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Why and Where Do We Shop?

By: Cheryl Beinetti, Industry Analytics Principal – Retail

Cheryl helps Retail/CPG industries  identify, develop, and drive high-value, innovative business ideas in the area of Predictive Analytics & Optimization

Is it the thrill of the sale, the coupons, or the bargains; or does it just bring us a good feeling.  Picking out just the right item for a loved one is a happy experience, but spending $250 on groceries each week doesn’t exactly make my week.  You can watch shows about extreme couponers who have closets filled with toothpaste and toilet paper just because they had a coupon.  Clearly that is some high one gets from using coupons even if they don’t need the items.  But people shop because they want or need something, they like the experience, they saw a clever ad about the product, or they are just bored  If we go shopping and the store or website doesn’t have what we want, what do we do?  Get a rain check? (Do stores even  have those anymore?)  Probably not, because we want what we want and we want it now!  We go elsewhere and purchase from someone who has what we want at the price we are willing to pay.

It does boil down to supply vs. demand.  Do you have enough product to meet the demand of your customers?  Even the ones that buy 10 tubes of toothpaste because they have a coupon?  How do you truly know what your customers desire, at  the  price they are willing to pay and where they will  shop – whether it is in a brick and mortar store,  over the phone, or on-line? 

Replace Your Crystal Ball with Next Generation Predictive Analytics- Come talk to us during NRF at the SAP booth #1712.  We look forward to meeting with you and discussing how Predictive Analytics can improve your business in 2012 and beyond.

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  • Interesting blog i must say. Customers today have variety of options to buy goods from. It’s not only the price that attracts them but also goodies which comes along with the product.

    Loyalty Management in retail may prove to be beneficial for customers and Vendors alike.

    Harshit Kumar

  • Excellent post. Christmas is here again so is shopping spree.  and everybody is looking forward to buy presents for their love ones.Kitchen craft shopping or even bargaining can be the coolest thing to do when holiday strikes. Extreme couponing is the best shopping deals that most shoppers are into lately. Only one percent of those surveyed said they would walk out on a date if he or she tried to use a coupon. Another three present said they would speak up and express their disapproval, but would remain on the date. Twelve percent said they would keep quiet and finish the evening, but that it would be a last date with the coupon user.