TORONTO — Successful retailers are focused on effectively and efficiently using technology and sound strategies to tailor assortment and pricing practices to address the specific dynamics of the markets they serve, according to a new study conducted by Karabus Management here and Willard Bishop, Barrington, Ill.
“The opportunity is significant for those grocers who implement leading practices — at least a 5% sales opportunity which, in today’s competitive marketplace, represents the difference between success and mere survival,” said Marty Weintraub, managing director of Karabus Management, in a statement.
In the “2008 Grocery Retailers Point of View Study” based on a survey of 15 grocery retailers, almost half of surveyed retailers are using advanced techniques such as store clustering, ad versioning and shopper segmentation to fine-tune offers that better meet shopper needs, and are employing new, efficient vehicles to deliver targeted offers including email and website offers.
Fewer than 30% of the retailers surveyed have been using price optimization technology for three or more years, and their satisfaction with the various tools is mixed.
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