The shopper value equation: how understanding it unlocks retail growth | RetailTechPodcast

The shopper value equation: how understanding it unlocks retail growth

There is a North Star for retailers to follow: The "Shopper Value Equation." According to The Hershey Company, shoppers frequent the online and physical locations that most consistently provide value. Phil Stanley, chief customer officer at The Hershey Company, says earning loyalty takes more than a good deal: "Hershey shopper research shows that three key criteria converge to create the value equation shoppers use for determining retailer selection: spend, time and experience. Optimizing all three, and putting the most emphasis on experience, enables retailers to build baskets, drive trips and unlock growth." So how do retailers satisfy the Shopper Value Equation? Stanley says it starts with a holistic approach, blending online and brick-and-mortar in ways that stay a step ahead of consumers' evolving needs and expectations. Whether a shopper is in the store or on their tablet, they want to find what they are looking for - quickly, effortlessly - which means understanding how the customer searches is key to winning the sale. Retailers create value and build shopper anticipation by consistently delivering engaging experiences that also fulfill shopping needs. In store, eye-catching displays that engage shoppers and make it simple to shop grow shopper loyalty. Says Stanley, "By being able to match who bought what to who saw what, retailers can drive new shopper value though effective media messaging." Doing so, he says, requires retailers to map and analyze their point-of-sale and addressable media data, along with their suppliers' media data. Read more