Redefining the Retail Merchant Role when Planning Promotions A key player in the success of a promotion is the merchant. Without understanding the product, customer needs, and business objectives, the likelihood of a promotion positively impacting your retail business is slim. As data continues to evolve, stores continue to grow in size, and customers
Promotions play a pivotal role in the success of a product. When promotion management is done strategically, retailers can expect a positive demand shift. According to retailmenot, promotions trigger in-store and online purchases by 89-91%. Throughout this article, learn more about: Table of Contents What are promotions? A promotion is a specific tactic
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Analysis of Customer Response to Simple and Complex Promotions The value you convey to your customers is a key input into the success of achieving your promotion objectives. As the Harvard Business Review states, “How customers perceive the price is as important as the price itself.” For merchants, it is important to incorporate customer perception
Top Retail Trends 2022: Here is what we have learned In the midst of a pandemic, national lockdowns, shortage of workers, supply issues, and sweeping uncertainty, retailers had to become more creative and flexible than ever before. Across the last two years, we saw massive shifts in the way retailers conducted business in order to
How to Manage Margins & Maintain Customer Satisfaction Amidst Inflation With inflation at record levels, consumers are rethinking how they spend their money. How inflation has dramatically changed in the last two years As far back as July 2021, surveys showed that consumers were adjusting their purchasing behaviors based on rising inflation. At the time,
Defining AI & ML- Simplified By Fernando Monteiro, SVP EMEA The two most common technology acronyms you may find yourself reading and talking about are Artificial Intelligence (AI) and Machine Learning (ML). However, despite hearing them so often, many are stumped to explain the definition, what they actually do, and how they differentiate from
Cannibalization & Halo Effects– The Secondary (but important) effects of sales promotion Why grocers should care about understanding cannibalization & halo effects when planning promotions By John Kim, Data Scientist When managing promotions, the primary end goal of grocers is to drive an increase in ROI. Though there are many tactics on how to
Intuition won’t get retailers to the next level, advanced analytics will Why retailers should invest in advanced analytics to effectively manage promotions. Despite technology growing and evolving at a rapid pace, many retailers are still relying on intuition for promotion management. Whether they are guessing the right time to run a promotion, or agreeing on
Out with the old in with omnichannel fulfillment Multi-channel fulfillment strategies aren’t cutting it anymore. Instead, retailers need to invest in an omnichannel fulfillment strategy to stay ahead of their competition. By Meg Galgano, Senior Director Product Management Over the last few years, consumers have put pressure on retailers to have flexibility and provide more
4 Tips on Selling an Innovative Product that is Future Ready 4 Tips on Selling an Innovative Product that is Future Ready Meet the Team Cognira Series We live in the age of instant gratification– when we run into a problem, we expect there to be a solution. Yet, in order to keep up with
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