BizReport

RSS feed Get our RSS feed

News by Topic




BizReport : Ecommerce : December 30, 2015


Expert: How retailers can win in 2016

There were a number of new options for retailers in 2015 - social, mobile were two keys. One expert breaks down what didn't work in 2015, and what could turn 2016 into a banner year. First, what 2015 taught us.

by Kristina Knight

First, Millennials.

"With 2015 coming to a close, it's important to reflect on the industries progress with Millennials. This segment is not only vital economically to major brands, but they are also a barometer for most of the major changes occurring in 2016. Incredible focus on this segment in 2015 is leading to many healthy changes for CPG manufacturers in the years ahead," said Justin Behar, CEO & Founder, QURI.

Second, zero based budgeting.

"The rise of zero based budgeting for many companies is important and became a more common practice in 2015. While this type of initiative may not show up in the financial results this year, it's a healthy admission from these manufacturers of the challenges they face and the need to get more efficient in how they operate. It brings great discipline to the planning process," said Behar.

Next, how retailers can do better in 2016.

First, capitalize on population growth.

"We're in an era of population growth economics for the industry. This means that finding growth through historical means of major new product launches, large format store builds, or center store focus on shelf stable high velocity SKUs will be less successful. Brands that recognize this change quickly and work to make their existing product mix and merchandising efforts more efficient by executing against growth opportunities at the store-level will win more at shelf and grow sales and share," said Behar

Second, make sure you're online.

"Ecommerce is here and growing rapidly from a single digit percent of sales to double digits in 2016. Getting your products into this emerging channel is vital to sustaining growth, and brands that excel in this channel will see share gains against competition," said Behar.

Third, try Experiential Shopping.

"This is a top trend for consumers, especially Millennials. This is not only about the brick and mortar experience, but also about products that are fresh, organic, healthy, and offer variety. To win in market, brands will need to tap into the retailer's increased focus on creating this type of experience in-store, including offering new or re-launched products that fit with this growing consumer trend," said Behar.






Image via Shutterstock

Tags: ecommerce, ecommerce tips, ecommerce trends, QURI








Subscribe to BizReport







http://www.bizreport.com/2015/12/expert-how-retailers-can-win-in-2016.html

 

 

Copyright © 1999- BizReport. All rights reserved.
Republication or redistribution of BizReport content is expressly prohibited without the prior written consent.
BizReport shall not be liable for any errors in the content, or for any actions taken in reliance thereon.