A retail buzz phrase we heard and read often in 2022 was, “The future of retail is here”.
Leading retailers today are investing in innovative strategies to ensure they not only stay ahead of the competition, but continue to meet their customer’s ever-changing needs.
With tier-1 businesses paving the future, retailers feel the pressure of investing in advanced technology to propel them forward. But where do they get started? What solutions should they focus on?
One area in particular that has gained popularity is promotion management. Retailers across all sectors such as grocery, wholesale, and hardlines are seeing the direct value it brings to their business when they run effective and intentional promotions.
Throughout the article discover the current challenges retailers face with promotions, how leading retailers have overcome promotion challenges, and what is in store for promotions in 2023.
Promotion management for most retailers is a challenge to coordinate from start to finish due to the current processes, collaboration, data, and policies.
Here are a few pain points we’ve noticed:
So, how do retailers effectively analyze, plan, optimize, and forecast promotions? Here are a few trends top retailers are investing in to enhance their promotion success:
Centralizing data in a single system allows for:
Leveraging data for decision making allows for:
Investing in personalization and targeting can result in:
Moving away from emails and excel, and instead towards a vendor collaboration portal allows for:
2023 will be a year of change and innovation for retailers. Particularly with promotions, we will notice a shift in strategy to both compete with retailers and incentivize customers.
Strategies we predict retailers will implement in 2023:
Because of the above strategies, retailers are showing interest in collaborative software that allows all departments (pricing, marketing, merchandising) to work together to build an effective plan for their promotions, planning, deals, and regular prices.
This one source of truth allows retailers to better negotiate deals that help them meet customer needs as well as their company objectives.
About DJ!
DJ O’Neil is the Vice President of Product Management at Cognira. DJ is passionate about transforming retail decision making with objective-based planning using artificial intelligence. He has over 15 years delivering analytics solutions to retailers in product management and consulting roles.
About Cognira
About Cognira
Cognira is the leading artificial intelligence solutions provider for retailers. Cognira is passionate about helping retailers unlock valuable, transformative business insights from their data.
We know retail. We love data.
To learn more, check out our website at cognira.com or contact us today to get started.
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