The Future of The Shopper
The growth of shopper insight has been rapidly accelerating, and shows no signs of slowing down, for the potential gains are proving to be far too compelling.
Not only does shopper insight drive top-line growth in a mature industry, it helps both manufacturers and retailers to build (and maintain) brand equity at a time when the effectiveness of mass media is on a major decline.
Whilst there is a frenzy surrounding shopper research right now, it is nowhere near to achieving the full impact it has the potential for. There are few who have advanced far enough to truly build it into a strategic advantage, but as brands and retailers learn how to conquer the hurdles within organisations to truly implement measuring shopper related performance effectively, shopper research will grow and become an increasingly important advantage for those who use it well.
- Becoming a top performer in retail requires a cultural change – shopping and consuming are not the same thing, and this can be a hard lesson for some
- Shopper insights will continue to become more accepted and valued as organisations align and develop shopper orientated skill sets
- Retailers’ ‘clean store’ policies will drastically reduce the opportunity for manufacturers to use displays and visual stimuli at the point of sale – so what is left over must work harder
- Some retailers will embrace shopper research as a way to work alongside manufacturers to improve the shopping experience overall and drive sales through increased trip frequencies and basket sizes…
- …Other retailers however will opt for listening to manufacturers whilst taking sole responsibility for their in-store strategies – effectively leaving the manufacturers out of the decision-making process
- A third group of retailers will see shopper research primarily as a way to extract revenues from the manufacturers. This will result in them essentially abdicating control over the in-store experience for the shopper
Shopper research and insight promises great returns for the entire industry – manufacturers, retailers and agencies. While both the manufacturers and retailers are clearly aiming to develop a competitive advantage through differentiation, shopper insight is about more than just shifting share. It is about raising the bar with expandable categories and delivering incremental growth for all participants.
The duty free channel is recognising that manufacturers have a wealth of knowledge that can be shared with the retailers, and both are beginning to understand how shopping in this environment can be of mutual benefit.
Don’t have the time or money to conduct in-depth shopper research? At SBXL we are constantly developing new shopper insights and in-depth studies into the mind of the shopper.
For more information, contact me – Phillip Adcock, one of the world’s leading authorities for thought leadership and genuine shopper insight, either by email or by calling 07960 109 876 today!