By Anna Rose Welch, Director, Cell & Gene Collaborative
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This week, a few articles supported the idea that customers are expecting a “Total Retail” experience, looking for personalized offers. Also in the news, the CPG industry is lacking in analytics use, and a study shows there is growth in mobile payment use.
Multi-Channel Out, “Total Retail” Moves In
A new report by PwC has highlighted customers’ needs for a “Total Retail” experience as opposed to a “multichannel” experience. With the rise of customer-focused technology, consumers are becoming more tech-savvy, which allows them to immerse themselves into a brand more fully. According to PwC’s study, there are 8 consumer expectations that retailers must meet to achieve the “Total Retail” model. One of these expectations is that stores will provide customized offers based on personal information, via digital coupons, social media promotions, and exclusive content. Inventory transparency and real-time information in the supply chain are also in demand for consumers looking items up online. The study also found the need for two-way social media engagement and the need for improved store apps and mobile sites.
Omni-Channel Shoppers Push For Personalized Offers
According to a new survey by Synqera, customers are seeking more personalized offers across all channels. Traditional print advertising is still the most popular, with 75 percent of consumers clipping coupons from magazines or newspapers. This is followed closely by online content (72 percent). As stores amass more data about shoppers’ habits, 85 percent of consumers now would like to be receiving personalized offers that reflect their past shopping behavior. However, grocery mobile apps are not the most popular portal for seeking out coupons or promotions, as 81 percent claim they would not turn to an app. Similarly, 73 percent of consumers surveyed claim they do not want coupons sent directly to their mobile devices.
CPG Industry Lagging In Analytics Usage
A majority of consumer packaged goods (CPG) companies have yet to make analytics a key part of their decision-making process, a new Accenture study finds. Fifty-four percent of CPG execs say their company has a fully defined analytics operating model, though only 9 percent say their company has used this model in its entirety. Forty percent of respondents say they have a partially defined analytics operating model, though 14 percent of those execs say their company has not implemented it. Despite the fact that 47 percent of execs call their companies “analytical leaders,” the analytics teams are primarily focused on “pulling data” rather than using data to develop insights. Technology is considered the top priority in analytics for 37 percent of CPG execs.
Mobile Payment Adoption A Reality For 2014?
Mastercard and PRIME Research have released the second annual global MasterCard Mobile Payments Study. The results of the study show that sentiments towards mobile payments are improving and that there has been more growth in consumer use and merchant acceptance. According to the findings, 2013 was the year that mobile payments moved from “concept to adoption.” More consumers and merchants have adopted the mindset of “which mobile payment option should be used,” as opposed to “why use mobile payments?” Eighty-six percent of consumers and merchants are supportive of mobile payments. While consumer sentiment towards the transaction experience improved in 2013, experience is still a common frustration point for users.
Grocery And Convenience Store IT Talking Points
According to Engadget, car company Volvo has developed a new program enabling couriers to deliver groceries to wherever a customer’s car is parked. Those shopping online can select their car as the drop-off point, and a courier is provided with GPS units to the car and a digital key. This key is activated once the delivery is accepted via smartphone or tablet, allowing the courier to place the goods into the trunk.
Angel Abcede for CSPnet discusses the correlation between falling in love and Big Data usage. There is a right and wrong way to go about implementing Big Data, Abcede says. While using data carelessly can cause consumers alarm, there are ways to use data that can build intimacy with a customer. Providing relevant and customized offers with data gleaned from registers, accounting ledgers, and loyalty programs is the best strategy.
For more news and insights, visit BSMinfo’s Grocery and Convenience Store Tech Center.