INSTORE Mentions First Insight | What’s Worrying Retailers Most Re: Holidays 2024?
Critical uncertainties retailers face as they prepare for the upcoming holiday shopping season are parsed in a new report from data firm First Insight. The study/survey, titled “Retailers’ Blind Spot for Holiday 2024,” emphasizes the need for integrating predictive analytics with consumer insights to optimize pricing, promotions and marketing strategies.
The report, based on a May survey of U.S. retail decision-makers, reveals that these are the major concerns such companies are grappling with:
- Promotional Strategies: Retailers are uncertain whether their promotional strategies will be too reactive rather than strategic.
- Inventory Management: There is a significant worry about having stocked enough of the right merchandise.
- Customer Alignment: Retailers are not confident that their planned assortments will resonate with target consumers.
“With rising inflation costs, retailers have much to worry about, especially whether the products they bought will be what consumers are willing to spend their money on,” said First Insight CEO Greg Petro. “This makes it imperative for retailers to ensure their offerings align with consumer expectations.”
The report also drills down into the misalignment between retailers’ marketing and merchandising teams.
“Often operating in silos, these teams struggle to synchronize their strategies, leading to ineffective promotions and mismatched inventory levels, the report notes. “By sharing consumer insights on pre-season items, customer-valued products and initial pricing expectations, both teams can better align their efforts for success.”
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