Even with the best of intentions, data shows retailers get promotions wrong more times than right. A 2015 study by Nielsen Company found that 59% of all global promotions don’t break even. Even worse, the study also revealed that many promotions may in fact be counterproductive, suggesting many retailers can actually increase sales revenue by eliminating 22% of their trade promotions.
Are your promotions fulfilling the strategy behind them? During Part I of our promotion webinar series, Learning to Live in a Dynamic Promotional World, we addressed why retailers are harnessing data to execute a smarter and more profitable promotions strategy. During Part II of our webinar series, Key Components of a Winning Promotional Strategy, we will provide more insight to help you understand just how to get started.
“Reacting to competition today versus last month or last season has made us more competitive and smarter. Instead of pricing with a machete, now we do so with a scalpel” - Steve Neptune, Senior Vice President of Financial Planning & Strategy, eBags.com
“We’re now implementing more shopper-centric pricing along with enforcing our rules and allowing our pricing strategies to come fully alive at the shelf.” -Tim Concannon, Director of Pricing Service, Delhaize America
Revionics’s intuitive and transparent cloud-based solutions enable performance-driven retailers globally to leverage predictive analytics and build a shopper-centric, responsive merchandising model that creates sustainable competitive advantage with a clear path to profit. Learn more.