"...Displays that remain have to be the very best because that valuable retail space and that printed space on the circular are a dwindling resource"...Peter Bond
"Getting compliance is absolutely critical, and the fact of the matter is, we now have the tools within our reach to start to move this, to get another generation of compliance and personalization. It's a terrific opportunity"...Steve Frenda
"When you know which half of your advertising is working, you'll spend in a near infinite amount because you know that you're always getting a good return"...Brett Hurt
We hope you were lucky enought to attend the Shelfbuck sponsored panel discussion at NRF 2017. Our industry leaders had much to say about the future of retail. Whether or not you attended, here are the highlights from the discussion.
Chapter Eleven (2:26) of eBook Video
Panel Narrator, Steve Frenda,
Managing Director of Path to Purchase, EnsembleIQ Company:
Interesting that you mention “the moment of truth”.
In 2005, Proctor introduced the term “first moment of truth and second moment of truth”, “when she chooses and when she uses”. That really was very effective for a long time for them.
About six years ago, they came out with generation two, and it was “shelf back”. It was a recommitment to making sure that it was all happening right in terms of the packaging, the off-shelf display, et cetera. It’s absolutely critical in today's environment.
Peter and I both worked at IRI together. Even to this day I look at reams and reams of data, effective ad, price cut, and displays that can move 10 times normal volume.
Getting that compliance is absolutely critical, and the fact of the matter is, we now have the tools within our reach to start to move this. To get another generation of compliance and personalization. As Peter described, it's a terrific opportunity.
Panelist, Peter Bond, Managing Partner of Bond Unlimited:
Personalization is critically important as you see a lot of retailers are continuing to reduce the size of their circular if not completely eliminating it. I can't tell you when that will happen, but I know of a couple major retailers that took as many as 48 pages out of their circular tab, just in this year alone. What that means is, it's going to be more difficult for manufacturers to get the attention of customers through displays. The displays that remain have to be the very best because that valuable retail space and that printed space on the circular are a dwindling resource.
That’s a great point about the circulars, too, going on a diet, and you used that in a presentation once I saw from you, Peter. And that is for those, to give you context, at the high water mark, going back only five or six years, well, CVS and Walgreens produced about 60 million circulars a week. That's 60 million a week. It's this stunning statistic. And again, we have to move, we have to move past that as we make the store a destination. With the capabilities of mobile, it's going to be a very exciting time.
Excerpts from our upcoming eBook:
"Can SXSW Save Retail?"
Brett Hurt, March 12, 2017
"Shelfbucks is all about generating new data in retail.
The topic here is, "Can SXSW Save Retail?"
Brett Hurt: CEO and Co-founder at data.world
"Coremetrics actually came before Google. When I was trying to describe Coremetrics in the media, I would always say, "Imagine a world where John Wanamaker actually knew which half of his advertising was wasted," the whole quote where John Wanamaker said, "Half my advertising is wasted, I just don't know which half." I was like, "Well, in the world Coremetrics is inventing, you're going to know exactly which half. When you know which half, you'll spend in a near infinite amount because you know that you're always getting a good return"...Brett Hurt
"In the '90s when you were building websites you didn't have any analytics. Now you wouldn't be caught dead launching a website without analytics. You ship this physical merchandise into stores and you spend billions of dollars on it, more than you spend on your websites, and you don't have any data on it. You can't engage with customers off of it at the place where 97% or at least 87% of your revenue's coming from. 10% is online, 13% depending on the category."
Brett Hurt: CEO and Co-founder at data.world
"The same thing could happen in physical retail where people would spend a near infinite amount of money on endcaps and optimize those endcaps if they actually knew how they performed"...
"You're right. It's time to act. Amazon's coming.
The time is now. Digitize your store"...Erick McMillan
Article By - Ken Fenyo Posted Feb 24 -
The boom in retail tech
"In-store analytics. For all the advances in retail analytics over the past decade, the store has largely remained a data black hole: even where retailers have detailed purchase data, they rarely know how shoppers shop the store. A number of startup companies are trying to bring cutting edge technologies to capture and analyze in-store traffic flows, shopping behavior, employee activity, and more. ShelfBucks offers a more specialized system, analyzing the performance of in-store merchandising displays as well as offering the opportunity for marketers to use beacons to deliver offers and other content to shoppers."
View Shelfbucks Related Videos:
NRF 2017 Panel Speakers:
Brandon Barr: Director of Retail Marketing and Insights for Duracell
Peter Bond: Managing Partner of Bond Unlimited,
Jill Andersen: Director of Marketing for Menasha Packaging Company
Frank Krug: Director of Technology for TPN
For more information contact Will Phillips at 512-442-6818 or firstname.lastname@example.org