Pernod Ricard Global Travel Retail (PR GTR) hosted a panel discussion for trade media on Monday 2 October at Hôtel Barrière Le Majestic entitled, ‘Finding the right blend of science & creativity: How behavioural science is shaping premium retail experiences’.
The discussion took place during the TFWA World Exhibition & Conference (1-6 October) in Cannes.
Departing Chairman and CEO Mohit Lal and Strategy and Insights Director Anuj Roy joined leading experts in behavioural science, retail and product design to discuss big picture topics such as data, technology and retail psychology and how these are affecting next-generation shoppers’ habits.
Ian Whatley, Director of Digital Products & Experiences at Seymourpowell, highlighted how businesses should use data points to anticipate customer needs, whilst deciphering what shoppers may seek in the future.
“It’s here that businesses must lean on creativity, which plays a significant role in building the experience out,” he commented.
Gaining a competitive edge
Roy flagged a few principles that are proven in driving purchasing. For example, scarcity.
“Through exclusivity, brands can create premium experiences that shoppers don’t want to miss out on,” he commented.
The panellists agreed on the importance of brands in global travel retail understanding traveller behaviours to efficiently tailor product offerings and merchandising strategies.
In addition to analysing purchasing history, footfall, and online interactions, businesses can begin to adapt, and meet customer preferences, media attended heard.
Lal pinpointed the need to study behavioural patterns and recognise the human ability to synthesise memories and emotions.
“If brands can harness this information in travel retail, it will give them a competitive edge through integrated data, predicted trends and in turn, enhance the customer experience via personalisation,” he said.
“Memories, pleasurable or otherwise, impact our travel experiences and day-to-day lives and in the domain of global travel retail, memories can and will wield significant influence over the preferences and experiences of travellers for years to come.”
Andreea Redfern, Research Director at Walnut Unlimited, added: “It shouldn’t be forgotten that businesses must make the point of sale easy for the consumer.”
She reminded the audience that something as seemingly insignificant as a font size or style, can tap into a consumer’s psyche in unexpected ways, leading to a positive or negative experience.
Stay close to TRBusiness for more from Pernod Ricard Global Travel Retail.