Promotions
How to effectively optimize promotions
How to effectively optimize promotions Promotions are a persuasive strategy to drive sales and the overall bottom line. Despite how powerful promotions can be for
August 24, 2022
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As the curtains fall on NRF 2024, the echoes of groundbreaking sessions and transformative insights still resonate. Join us on an after-event expedition into the heart of Retail’s Big Show, as we unravel the gems from the grand finale – Day 3.
While the sun may have set on the bustling exhibition floors, the illuminating discussions and forward-thinking revelations persist.
In this post-event journey, we delve into the captivating world of pricing strategies, consumer expectations, and the innovative future painted by retail’s brightest minds.
Welcome to the post-event unraveling of NRF 2024 – where retail’s future is unveiled, one insight at a time.
Mark Kotcher, Senior Vice President, Field Sales & Marketing at Save A Lot
Movista Co-founder and Chairman Stan Zylowski
source Save A Lot
Dive into the world of effective pricing strategies with insights from Senior Vice President Mark Kotcher during our first session. Discover the keys to optimizing revenue, profits, and sell-through with the following takeaways:
“Save A Lot’s dedication to optimization, starting from in-store routine processes, showcases a commitment to strategic improvement, allowing for competitive pricing without sacrificing quality ”
Diana Marshall: EVP & Chief Growth Officer at Sam’s Club
Rachel Dalton: Head of Retailer Insights at Kantar
In an enlightening session, Diana Marshall, Chief Growth Officer at Sam’s Club, dissected the evolving landscape of consumer spending within retail stores. She shed light on the increasing demand for personalized experiences, enticing offers, and various incentives. The driving factors behind these heightened expectations were outlined by our speakers:
Addressing these dynamics, Sam’s Club has strategically embraced “Digital Innovation” to meet customer expectations:
“Sam’s Club has elevated consumer-centricity to new heights through its innovative approach. By actively listening to its shoppers and comprehending the intricacies of their spending patterns, the company has adopted a data-driven strategy. This not only allows Sam’s Club to meet the evolving demands of its customers but also positions it as a leader in providing compelling solutions that resonate with the expectations of today’s discerning shoppers.”
Parrish Chapman: Sr. Director Of Sales B2B Retail at Samsung Electronics America
Kevin Morrow: Senior Director at Samsung Research America
In a forward-looking session, Samsung Electronics America showcased the evolution of the retail experience with the introduction of conversational digital humans. Parrish Chapman and Kevin Morrow demonstrated how Samsung harnesses the power of generative AI to create engaging interactions, exemplified by “Sam the Sommelier.” Here’s a glimpse into the benefits of engaging with this digital retail consultant:
The duo from Samsung’s Research & Electronics teams didn’t stop there. They presented some of the cutting-edge initiatives:
“The session comes at a critical juncture for the retail industry, marked by a staggering 543,000 unfulfilled job openings during the 2023 holiday shopping season, as reported by the U.S. Bureau of Labor Statistics. Samsung’s introduction of conversational digital humans seems poised to address the industry’s pressing labor shortages. These digital entities not only offer a solution to workforce challenges but also present a dynamic and innovative approach to customer engagement, transforming the retail landscape into a more seamless and interactive space.”
As we wrap up our coverage of NRF 2024, we reflect on the enriching journey. The insights gained, connections established, and the inspiration drawn from this pivotal event have left an indelible impression on us.
As we bid adieu to NRF 2024, our excitement for the road ahead grows. Stay tuned for more comprehensive coverage from the world of retail, starting with the upcoming FMI event.
About Cognira
About Cognira
Discover Cognira’s PromoAI – a single platform for all promotion management, equipping retailers with a premium solution that captures the most significant financial opportunity within promotions.
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