Why is Retail Science Important
Retail Science begins with a complete and accurate understanding of our three key constituents: The brands, the shoppers and our retail partners.
Our Shopper Marketing model focuses on three key fundamentals:
- Trip Mission – Why and where they shop
- Purchase Cycle - How they shop
- Barriers to Purchase - What stops them from buying
Cannon Equipment uses a proprietary Retail Science Model which begins with a complete and accurate understanding of our three key constituents: the brands, the shoppers and our retail partners.
Understanding the shopper and what drives them is key -
- The recession has changed shoppers
- Motivated by value, shoppers are planning
- The recession has driven emotional changes
- Shoppers buy brands that make them feel secure and stable
- Shoppers will still indulge in brands with a positive "emotional ROI"
- Shoppers will trade down in categories with minimal emotional investment
We use this retail science model to gain valuable shopper insights which serves as the foundation of the merchandising plan. VersaGrid was developed using our retail science methodology approach.
Source: moneycnn, Mintel Mass Merchandisers: Why Consumers Shop
Source: Iconiculture: Shopper Trends and Insight
Source: Moneycnn, Neilsen