The shoppers speak shoppers bust long held myths on pricing and promotions-revionics
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This document summarizes the key findings of two Forrester Consulting studies on pricing and promotions commissioned by Revionics. The studies surveyed over 2,500 consumers in North America, Europe, and Latin America. Some of the main findings included that only a small percentage of shoppers buy at the first price they see or demand price matching. Raising prices due to limited availability can result in lost sales. Factors like quality, variety, convenience, and trusted pricing are more important to loyalty than promotions for many shoppers. Nearly half of promotions are not used by shoppers. The document promotes attending a panel discussion at Booth 3513 to learn more.
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The shoppers speak shoppers bust long held myths on pricing and promotions-revionics
- 1. The Shoppers Speak: Shoppers Bust Long- Held Myths on Pricing and Promotions Panelist: CHERYL SULLIVAN Chief Marketing & Strategy Officer REVIONICS Guest Panelist: GEORGE LAWRIE Vice President & Principal Analyst FORRESTER Panelist: LUCAS RAUCH Senior Director US Insights WALGREENS Moderator: ALISON RAFFALOVICH Senior Corporate Communications Director REVIONICS
- 2. Age Genders US UK France Germany Brazil 39%40% 14%14% 13%13% 14%13% 20%20% May Sep Global Geos 50% 50% Males Female22% 20% 16% 17% 17% 8% 18-29 30-39 40-49 50-59 60-69 70+ 13% 18% 18% 18% 15% 18% 18-29 25-34 35-44 45-54 55-64 65+ MarSep “Understanding Retail Customers’ Pricing Expectations and Tolerances” and “Demystifying Price and Promotion,” commissioned studies conducted by Forrester Consulting on behalf of Revionics, May & November 2017 2,541 CONSUMERS in North America, EMEA, and Latin America
- 3. 3 “Understanding Retail Customers’ Pricing Expectations and Tolerances” and “Demystifying Price and Promotion,” commissioned studies conducted by Forrester Consulting on behalf of Revionics, May & November 2017 Only 5% Buy at the first price they see Only 17% Buy the cheapest price Only 9% Buy at the full price Only 17% Demand price matching
- 4. 59% 31% Raising Price due to Limited Availability Results in Lost Sales! “Understanding Retail Customers’ Pricing Expectations and Tolerances” and “Demystifying Price and Promotion,” commissioned studies conducted by Forrester Consulting on behalf of Revionics, May & November 2017
- 5. 69% 45% 32% 21% 51% 39% 21% 30% 74% 66% 31% 15% 71% 60% 27% 22% Price Quality Variety Conv. Off-Price Discounter DIY Fashion (i.e. apparel, accessories, footwear) Grocery This Exhibitor Big Ideas session is developed, produced and sponsored by “Understanding Retail Customers’ Pricing Expectations and Tolerances” and “Demystifying Price and Promotion,” commissioned studies conducted by Forrester Consulting on behalf of Revionics, May & November 2017
- 6. 52% 47% of shoppers receive promotions they would be Content paying Full Price! of shoppers receive promotions they Don’t Use!“Understanding Retail Customers’ Pricing Expectations and Tolerances” and “Demystifying Price and Promotion,” commissioned studies conducted by Forrester Consulting on behalf of Revionics, May & November 2017
- 7. 16% 26% 39% 54% 59% 61% 61% Membership/loyalty program Proven superior customer service Free returns/returns policy Free shipping (rushed shipping options) Quality of and variety of items offered Speed of delivery Trusted pricing of products based on availability Price, Quality, and Fast Delivery Drive Online Loyalty “Understanding Retail Customers’ Pricing Expectations and Tolerances” and “Demystifying Price and Promotion,” commissioned studies conducted by Forrester Consulting on behalf of Revionics, May & November 2017
- 8. The Shoppers Speak: Shoppers Bust Long- Held Myths on Pricing and Promotions Panelist: CHERYL SULLIVAN Chief Marketing & Strategy Officer REVIONICS Guest Panelist: GEORGE LAWRIE Vice President & Principal Analyst FORRESTER Panelist: LUCAS RAUCH Senior Director US Insights WALGREENS Moderator: ALISON RAFFALOVICH Senior Corporate Communications Director REVIONICS
- 9. How well do you know YOUR shoppers? • Two-minute assessment – results may surprise you! • Complimentary copy of Forrester Consulting Study: Demystifying Price and Promotion* • See the power of targeted, science- based pricing and promotions • Talk with the experts *“Demystifying Price and Promotion,” A Forrester Consulting Study Commissioned by Revionics, November 2017 All happening NOW at Booth 3513
Editor's Notes
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- 52% receive weekly/monthly but content full price 47% receive daily/weekly and don’t use!