View from the Summit
As we ship this issue to the printer, it has been less than 24 hours since Drug Store News hosted its 18th annual Industry Issues Summit. What began almost two decades ago as a closed-door discussion between a handful of retail merchandising executives and a few vendors in a small hotel meeting room has since evolved to become one of the signature thought leadership and networking events on the industry calendar.
(To view a slideshow of the event, click here.)
Executive reports from each of the three Dec. 1 panel discussions — the Health, Wellness and Technology Summit, the Chronic Care Roundtable and the more broadly front-end-focused Issues Summit — will appear in the February, March and April 2017 editions of DSN, so much more to come.
But for now, here are a few quick takeaways on what buyers and sellers are worried about today.
- Technology can’t improve health on its own; the most essential ingredient is engagement. Without it, your FitBit is just a FatBit.
- A product launch is more than just a project or a program — it’s a commitment.
- Everybody talks about health and wellness, but what does it mean? How does the customer define it, and is the experience of shopping your brands or your stores aligned to that definition?
- Looking for white space? Think horizontally across the store — and potentially outside of your own business — rather than vertically within a single category.
- The omnichannel wakeup call: During the five-day period between Thanksgiving and Cyber Monday, 54% of visits to retail websites — and 36% of sales — came from mobile devices. If you’re a brand marketer today, have you checked out the way your product looks on mobile? Are you happy with the experience? Do you think shoppers are?
More to come in 2017.
Brick-and-mortar retailers still go-to location for cosmetic and grooming purchases
NEW YORK — Beliefs that online shopping has replaced brick-and-mortar shopping are exaggerated, especially when it comes cosmetic and grooming purchases, according to a new The Harris Poll.
The survey, which studied 2,223 adults aged 18 and older from Sept. 19-Oct. 3, found that since 2014, brick-and-mortar retailers continue to be the most popular location for grooming and cosmetic purchases, with approximately nine in 10 consumers buying hair styling products, shampoos, conditioners, cosmetics, non-sunscreen products with SPF protection, and sunscreen and physical stores. Pharmacies were in the top three purchase locations for many of these products, as well as facial/skin care products and hair coloring products.
More specifically, pharmacies ranked No. 2 at 39% of cosmetic purchases among those who surveyed, only trailing big-box stores.
The Harris Poll also concluded that consumers will continue to purchase cosmetic and grooming products in physical stores. Two-thirds of those surveyed said they’re more likely to purchase health or cosmetic products in-person when there are new products to try, and 57% agree that since computer screen colors vary, it’s important to buy products in-person when buying for the first time.
Conversely, approximately three in 10 consumers are likely to turn to online retailers for a variety of cosmetics and grooming purchases, including hair styling products, hair coloring products, and non-sunscreen SPF products.
IRI, Clavis Insight pair on ‘why behind the e-buy’ analysis
CHICAGO — IRI is continuing its e-commerce momentum through an alliance with Clavis Insight, a provider of digital shelf analysis, insights and analytics for consumer products manufacturers, the data analytics company announced Monday. The alliance means consumer packaged goods marketers will be able to track and assess a brand’s holistic online and offline performance in one place, to identify and capitalize on rapidly emerging e-commerce growth opportunities and maximize omnichannel sales and market share.
“Our relationship with Clavis Insight further enables IRI to bring the physical and digital shopping world together by leveraging the best industry data sources at multiple levels to unlock the most advanced correlative and predictive omnichannel modeling and analytics for our clients,” stated Robert Tomei, president of Consumer & Shopper Marketing for IRI. “Expanding IRI’s e-commerce measurement service, E-Market Insights, with Clavis Insight’s causal metrics will fortify the e-commerce transactional data from more than 2 million households and provide critical insight to the ‘why behind the e-buy.’”
Clavis Insight’s online channel analytics, which includes information around pricing, assortment, placement, presentation and monitoring of social content, will be integrated with IRI’s E-Market Insights service. The E-Market Insights – Private Cloud solutions will unlock granular insights into shoppers’ cross-channel paths to purchase within IRI’s Liquid Data platform and the Clavis Insight software as a service (SaaS) platform. Also as this new, enhanced e-commerce measurement further expands, it will be reported on as a new channel in the context of IRI’s traditional point-of-sale measurement service.
“Brands no longer exist in just an e-commerce or physical store channel,” said Garry Moroney, CEO for Clavis Insight. “A brand’s success today depends on a deep understanding of the e-commerce and omnichannel universe. By combining Clavis Insight’s online channel data with IRI’s cross-channel solutions, and advanced analytics, we can supply brands with all the information they need to protect market share and to grow sales in an increasingly complicated and interconnected retail environment.”