The fierce competition for consumers between bricks and clicks retailers could present new opportunities for suppliers if they can gain a detailed understanding of differing shopper missions.
Bridgethorne, the category, customer management and shopper marketing specialist, says that a new study by KPMG which shows that 43% of businesses rank sales growth as pivotal for improving profitability over the next two years* merely highlights the importance of gathering better insights from data. Sales growth was perceived to be the most important factor in improving profitability ahead of product innovation and cost reduction.
“Sales growth is always front of mind for retailers but it will be the suppliers that demonstrate an understanding of shopper behaviour that will thrive,” explains John Nevens, Bridgethorne director. “It will be crucial for suppliers to understand how the characteristics of channels to market differ as shoppers select outlets based on why they are shopping and what they are shopping for. This kind of insight offered by suppliers is the best way to cement working relationships with retailers across multiple platforms.”
Encouraging shopper loyalty demands retailers stocking ranges that not only attract customers but ensure repeat business. This is where the savviest suppliers will enjoy greater success. Suppliers who understand which shoppers buy their products, and why, can use these insights to hold compelling conversations with retailers. Products that have been thoughtfully matched with different retailers are likely to attract more shoppers, resulting increased sales for both suppliers and retailers.