LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global in-store promotions market is expected to grow at a CAGR of 4.2% over the next five years as the growing retail market is providing immense opportunities for service providers to create and execute creative and interactive promotional campaigns.
The research report titled ‘Global In-store Promotions Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“The growth of the retail segment offers immense opportunities to in-store promotions suppliers to create innovative campaigns,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “Also, the popularity of omnichannel marketing helps in multi-channel marketing for better redemption and increased volume sales, thereby driving the growth of the market” adds Angad.
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Cost saving opportunities in the global in-store promotions market
The adoption of various cost-optimization levers helps buyers of the global in-store promotions market realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the global in-store promotions market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology savings aspect
The in-store promotions service suppliers have widely adopted the use of mobile-based coupons and QR code technology to target a larger audience base and have direct interactions with them.
Suppliers also implement augmented reality, beacon advertising, and NFC to enhance the consumer experience, thereby satisfying the buyer needs.
Adoption of negotiation strategies savings aspect
Buyers and suppliers consider seasonal goals, depth factors, frequency factors, and vehicle factors to design a promotional plan. Also, suppliers provide value adds such as additional retail display spaces and digital integration support to attract the buyer. Such offerings from the supplier results in savings up to 12% of the total category spend for the buyer.
Bundling of services savings aspect
Suppliers bundle together related services such as media planning and buying, and software installation to entice the buyers into choosing their services while increasing their sales. Established suppliers in the market design well-defined promotion strategies to establish the objectives for every target segment.
Buyers prefer to opt the services provided by such suppliers who bundle various offerings to design efficient in-store promotions. This can save the buyers up to 15% of the overall category spend.
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