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Grocer-owned retail technology consultancy Hawkins Strategic yesterday released the third position paper of its “Retail 3.0” series that focuses on how shoppers interact with products between their arrival at the store and their purchase at checkout.
Titled “In-Store Activity,” the paper explains how measuring and managing what goes on inside the store is the new frontier for optimization, for several reasons:
First, technology is only now beginning to provide retailers with proper measurement capabilities. Second, CPG firms are actively seeking to develop and apply metrics to in-store marketing activity in much the same way they do for television, radio, and print campaigns. Third, and most important, sophisticated retailers are actively looking for technology solutions to help them measure and manage everything from store deliveries to promotion management, from shopper tracking to on-shelf availabilities.
“This is the vision of Retail 3.0: aligning interests and optimizing supply chain activity up to and including in-store activity, to maximize shopper lifetime value,” said Sterling Hawkins, VP of Los Angeles-based Hawkins Strategic and EVP of Green Hills in Syracuse, N.Y. “Technology is beginning to shine a light on in-store activity, providing the industry with tools to truly measure and begin to manage it for the first time.”
The white paper series examines what Hawkins Strategic refers to as Retail 3.0, a new industry ecosystem driven by relevant marketing to the individual shopper, supported by real-time marketing and supply chain synergies, and built on the foundation of shopper-identified transaction data.
The first paper in the series, “Shopper Data,” demonstrated why retailers without means to consistently identify shoppers and link them with their transactions will become increasingly disadvantaged, regularly underperforming in relation to their peers and being penalized in the financial markets. The second, Marketing Communications, made the case for CEOs to demand regular measurement of their company’s total marketing cost per realized shopper, a powerful new metric available to companies in the Retail 3.0 ecosystem.
To download “In-Store Activity,” visit www.register.hawkinsstrategic.com/register/Paper_3_Download.html.