Promotions Management in Multi-Channel World
Price sensitivity has increased in most markets in recent years, with the average shopper now spending one to two hours a week searching for the best prices. Yet sales promotions are now accepted as the most effective method of influencing customer behaviour. Indeed, analysts estimate that 25-30% of the total retail market is generated from products on promotion. So promotions for most retailers are now a permanent feature of the landscape.
In addition, as retailers continue the journey to fully embrace the concept of omni-channel – giving customers a seamless brand experience across multiple touch points – they will need to have consistency in price and promotions across all touch points, and for each different country market. This means ensuring consistency of the offer and brand values so that the customer is always dealing with you as a familiar brand, and is never disappointed.
IVIS Group Consulting
Promotional activity, when planned well, is an incredibly powerful tool in creating the first step towards omni-channel. While a particular market may be associated with heavy discounting, for example, if this does not align with your brand values, it is important that you define a clear marketing strategy and execute against it. For example, careful use of correct product bundling and having appropriate collaboration with partners could help in such situations.
Contact us to learn more about how IVIS Group retail consultants can help your business today in planning and executing promotions in an omni-channel world.