Dated: Nov 30, 2023
Welcome to The Dirty Martini Digest, Issue #7. This newsletter is built for our technology friends to enable you to do your job more effectively. The holidays loom large, and as retailers are gearing up for their biggest season, the partner ecosystem is in full planning mode for NRF and 2024. Enjoy this month’s issue of the Dirty Martini Digest!
The Dirty Details
Artificial Intelligence (AI) continues to dominate the discourse in retail. Applications continue to proliferate, and as we head into 2024, we will begin to get clarity on which use cases will deliver the greatest benefits for our industry. In a study we conducted earlier this summer titled Impact of AI in Grocery, AI leveraged in the Supply Chain had the early lead for delivering the most tangible value.
As part of our Playbook Series, Incisiv built out a framework on optimizing AI applications across the Supply Chain and Merchandising Planning functions. Titled Transforming Retail with AI, the report presents a comprehensive framework for retailers to harness the potential of AI in making data-driven decisions, encompassing predictions, and executing autonomous operations. A companion Playbook titled Revolutionizing Trade Promotion Management Leveraging AI, takes a more targeted view of how the application of AI in trade promotions can help consumer products companies to excel in modern consumer product marketing. This playbook offers a comprehensive framework for consumer product companies, guiding them through the application of AI in trade promotions, providing a step-by-step approach to grasp the concept, overcome challenges, and excel in modern consumer product marketing. Some of the key recommendations from these Playbooks include:
AI in Retail
- Use AI algorithms to simplify stock levels. Analyze sales history, current demand, and factors like holidays to prevent overstocking or understocking.
- Utilize AI-driven forecasting models for precise demand forecasts, considering data sources like seasonality and market trends.
- Empower logistics operations with AI-driven route planning. Adapt quickly to changing conditions and unforeseen disruptions, ensuring uninterrupted service and cost-effective outcomes.
- Tailor product assortments using AI based on individual customer preferences, purchase history, and local demographics.
AI in Trade Promotions
- Leverage AI algorithms that continuously monitor real-time market trends, competitor activities, and external influences.
- Utilize data analysis to craft personalized promotion plans. Analyze customer data to recommend individualized promotions, such as discounts on frequently purchased products.
- Deliver actionable insights to key account managers for superior goal attainment and allow AI to guide optimal launch dates and discount levels in alignment with business guidelines.
- Integrate supply planning, retail execution, and personalization to tailor promotions based on individual customer purchase history and choices.
Dive deeper into our cross-industry research and content
- Digital Twins and Sustainability - Digital Twins have historically been leveraged in manufacturing for complex machinery. In this Blog, we explore their value in the Apparel and Fashion Segment.
- Sourcing and Production 2.0: The Apparel Industry’s Blueprint for Sustainable Success - The waste that is generated from the Apparel industry has come under a microscope recently. New techniques must be adopted to reduce waste. This blog delves into key recommendations for helping the industry be more sustainable.
- Self Check-out in Convenience & Fuel and Food & Grocery Retail - New research from our partners and the newly minted NCR Voyix, this research details how self-checkout is becoming the industry norm and how retailers’ are maximizing their ROI from the technology.
Straight from the Shaker
Get practical insights and best practices straight from our industry experts, as we shake up and serve up our knowledge to help you improve your go-to-market strategies. Each month, we'll share tips to help you stay ahead of the game.
In this month's "Straight from the Shaker," we're exploring the power of data to tell your story. While there's no shortage of data available, too often marketers rely on research reports that fail to make an impact. These reports often consist of dry, copy-heavy pages that regurgitate the data already presented in charts.
To create a more compelling story, consider these top 5 ways to leverage data:
- Value First: Ensure any third-party research partner understands the key value proposition of your solution or service before conducting research.
- Mine for Meaningful Insights: Analyze research data with the story you want to tell in mind. Don't manipulate data, but be mindful of how it can bolster your message.
- Repurpose & Reuse: If data isn't used in the initial study, consider repurposing it to generate additional assets and add value to the project.
- Beyond the Obvious: When creating copy for a research report, don't simply repeat the data presented in the charts. Instead, reference what the data means to the broader market and subtly bolster your story where possible.
- Picture Perfect: Use less copy and more graphics to convey key points and recommendations. Make the report visually engaging and easy to digest.
Cheers to telling a good story! At Incisiv, we shake up our own content with these tips, so you know they're the bee's knees. Now go forth and mix up your own research reports with a dash of panache, and let's all raise a glass to standing out in a crowded market.
On the House
Sip on our team's latest research, analysis, and industry news, with a quick scan of our recently published and upcoming work and key takeaways.
- What Are You Expecting From the NRF Big Show? The annual gathering is around the corner and most of us are mighty close to having preparations for the show consume our lives. It is not uncommon for us to hear that 50-75% of annual pipeline comes out of those 3 days in January. What are you and your team expecting from The Big Show? Are you expecting an excited or subdued retailer attendee base coming off of holiday? The first 10 people to email a response (and prove you’ve gotten this deep into the newsletter) will win some sweet Swag…Click HERE to email me.
- NRF Big Show Session: Unifying the Retail Experience: Lessons from customer experience leaders: Our own Head of Strategy Giri Agarwal will lead a panel of experts, including Michael’s SVP Digital, Michael Brenner, and Tapestry’s CIO, Ashish Parmar to discuss key elements common to every successful omnichannel business.
- NRF Big Show Fun - Incisiv will be there in full force celebrating some major milestones! We’ll be producing our 9th Speakeasy @ NRF Executive Dinner on January 13th. Retail executives, amazing food, great networking - what could be any better? On January 15th, our 15th (yes..15) Annual Rock & Roll Underground will bring together the industry's most amazing musician retailers to entertain and delight. For details on getting involved, ping us here.
Art on the Rocks
Experience the intersection of technology and creativity each month as we use artificial intelligence to generate a unique art piece that explores a key industry topic.
Taken from our Sustainable Production Blog this month, our AI image includes a green element to a busy production floor.
Expand your industry knowledge with our recommended reading, featuring insightful articles and resources that caught our attention this month.
- The Omnichannel Grocery Shopper - Released last week on our Grocery Doppio platform, this report delves into a comprehensive analysis of shoppers' omnichannel shopping behaviors, preferences, and the challenges faced by them. Explore the reasons behind omnichannel becoming the default shopping mode for consumers across all generations, gaining valuable insights into how shoppers utilize multiple channels for inspiration, research, and actual purchases.
- Webinar: State of Digital 2023 - End of Year Recap - Don’t miss our final State of Digital Grocery Webinar of the year over at Grocery Doppio. Incisiv, FMI, and Wynshop will summarize what major trends came about in 2023 and discuss where we are headed for 2024!
We're here to help you navigate through your biggest challenges and win in this highly competitive market. Anytime you want to talk, book a meeting.