Our Analytics experts, Anurag Kapoor and Nisha Purswani joined the European retail community at this year’s Shoptalk Europe, which took place in London, 6-8 June, 2022. Over the two days of the show they held conversations with CPG businesses and retailers from across Europe on a range of hot topics, from accelerating omnichannel growth to driving sustainable growth strategies in the ‘new normal’. We’ve summarised our ultimate take on the hot topics at the show below.
Revenue Growth Management
Revenue Growth Management teams are struggling to scale up their solutions across the globe. Challenges include getting the right data platforms in place, and an inability to scale solutions across multiple markets and categories.
To execute robust revenue growth strategies organisations need to:
-connect disparate data sources
-understand rapidly shifting shopper behaviours
-improve planning and retailer collaboration
-monitor spend effectiveness
-develop a holistic view of market and organisational metrics
How can retailers become more customer focused? Customers are expecting greater personalisation during their shopping experience. Anurag shared some great insights from a session on ‘The Reinvention od Experiential Retail’ at Shoptalk Europe by Claire Valoti of Snap, Howard Sullivan of YourStudio, Claire Pointon of John Lewis Partnership and Zahra Mohamed of Shoptalk Europe (Emcee).
- 70% of online shopping carts are abandoned
- 3 in 4 consumers have switched stores during the pandemic
- 71% of consumers expect personal experiences
- 76% who do not receive that are disappointed with the retailer
Nisha has also shared some great insight from a session by Ignacio Vazques Guerra of Bacardi, Kina Demirel of Mimeda and Ludovic Ryesset of MC Sonae on ‘Changing Grocery and FMCG Relationships’. It has become apparent that there is a demand to shift focus from who owns the customer/product/data to a much more collaborative approach between FMCG and retailers. This approach could be achieved in the form of a partnership, formed at a deeper level beyond trade negotiations and with a united approach:
1) To better understand the customer and grow the category together.
2) To co-create and co-design a greater experience for the customer.
3) To leverage data and deliver “relevant propositions” for customers, creating a win-win for FMCG and grocery retailers.
4) FMCG should leverage retailers for commerce media i.e. to capitalise on the rich retail consumer data for effective BTL spend in product marketing and consumer promotions, primarily focussing on lower funnel – which in turn will result in higher ROI.
Key stats from the session:
- 93% of customers are willing to share their data if they see value
- 45% of consumers block ads perhaps because they’re deemed as not relevant
From the above, it’s clear that there is a significant opportunity for FMCG organisations to join forces with retailers to achieve a greater outcome in terms of delivering higher ROI from ad spend, by being relevant to the customers. FMCG companies must focus on the lower funnel together with effective collaboration with the retailers.
If you’re interested in discussing any of the above issues, or in finding out more about how our range of advanced analytics solutions can help retailers and CPG businesses understand consumers’ needs better, aid personalisation and create sustainable growth strategies to retain consumer loyalty during these unprecedented times, we’d love to chat. You can contact Anurag or Nisha here.