Winning at retail: creating lasting experiences and partnerships
We recently hosted our retail event in Tokyo titled “Winning at retail: creating lasting experiences and partnerships.”
The lunchtime event brought together marketing, purchasing and activation specialists from several large international brands to hear from Tag and our partners about winning strategies they and retailers can deploy to ensure they create innovative, insight-driven and digitally enabled experiences. We also covered several best practice retail case studies from around the globe, supported by tangible replication tips illustrating how experiential data driven strategies can elevate shopper experience.
Here are our four key takeaways from the event:
- Importance of working with a partner
Currently most planning and execution workflows within retail are fragmented, with siloed data points meaning brands and retailers are unable to capitalize on the insight that could come from this data. To achieve maximum effectiveness and great stand-out, you need insight feeding great design and joined-up execution, those that are doing this are winning.
- Digital POSM is now and the future
Digital is everywhere from voice-controlled cars to facial recognition software, and retail is no exception. Digital in-store POSM solutions are becoming more common-place and given that they improve customer experience and are more sustainable, it is of little surprise. The fact you can update the content of these displays in real-time to reflect changing environmental factors and use geo-location technology to make the content relevant, digital POSM solutions are fast becoming an essential part of successful in-store strategy.
- Storytelling is as important as ever
As brands and retailers begin to make sense of the data they have and turn it into meaningful insights, this data can be used to inform their content strategy. Storytelling is a form of human expression and communication that if done right helps a brand be remembered. As mentioned the uniqueness of the Japanese retail market indicates that the shopper has a strong bond with physical interaction that can not be replaced by online alternatives. The need for consistent authentic ethical storytelling as part of retail brand strategy is even more important in Japan that other markets.
- Insight improves retail experience
The retail industry needs to look for ways to better understand the effectiveness of in-store materials, with 72% of marketers surveyed stating that they do not feel they can accurately measure the effectiveness of their campaigns*. Studying shopper behavior in-store provides valuable insights that can help to understand what motivates shopper purchase decisions. This qualitative data can be blended with quantitative sales data and other insights to create predictive in-store campaign plans that you know will be effective. Brands and retailers that embrace this type of data-driven thinking are winning at retail.
At Tag it is our priority to help our clients stand out in the crowded retail space and help them sell more in the most productive way. We work on retail campaigns across channels for brands and retailers globally and as specialists in production, activation, sourcing and execution of strategy we know how to help our clients achieve their objectives to win.
Reference: *Accenture 2019 retail study.