Analytics and retail are a naturally productive partnership but the spotlight of data gathering and analysis has been in the digital world. However, in-store analytics has been available for some time to brick and mortar stores.
The data offers insight into how well their marketing is working, what customers actually do when they enter a store and whether there is an end result to their visit, such as a sale (conversion).
Marketers need to understand their category’s dynamics to optimally position themselves and compete effectively. To do this, they must get the consumer’s perspective – because consumers, not industries, are defining today’s markets.
As the world’s population ages, there is value in segmenting the more mature consumers into two distinct categories: those 50 to 70 - the “Silver Hair” segment - who have at least a decade or more of work to go, compared to the older old who may be less active than the first group.
Facing saturation and cutthroat competition in long-established markets, many multinational companies are seeking new markets, turning their attention to the estimated 5 billion low-income consumers.
Since 2001, an additional 400 million workers have joined the ranks of the middle- class. Beneath the top-line figures are significant shifts in consumption dynamics, which we have been tracking since 2005 using a combination of questionnaires and in-depth interviews to create a detailed portrait by income level, age profile, geographic location, and shopping behavior.
