RedPrairie report reveals shopping preferences of Gen Y
Atlanta — A new study from RedPrairie, The Millennial Report, is designed to help retailers and manufacturers better understand the shopping habits of Gen Y and how to effectively communicate with this group of tech-savvy 18-to-29-year olds.
“Successful engagement with millennial consumers is about adding value to their shopping experience and respecting both their privacy and their preferred methods of communication,” said David Bruno, director of corporate messaging at RedPrairie. “The good news is, Gen Y consumers are not shy about having their voices heard.”
According to the report, key points to follow when engaging millennial consumers include:
- Respect their time: Recognize preferences and make meaningful recommendations.
- Pick your spots: Make strategic advertising decisions and avoid bombarding at every channel.
- Be there: Develop the versatility to be available across all selling channels and social media so no need goes unmet.
- Opinions matter: Facilitate peer communication to help build brand awareness and loyalty.
- Connect the dots: Connect store, customer and direct channel to make transactions seamless and keep customers coming back.
“When it comes to trying to satisfy millennials, the bottom line for brands is adaptability,” Bruno said. “One minute they want to shop and compare online and via every social networking site available, and the next they want to purchase in store. “
To reach this group, retailers essentially need to provide ‘endless aisle’ capabilities in every channel and location, according to Bruno.
“When marketing to millennials, retailers and brands must strike a balance between personalizing the shopping experience via individualized product information and not overwhelming or overstepping perceived boundaries of privacy,” he said. “It’s a challenge to meet these seemingly conflicting expectations, but with the right technology and integration in place, it’s achievable.”
A complimentary copy of the report is available here.
RadioShack and IBM’s Smarter Commerce team to drive sales
Orlando, Fla. — IBM announced Thursday at its Smarter Commerce Global Summit that RadioShack Corp. is working with IBM’s cloud-based solutions to improve price image and pricing operations over the entire pricing lifecycle.
The solutions being used by RadioShack are part of IBM’s cloud-based merchandising analytics software and services, which help companies define the optimal price points and product mix based on customer buying trends.
According to IBM, RadioShack has extended its right to use IBM’s cloud-based business marketing software and services. Tapping into IBM’s Smarter Commerce initiative, RadioShack will look to grow key categories by incorporating shopper-focused strategies that are localized to each of its 4,700 stores.
IBM’s Smarter Commerce initiative features software and services that help companies transform their business processes to more quickly respond to shifting customer demands in today’s digitally transformed marketplace. The initiative is driven by CMOs and organizations that are increasingly looking for ways to bring new levels of automation to marketing, sales and fulfillment to secure greater customer loyalty.
Walgreen August sales decline, loses key Express customer
Deerfield, Ill. — Walgreen Co. reported Thursday that same-store sales for the month of August slid 8.2%. The report came on the heels of Wednesday’s announcement that Tricare would not reinstate the drug retailer into the pharmacies approved to fill prescriptions.
Tricare, which provides medical benefits for U.S. military members and their families, said on its website that it will continue to keep Walgreen out of its pharmacy network, despite the July resolution between Walgreen and Express Scripts Holding Co., the company that processes prescriptions for Tricare. Express Scripts and Walgreen will resume doing business on Sept. 15, but Tricare’s announcement has analysts questioning how many Express Scripts clients will allow Walgreen’s back into their networks.