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Evolution Of Grocery Promotions
In part 3 of our Targeted Promotions Series, we will dive deeper into the science behind targeted promotions. We will explore what methods have been used and how different objectives require alternative solutions. Additionally, we show examples of new technologies on the horizon that will revolutionize how grocers promote to their customers as well as analyze the efficacy of such promotions.
Table of Contents
What is targeted promotion?
Apriori Algorithm
Generating itemsets
Collaborative Filtering – matrix factorization
Clustering
Movement Tracking Technology
Computer Vision – eye tracking technology
Part two in the evolution of grocery promotions explored some of the recent trends that have been influenced by the dramatic changes in customer behavior and how grocers can protect their customer and vendor relations.
Of particular interest was the radical shift towards e-commerce, hastened by the Covid-19 pandemic. What is the consequence of this transition from brick-and-mortar to online? How should grocers utilize the abundance of high-resolution data they are collecting from their apps?
Here in part three, we will dive deeper into the science behind targeted promotions. We will explore what methods have been used and how different objectives require alternative solutions. Additionally, we show examples of new technologies on the horizon that will revolutionize how grocers promote to their customers as well as analyze the efficacy of such promotions.
Targeted promotion is the process of identifying customers and promoting products through mediums that are likely to reach those potential customers. Traditionally, grocers lacked the technology and insight into their customer base to determine this group of customers. However, with years of data curated from loyalty programs, POS and online stores, we are finally seeing industry leaders shift into the targeted promotion sphere.
There are two perspectives from which retailers can approach targeted promotions:
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