Inside the Mind of the Shopper: The Science of Retailing

Inside the Mind of the Shopper: The Science of Retailing

by Herb Sorensen
     
 

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ISBN-10: 0137126859

ISBN-13: 2900137126858

Pub. Date: 05/26/2009

Publisher: FT Press

How Today's Shoppers Really Think, Behave, And Buy:

Breakthrough Insights for Creating High-Profit Retail Experiences!

Today, improving the effectiveness of the retail experience is no longer and option: It's a matter of survival-and nobody knows more about doing that than Herb Sorensen. That's because Sorensen understands your customer's in-store

Overview

How Today's Shoppers Really Think, Behave, And Buy:

Breakthrough Insights for Creating High-Profit Retail Experiences!

Today, improving the effectiveness of the retail experience is no longer and option: It's a matter of survival-and nobody knows more about doing that than Herb Sorensen. That's because Sorensen understands your customer's in-store behavior better than anyone else on earth.

Now, drawing on microscopic analysis of millions of shopping trips, Sorensen reveals exactly what your customers are thinking, why they behave as they do, and how to reshape stores to deliver truly remarkable results.

You'll discover how to drive more profit from the "quick trip" ... the three "moments of truth" in every shopping event... customer "migration patterns" within the store... and how to use "active retailing" to place products precisely where they'll do best.

Product Details

ISBN-13:
2900137126858
Publisher:
FT Press
Publication date:
05/26/2009
Edition description:
New Edition
Pages:
256

Table of Contents

Author's Notes and Acknowledgments xv

About the Author xxi

Preface 1

Introduction Twenty Million Opportunities to Buy 5

Twenty Million Seconds: Shopper Time Is Mostly Wasted 8

Time Is Money: Shopper Seconds per Dollar 10

Leaving Money in the Aisles: The $80 Million Question 11

Planning Our Trip 13

Shopping Serengeti 20

Endnotes 22

Part I Active Retailing 23

Chapter 1 The Quick Trip: Eighty Percent of Shopper Time Is Wasted 25

Three Shoppers: Quick Trip, Fill-In, and Stock-Up 26

Rise of the Small Store 29

Perils of Promotion 30

The Big Head and Long Tail 31

Heads You Win 34

The Communal Pantry 36

Layered Merchandising 38

The Right Paths for the Right Shoppers 39

Purchase Models and Selection Paradigm 41

Spending Faster 41

Conclusion: Dual Chaos 43

Endnotes 45

Chapter 2 Three Moments of Truth and Three Currencies 47

Moments of Truth 48

Seeing the Truth: Eyes Are Windows to the Shopper 50

Reach: Impressions and Exposures 53

Stopping Power (and Holding Power) 59

Closing Power 60

Three Currencies of Shopping: Money, Time, and Angst 62

A Complex Optimization 66

Endnotes 67

Chapter 3 In-Store Migration Patterns: Where Shoppers Go and What They Do 69

If You Stock It, They Will Come 70

Understanding Shopper Behavior 73

First Impressions: The Entrance 75

Shopper Direction: Elephant Herds 76

The Checkout Magnet 79

Products Hardly Ever Dictate Shopper Traffic-Open Space Does 79

Managing the Two Stores 88

Five Store Designs 90

Where the Rubber Meets the Linoleum 94

Endnotes 95

Chapter 4 Active Retailing: Putting Products into the Path of Shoppers 97

ActiveRetailing 99

Put the Right Products in the Path of Customers 100

Double ConversionTM: Converting Visitors to Shoppers to Buyers 100

Packaging Must Play the Starring Role 102

Holding Power-How Long Is Long Enough? 105

Stopping and Closing Power: VitalQuadrantTM Analysis 106

Playing the Niche 109

Good Is the Enemy of the Great 111

Endnotes 111

Chapter 5 Brands, Retailers, and Shoppers: Why the Long Tail Is Wagging the Dog 113

Where the Money Is in Retail 114

Massive Amounts of Data 115

Shifting Relationships 117

A Refreshing Change: Working Together to Sweeten Sales 118

Beyond Category Management 120

A New Era of Active Retailing: Total Store Management 121

Pitching a Category's Emotional Tone More Precisely 126

Retailers Control Reach 127

The Urgent Need for Retailing Evolution 128

Endnotes 130

Part II Going Deeper into the Shopper's Mind 131

Chapter 6 The Quick-Trip Paradox: An Interview with Unilever's Mike Twitty 133

Endnotes 145

Chapter 7 Integrating Online and Offline Retailing: An Interview with Professors Peter Fader (The Wharton School) and Wendy Moe (University of Maryland) 147

Endnotes 159

Chapter 8 Multicultural Retailing: An Interview with Emil Morales, Executive Vice President of TNS Multicultural 161

Endnotes 177

Chapter 9 Insights into Action: A Retailer Responds: An Interview with Mark Heckman of Marsh Supermarkets 179

Part III Conclusions 189

Chapter 10 The Internet Goes Shopping 191

Entering the VideoCart Age 192

Cell Phone Invasion 193

Implications for Retailers and Brand Owners 194

The Power of Model Makers 195

The Model Business 196

A Fivefold Increase 196

Endnotes 197

Chapter 11 Game-Changing Retail: A Manifesto 199

Part IV Appendix 205

Appendix Views on the World of Shoppers, Retailers, and Brands 207

Excerpts from "Views from the Hills of Kentucky" by Robert Stevens 207

Index 213

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