By adopting business analytics, companies can develop targeted marketing, tailored assortment and personalized shopping experiences to drive growth and market share.
"It's all about data. It's about understanding where data comes from and what business processes are providing data," says Colin Linsky, predictive analytics worldwide retail sector leader, IBM Business Analytics. "If there isn't any data, there's no ability to do analytics."
In approaching analytics, executives need "to start thinking about what data exists throughout the organization and how does that relate to the business processes that we are trying to manage." Linsky said three questions should be asked: How are we doing now? Why implement advanced analytics? And what should we be doing in the future?
New Opportunities for Sales Growth in Grocery Center Store
The Center Store of the typical supermarket accounts for 75% of sales and 77% of profits, according to the Willard Bishop consulting firm. But there's potential for even more, says new research from VideoMining Corp.
A comprehensive study of shopping behavior has identified significant opportunities for sales growth in several product categories by enhancing the in-store experience and eliminating purchase barriers that lead to "shopper leakage" to other channels.
One of four customers walks through the Center Store on a typical shopping trip, but doesn't buy anything. Retailers and their brand partners can convert these non-buyers with better signage, navigation cues, displays and shelf layout, says the Center Store MegaStudy by VideoMining...
The Shopper Technology Institute (STI) welcomes its newest Corporate Member: ShoptoCook, provider of customer interactive software solutions for the grocery industry.
ShoptoCook offers retailers two key applications that drive traffic to the store, engage shoppers, and deliver more value with every shopper visit. The coupon delivery channel and mobile rewards/loyalty program are integrated seamlessly into ShoptoCook's interactive touch-panel display at the heart of its Meal Idea Center.
"These applications turn the in-store solution center into the destination for value-oriented shoppers. Our products offer trackable data, so you know how many customers you're reaching, and how long they are interacting with the featured content," said Frank Beurskens, CEO.
He and Steve Methvin, VP of Retail Technology & E-commerce for Bozzuto's, will co-present an educational session at the 4th annual LEAD Marketing Conference, October 1-3 in Chicago (full conference agenda and registration information available at www.LEADMarketingConference.com).
