Personalized Promotions: The Key to Bigger Baskets and More Frequent Trips
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To maximize the value of the relationship both for the customer and for the retailer, it’s important to not only understand customer buying behavior and preferences, but to be fast and flexible enough to use that knowledge to design and execute the most relevant promotional offers that satisfy and capitalize on consumer needs.
The question for retailers is, how to put offers in front of consumers at just the right moment and in a way that maximizes the effectiveness of the offer? In this age of cut-throat competition from both traditional retailers and digital “pure-plays,” retailers have come to realize that “the right offer” is much more than just a deal that beats the competition on price. Instead, customer-centricity – indeed consumer experience and relevance is key to driving greater retailer loyalty.
The good news is that retailers have new AI-enabled software solutions to help them better evaluate historical promotional performance, to develop optimized promotional plans and to maximize the impact of collaboration with CPGs (Consumer Packaged Goods manufacturers) on promotional offers in a way that delivers the most relevant value to consumers and the best return for the retailers AND manufacturers.
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