Says Sorensen, “Customers will spend a quadrillion seconds in stores this year – but a shockingly small percentage of that time will actually be spent shopping. Shoppers and products long for each other, like Romeo and Juliet, but are held apart by forces greater than themselves. This is the tragedy of modern retail. But it also means that retailers have tremendous opportunities to improve performance – if they understand those obstacles, and clear them away.”
Following are 5 Tips offered by Sorensen to help retailers get Inside The Mind of The Shopper:
- Top-selling items, (top 5%,) have the greatest potential for increased sales.
- Tell shoppers exactly which those top-selling items are – like Amazon does.
- Put those items on high traffic pathways, convenient to the shopper.
- Blizzards of tagged special offers are not really offers at all, just noisy clutter.
- Use reduced pricing very selectively, and prominently, to convey the value message.
As founder and Global Scientific Director for TNS Sorensen, Dr. Herb Sorensen is the world’s leading expert in shopper behavior and retail purchase decision-making. In Inside the Mind of the Shopper, he brings together decades of insight and exclusive research – offering new keys to profitability in even the most brutal retail environments.
About the Author
Herb Sorensen, Ph.D. is Global Scientific Director, Retail and Shopper Insights for TNS Sorensen, the leader in helping manufacturers and retailers assess product and package performance, the purchase decision process, category management, promotional impact, and shopper behavior. At TNS Sorensen, he prosides over the development of new services and research methods, including PathTracker®, the revolutionary electronic shopper tracking and learning system. A biochemist whose training and study has ranged from theology to quantum mechanics, Sorensen brings a broad perspective that provides the basis for his company’s uniquely creative, robust, and scientific approach to consumer research.
About Wharton School Publishing
Wharton School Publishing (www.whartonsp.com ) is dedicated to presenting the world's foremost business thinkers in print, audio, and interactive formats. All titles must be approved by a senior Wharton faculty review board to ensure that they are timely, important, conceptually sound, empirically based, and implementable. The editorial focus on applicable knowledge, along with multi-media publishing, enables readers to gain new insights into the issues shaping the future of business, and plan and take action to achieve their goals. Wharton School Publishing is a partnership between Pearson, the world's leading education company, and the Wharton School of the University of Pennsylvania.
About Pearson
Pearson (NYSE:PSO), the global leader in education and education technology, reaches and engages today’s digital natives with effective and personalized learning, as well as dedicated professional development for their teachers. This commitment is demonstrated in the company’s investment in innovative print and digital education materials for preK through professional learning, student information systems and learning management systems, teacher development, career certification programs, and testing and assessment products that set the standard for the industry. The company's respected brands include Scott Foresman, Prentice Hall, Addison Wesley, Benjamin Cummings, the Stanford Achievement Test, the Wechsler family of assessments, SuccessNet, MyLabs, PowerSchool, SuccessMaker, and many others. Pearson's comprehensive offerings help inform targeted instruction and intervention so that success is within reach of every student at every level of education. Pearson’s commitment to education for all is supported by the global charitable giving initiatives of the Pearson Foundation. Pearson's other primary businesses include the Financial Times Group and the Penguin Group. For more information, go to www.pearson.com .
- Top-selling items, (top 5%,) have the greatest potential for increased sales.
- Tell shoppers exactly which those top-selling items are – like Amazon does.
- Put those items on high traffic pathways, convenient to the shopper.
- Blizzards of tagged special offers are not really offers at all, just noisy clutter.
- Use reduced pricing very selectively, and prominently, to convey the value message.
As founder and Global Scientific Director for TNS Sorensen, Dr. Herb Sorensen is the world’s leading expert in shopper behavior and retail purchase decision-making. In Inside the Mind of the Shopper, he brings together decades of insight and exclusive research – offering new keys to profitability in even the most brutal retail environments.
About the Author
Herb Sorensen, Ph.D. is Global Scientific Director, Retail and Shopper Insights for TNS Sorensen, the leader in helping manufacturers and retailers assess product and package performance, the purchase decision process, category management, promotional impact, and shopper behavior. At TNS Sorensen, he prosides over the development of new services and research methods, including PathTracker®, the revolutionary electronic shopper tracking and learning system. A biochemist whose training and study has ranged from theology to quantum mechanics, Sorensen brings a broad perspective that provides the basis for his company’s uniquely creative, robust, and scientific approach to consumer research.
About Wharton School Publishing
Wharton School Publishing (www.whartonsp.com ) is dedicated to presenting the world's foremost business thinkers in print, audio, and interactive formats. All titles must be approved by a senior Wharton faculty review board to ensure that they are timely, important, conceptually sound, empirically based, and implementable. The editorial focus on applicable knowledge, along with multi-media publishing, enables readers to gain new insights into the issues shaping the future of business, and plan and take action to achieve their goals. Wharton School Publishing is a partnership between Pearson, the world's leading education company, and the Wharton School of the University of Pennsylvania.
About Pearson
Pearson (NYSE:PSO), the global leader in education and education technology, reaches and engages today’s digital natives with effective and personalized learning, as well as dedicated professional development for their teachers. This commitment is demonstrated in the company’s investment in innovative print and digital education materials for preK through professional learning, student information systems and learning management systems, teacher development, career certification programs, and testing and assessment products that set the standard for the industry. The company's respected brands include Scott Foresman, Prentice Hall, Addison Wesley, Benjamin Cummings, the Stanford Achievement Test, the Wechsler family of assessments, SuccessNet, MyLabs, PowerSchool, SuccessMaker, and many others. Pearson's comprehensive offerings help inform targeted instruction and intervention so that success is within reach of every student at every level of education. Pearson’s commitment to education for all is supported by the global charitable giving initiatives of the Pearson Foundation. Pearson's other primary businesses include the Financial Times Group and the Penguin Group. For more information, go to www.pearson.com .
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