MIQ Impact on In-Store Customer Communications
With 70% of buying decisions made in-store, better informed customers improve financial performance. The shopping experience is defined by the effectiveness of the retailer’s customer communications. This depends on information availability, what it says, how it says it, and when it is visible to the shopper. With the ability to extract relevant content in real or near time; whether applying this to suggestive selling or some other communication aimed at influencing buying behavior, there is a dependency of fast availability of changing content. This needs to be extracted and applied differently according to store demographics, individual customer preferences, and be available within very tight time cycles. Effectively applied, getting the right merchandising intelligence visible to consumers at point-of-purchase will positively impact basket sizes, loyalty to store and loyalty to the retailer “brand”; collectively, the foundation for all revenue and profit generation. Only MIQ can achieve this automated real-time reaction to merchandising needs.
Some examples of how the right content delivered by existing messaging solutions can impact performance:
-
Promotional advertising content can be replicated within the in-store messaging, assuring an integrated (holistic) connection with shoppers
-
Messaging with a consistent “why buy” influence. Rich information content will better explain the value of service offerings
-
Health and wellness and rating information “sells” products and will be increasingly subject to legislative regulations
-
Make “how to” information a valuable factor in creating product and services relationships that increase the customer “spend”
-
Apply demographic data to deliver customer-centric merchandising to better compete with eCommerce
-
Improve new item introductions and consumer acceptance by including explanatory message content to maximize product value perceptions. 90% of new item introductions fail to deliver the targeted performance, so this is an important step to improve supplier relationships, internal processes and financial performance
-
Improve private label products acceptance and longevity using the same content mechanisms suggested for new item introductions.
MIQ’s Impact on Improving Financial Performance
Use the existing information assets as a resource that can, on demand, and in real-time, extract and deliver intelligence to any defined purpose.
