By Vicki Matranga, Design Programs + Services
Learn how to develop and launch the best products for your business. Educational sessions during the four days of the 2014 International Home + Housewares Show offer FREE executive-level seminars. To help you plan your time at the Show, we give you a preview of the presentations at the Innovation Theater in the Lakeside Center.
Today we are speaking with Peter Greene, vice president sales and strategy, retail products, at Irvine, Calif.- based The Retail Equation. With over 20 years of marketing and research experience in the durables industry, Peter has an in-depth knowledge of the issues and challenges facing housewares manufacturers and retailers. Peter’s housewares industry involvement dates back to the mid-1990s when he started NPD’s small appliance and housewares tracking services. In addition to his senior positions at NPD, Peter also served as senior vice president, durables strategies for Nielsen. In his current role with TRE, Peter is focused on helping manufacturers and retailers increase their sales by optimizing each consumer transaction.
Driving Incremental Sales: Incentives at the Register
Saturday, March 16, 2:30 —3:30 pm
Innovation Theater, Lakeside Center, E350
Peter, what do you find exciting in your job? What inspires your passion in your work?
Throughout my career I have been fortunate to work with many of the leading housewares retailers and manufacturers. I am thrilled to be able to continue to do so in my role at The Retail Equation (TRE). At TRE, we are working within the housewares industry, as well as many others, to help retailers and manufacturers maximize each retail transaction to increase sales, satisfaction and customer loyalty. I have always been passionate about helping clients maximize their business and knowing that the services my company provides does just that really gets me excited to start each day.
In the past few years, what has changed most in your business? How has your company met these challenges in the way you do your work?
The amount of merchandise returns that retailers and ultimately manufacturers have to deal with continues to be an issue. The Retail Equation continues to evolve our retail transaction optimization solutions to address the issue of fraud, saving our clients millions of dollars every year. Our retail clients want to convert as many dollars from legitimate returns back into positive sales. To address this opportunity, we developed a patented system that presents incentives to consumers who make legitimate returns intended to keep those refund dollars in the store. This same system that generates incentives at the point-of-return can generate an incentive at the point-of-sale. With this system, we help drive incremental sales of additional products directly related to the product(s) being purchased.
Why did you choose to speak at the International Home + Housewares Show?
I have been involved with this industry for nearly 20 years. I have had great success in helping manufacturers and retailers grow their business and improve the sell-through by utilizing shopper insights and my industry experience. This year’s session will take this to a new level as I will be introducing the industry to a unique way of connecting with consumers at the point-of-sale and return.
Tell us what you will be speaking about and how and this topic is important for Show audiences.
The Retail Equation works directly with many industry leading retailers. As a result, we have a deep understanding of the actual shopping behavior of their consumers. Utilizing shopper insights, which are derived from actual purchase behavior, we help manufacturers develop targeted incentive programs that are delivered to consumers at the register, either at the point-of-sale or return. These incentives are proven to drive incremental sales within the store. For example, a consumer makes a single purchase of a 10-piece cookware set. At the point-of-sale they can be offered an incentive to purchase related item(s), such as matching set of kitchen utensils. Our system will be able to deliver this type of personalized incentive in real-time. Another example would be at the return counter; a consumer returns a coffee machine and competing manufacturers would have the ability to offer an incentive designed to entice them to switch brands and keep the dollars in the store for the retailer. These incremental sales are truly a win/win for both the retailer and manufacturer as they not only increase sales, but also customer satisfaction and loyalty. During my talk, I will share with the audience some measurable business results that clients have received by working with The Retail Equation to implement this type of program.
You’ve presented in the Innovation Theater before. What are you looking forward to most from speaking at the
Innovation Theater?
As a returning speaker, what I most look forward to is the interaction with the attendees at the completion of my talk. Hearing their challenges and challenging them to think differently. Knowing that The Retail Equation offers services to help makes the time and effort put into speaking worthwhile.
What do you see as consumers’ biggest concerns regarding housewares products?
The quality of the products they buy. In today’s economy consumers cannot afford to repurchase products every one or two years. With the explosion of social media, brands cannot afford to put product out in the market place that will not stand a reasonable test of time. The speed, power and reach of social media can quickly doom a brand or product.
What are some of today’s trends or issues that retailers face in the housewares market?
In today’s marketplace, the impact technology is having on consumers lives is happening at an incredibly fast pace. Broadband and smartphones are nearly ubiquitous and people are turning to technology to improve their lives in unimaginable ways. More and more consumers are utilizing their smartphones to improve the way the shop and to compare prices in real time during their shopping trips. Retailers are offering free Wi-Fi in their stores to help consumers, but ultimately they help themselves by developing an understanding of what the consumer is doing while in the store. While understanding store movements is helpful, connecting one-on-one with the consumer will continue to be the most important way both retailers and manufacturers can drive sales and build loyalty. Taking this a step further, providing personalized incentives to consumers based on what they are currently shopping for while in the store will take this to a whole new level and will drive incremental sales for years to come.
Thank you, Peter, for outlining some big changes ahead at the checkout line. Your presentations are always loaded with quality data and interpretations. We expect you’ll be bringing the latest thinking on these important issues to our Theater audience. Be sure to hear Peter at the Innovation Theater, Lakeside Center E350 on Saturday, March 15 at 2:30 pm.
Learn more about The Retail Equation by visiting
Contact Peter Greene directly at
Peter Greene, Vice President, Retail Product Sales
(949)-262-5100 x324
pgreene@theretailequation.com
