The global in-store promotions market was valued at almost USD 73 billion in 2016 and is expected to surpass USD 89 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on in-store promotions for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global in-store promotions market during the forecast period. Some of the top vendors listed in this industry analysis include News America Marketing, Valassis Communications, Catalina, Geometry, and Barrows.
During 2016, the Americas led the global market for in-store promotions by accounting for 45% of the overall market share. The highly organized retail sector in the region is anticipated to foster further growth of the in-store promotions market in the Americas in the coming years.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The global market is currently experiencing a surge in the adoption of beacon technology to encourage impulse shopping among customers. The use of beacon technology enables the delivery of customized offers and promotions to shoppers based on their location, interests, and shopping history. Major retail chains such as Macy’s, Target, and H&M are some of the early adopters of beacon technology.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Growth of the retail segment
The retail segment is experiencing rapid growth with major brands enhancing the brick-and-mortar environment and offering new experiences to customers through the adoption of technologies. The growth of merchantainment – merging entertainment with useful product information – use of interactive kiosks and faster checkout counters are attracting an increased number of customers to retail stores, thereby creating immense opportunities for brands to design in-store promotion material.
Growth of omnichannel marketing
Omnichannel marketing enables brands to provide relevant marketing promotions across multiple channels. This enables brands to cater to customers who increasingly engage in showrooming and webrooming seeking better prices and deals. As consumers are well-informed, service providers are executing multi-channel campaigns and offering exclusive, limited deals at physical stores through measures such as mobile applications, Wi-Fi at stores, and promotional mailers.
Integration of digital tools with in-store promotional strategy
Service providers are providing analytical tools that leverage insights from digital tools such as cookies, social media feeds, and online purchase behavior in an attempt to enhance brands’ capabilities in providing customized deals, offers, and event notifications to drive in-store traffic. The use of location tools such as GPS and Bluetooth integrated with digital measurement tools also enables a holistic view of the customer profile.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global In-store Promotions – Procurement Market Intelligence 2017’.
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