Educational programs presented at the 2010 NACDS Marketplace Conference provided retailers and suppliers with solutions to increase revenue and improve profitability in today’s marketplace.
At this year’s NACDS Marketplace Conference, 2 new business programs generated lively discussions focused on shopper behavior and psychology, strategies for retailer-manufacturer collaboration, and tips for balancing the need for innovation with growing costs, among other topics.
“Winning in retail will not only entail mastering the art of ‘doing more with less,’ but will require a holistic view and shared ownership of the shopper and the shelf,” according to Sunday’s program, entitled “A Shared Ownership of the Future: Activating the New Economics of the Shopper at the Shelf.”
The program featured a panel of 4 leading experts from Kantar Retail, a global consulting firm that advises more than 350 retail companies worldwide. Brendan Langan, director of retail insights at Kantar Retail, offered guidance based on his experience as lead analyst for 3 of the firm’s drug store accounts—CVS, Walgreens, and Rite Aid.
Panelists addressed the factors that influence brand loyalty and conversion and reviewed strategies retailers are using to simplify operations while enhancing shopper experience. They also reviewed the numerous approaches top-performing vendors are taking to simultaneously drive innovation and cope with increasing costs.
A second session, held on Monday, reviewed a new research program led by the Retail Commission on Shopper Marketing. Representatives from Walgreen Co, Coca-Cola, the Partnering Group, Inc, and the In-Store Marketing Institute discussed findings from the “Path to Purchase” project, which was initiated in April 2009 to identify new models of collaboration between consumer product marketers and retailers.
As its name suggests, the “path to purchase” is a marketing concept that follows the shopper’s journey through 3 key phases—planning, shopping, and consuming. Panelists called the approach “the next evolutionary stage in strategic retail marketing, and a mandatory component of effective consumer marketing.”
The approach also requires substantial participation and collaboration from both retailers and product manufacturers, making the 2010 Marketplace Conference an ideal setting to examine both the challenges and benefits of implementation.
A complete review of the program agendas is available here.
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