A clear, 360-degree view of shopper spending can help convenience stores grow, according to IRI.
“This perspective will help (retailers) know what their key and target shoppers are looking for, so they can engage the shopper where, when and how it matters most to them,” said Susan Viamari, vice president of thought leadership for IRI, as the intelligence, data and analytics firm released its latest report, The Omnichannel Journey: Translating Big Data into a Prescription for Growth.
“Those retailers that can personalize the shopping experience move their customers up the loyalty ladder, increasing the lifetime value of those customers and supporting growth along the way,” said Viamari.
Data is certainly key. “Retailers have vast amounts of data to bring to the collaborative relationship. Traditional scanner and demographic data provide some visibility into important shopper attitudes and behaviors,” she said.
To attain a 360-degree view, retailers are tasked with making investments in four core areas: rewarding current customers, growing current ones (filling the basket more robustly each shopping trip), activating new shoppers and reactivating lapsed ones.