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Smart insights: Retail

The pace of change in the retail industry is driven by digital advancements: more touchpoints, more product reviews and comparisons for consumers to access anytime, anywhere. And more variety in the path to purchase of shoppers.

To stay competitive and relevant, retail businesses need to understand evolving shopping behaviors and target group demands. They need to apply this knowledge to create differentiated experiences across both digital and physical environments.

Our retail industry research experts provide the insights to support you at every stage: from measuring your shoppers’ experiences and paths to purchase, to monitoring retail performance and trends.

Latest insights

Here you can find the latest insights for retail industry. View all insights

    • 08/15/19
    • Fashion and Lifestyle
    • Financial Services
    • Retail
    • Technology
    • Consumer Goods
    • Geomarketing
    • Geodata
    • Global
    • English

    Map of the Month: Brick-and-mortar retail turnover, Europe 2019

    GfK's Map of the Month for August illustrates the forecasted growth rates for brick-and-mortar retail turnover in Europe in 2019.
    • 08/08/19
    • Retail
    • Technology
    • Consumer Panels
    • Global
    • English

    Attribution+ powers customer loyalty program for retailers

    A well-established loyalty program has many advantages, among them is the ability to gather insights on shoppers in order to build meaningful relationships with them. But how much data do we really have? When shoppers register to a loyalty program, they might be asked questions about age, household size or maybe even income and monthly grocery spend. Take a closer look at market segments here. But over time, this data might be incomplete, inaccurate, outdated or simply missing. We might also track shoppers purchasing history at our stores. But how much more valuable would it be to also see the missing opportunities in categories and brands that shoppers buy elsewhere? To fill these blind spots, GfK and Segment of One (SO1) have developed “Attribution+” — a platform that enables retailers to enrich loyalty program data with information from GfK Consumer Panels and beyond.

    Fill in missing socio-demographics and loyalty in-store

    Imagine you want to run a promotion campaign on a newly introduced premium wine brand targeted at young families earning 50k+ with monthly overall grocery budget of at least 1k. This is the type of data that you hardly ask shoppers directly. With Attribution+, you don’t need to ask anything. The tool uses advanced machine learning algorithms to derive attributes automatically by observing their shopping behavior and comparing it with available GfK panel data. This way, loyalty program data can be quickly enriched by new attributes such as age, household size, available income and loyalty in store (how much shoppers spend with you vs. elsewhere).

    Discover shopper purchases with your competitors

    Now imagine knowing the amount of money your shoppers spend at their top 3 retailers to buy the rest of their requirements. You could specifically design and target promotions to avoid churn, win shoppers back and win over these competitors. Attribution+ will also provide insights on what categories shoppers buy at competitors, so you are able to increase sales in your underrepresented categories via targeted promotions, product placement or CRM communication (i.e. weekly leaflets, app or email). Find out about retail trends & technologies.

    Power your loyalty program with Attribution+

    So how does Attribution+ work? The system relies on 2 fundamental elements:
    GfK Consumer Panel data – consists of robust shopping histories from thousands of households in different countries over several years
    SO1 Engine – a cutting-edge artificial intelligence that is able to learn on basket data and analyze the market at scale. The tool is using deep machine learning to process GfK panel data and find behavioral patterns (models) within predefined segments. Each model is an ensemble of 400 decision trees. Once the AI learns these models, it is able to identify new shoppers based just on their behavior (co-occurrence of products in their shopping baskets across time) and assign them missing attributes. With this detailed intelligence on socio-demographics, preferences and buying potential, retailers can run highly targeted promotions to increase basket size, raise sales of under-performing categories, discover new brand opportunities, and beat local competitors. First results show that based on just five shopping trips, Attribution+ is able to correctly predict attributes in ~68 % of the cases. In general, the more historical purchasing data per shopper there is, the more accurate the predictions will be. GfK Attribution+ Landing Accuracy   Future expansion of Attribution+ will include attributes such as price sensitivity, consumer styles, nutrition habits, and brand type preference.

    How can I get Attribution+?

    Attribution+ is a software delivered via email. To experience the value and convenience of Attribution+for yourself, we are offering a free trial version for 6 months, with full function for 2 core shopper attributes – age and household size. Further attributes of choice can be purchased. Attribution+ runs on premise, meaning no need to provide your data to any third parties. The tool is simple to use, well documented, offers easy integration, and can be used literally out of the box. It will first be available in Germany and the Netherlands. In the next few months, we will add all remaining countries that run GfK Consumer Panel such as Austria, Belgium, Czech Republic, Denmark, Hungary, Italy, Poland Romania, and Sweden.

    Want to see Attribution+ in action?

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    • 08/05/19
    • Retail
    • Technology
    • Global
    • English

    5 mistakes eCommerce sellers make & how to get it right

    Every eCommerce seller knows that when it comes to selling products online, content really is king. When consumers cannot hold a product in their hands, top-quality content can bridge the gap – through rich information, pictures, videos, and more. Optimizing online content serves manufacturers and retailers alike; but often, we still see product listings that leave shoppers under-informed or simply uninspired. As someone who has facilitated millions of product listings, I know too well what does and does not speak to consumers. And there are some common characteristics and miscues that tell me immediately when a manufacturer is not leveraging precious content space to maximum advantage. Here are just five clues that you can look for as you shop online – and review your own product listings.

    eCommerce seller mistake #1: Sticking to the basics

    Today, rich content is the name of the eCommerce game. Rich and A+ content (interactive media, sell-sheets, video demos) empowers brands to deliver compelling shopping experiences across digital touch points – while basic, meat-and-potatoes information puts you at an immediate disadvantage.

    eCommerce seller mistake #2: Lack of brand identity

    With so many product listings to choose from, consumers need to understand why your brand is special – and your passion should live on your product pages. Putting your company’s story forward can be a strong differentiator, showing that you have a solid history and a reputation for quality. In eCommerce, linking to your website, social media pages, and other resources can help put buyers at ease, improve SEO, and even close the sale.

    eCommerce seller mistake #3: Getting by with one image

    Life is a 360-degree experience – but some online sellers think their customers should be happy with just one perspective. Check out top sellers on Amazon – you will see that they always provide multiple product images from a variety of angles. Since online shoppers cannot walk around your item in person, multiple images provide the next best thing. eCommerce rich content content example: Displaying multiple angles of a product

    eCommerce seller mistake #4: All-caps lettering

    To identify yourself immediately as an eCommerce novice, use all-caps lettering. It is hard on shoppers’ eyes and ultimately becomes illegible in large quantities. Seeing titles, subtitles, or marketing copy set in all caps WILL MAKE THE READER FEEL LIKE YOU ARE YELLING AT THEM. (See?) Make your type natural and varied; using extreme tactics to catch people’s attention will only drive them to another product or site.

    eCommerce seller mistake #5: An unguided experience

    The last time you booked air travel, did you know the flight number you’d be on before you logged in? Probably not. But an interactive selector guided you to the best airline, departure time, and price for your plans. In the same way, a potential buyer may not know what product they need — but they do have details like size, price and tech specs. A product selector on your site can steer them to the perfect item – and keep them within your selection universe. With anything less, you run the risk of losing customers to rival vendors and brands. Of course, that is just a “starter” list – the variety of things that one can do right or wrong in online product content is almost endless. Check out “How to win in the online jungle“. The first step is to recognize the value and key role of content, and begin to treat it with the attention and discernment it deserves. Most likely, your eCommerce competitors already are – and falling behind in content is never a good strategy.  

    For more do’s & don’ts of online product content

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    • 07/24/19
    • Fashion and Lifestyle
    • Financial Services
    • Retail
    • Technology
    • Geodata
    • Global
    • English

    Regional urban hubs drive retail trade

    Germans have an average of €5,911 per person for retail spending in 2019. But they often do not spend this money in their own towns, which allows locations with attractive retail offerings to draw and profit from this additional purchasing power.
Solutions
  • Consumer Panels

    Consumer Panels

    Your business is all about your consumers. So understanding them is essential in ensuring your products and services meet their needs, and in identifying opportunities for growth.

    Our international consumer panel data and research expertise provide you with smart customer insights into who your consumers are, their attitudes and behaviors, across channels.

  • Point of Sales Tracking

    Point of Sales Tracking

    Retailers and manufacturers are under pressure to develop products and services that maximize sales and profit and to keep customers coming back.

    Success relies on having the most up-to-date sales data, combined with robust analysis to understand which products and services are performing well in the market – and which are not. With this information, clients can set clear strategies for commercial growth and increase return on investment.

  • Shopper

    Shopper

    Digital continues to open up new paths to purchase, changing how and where people shop. More and more data becomes available every day, as shoppers embrace multi-channel brand experiences. To stay competitive in this big data, multi-channel environment, businesses need to identify and leverage the most relevant data along the entire path to purchase. 

  • Geomarketing

    Geomarketing

    Our geomarketing solutions and consultancy provide our clients with smart insights into location-specific factors that impact the success of business sites, shops, sales territories, target groups, as well as chain store and distribution networks.

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