News

Special DSN report examines pharmacy’s ‘impact’

BY DSN STAFF

Drug Store News in March published the fifth edition of RxImpact, a special supplement to DSN, produced in support of the National Association of Chain Drug Stores’ RxImpact Day on Capitol Hill. The special Rx-Impact report — inserted in headquarter copies of this issue of DSN and delivered to all current members of the U.S. House of Representatives and Senate — is meant to help educate lawmakers on the important role community pharmacy plays as the face of health care in neighborhoods all across America, helping to lower the cost of health care, improving patient access, advancing the quality of care and ultimately delivering better outcomes.

“Eight years ago, NACDS and allied organizations released a document entitled ‘Project Destiny,’ which sought to facilitate pharmacy’s healthcare services beyond medications,” wrote NACDS president and CEO Steve Anderson in a special column for the DSN special report. “Since that time, NACDS members have made tremendous strides in innovating healthcare delivery.”

Slated for March 17, in Washington, D.C., the annual NACDS event brings together hundreds of community pharmacy executives, pharmacy college deans and students, and other pharmacy advocates for a day of meetings with members of Congress and key Congressional staffers to emphasize the importance of pro-patient/pro-pharmacy policy to U.S. health care.

To download the digital version of DSN’s RxImpact report, visit DrugStoreNews.com/DigitalEditions.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?
News

IRI raises the stakes with IRI Lift, a real-time ad-tracking solution that measures sales lift

BY Michael Johnsen
CHICAGO – IRI on Monday introduced IRI Lift, the industry’s only real-time digital advertising solution that measures offline sales lift. IRI Lift, developed in partnership with Kantar Shopcom, helps identify digital media optimization opportunities by determining which digital media is most effective with target audiences and ties media exposures to actual offline purchases down to the specific product and household level. 
 
A highly intuitive visualization platform delivers in-depth campaign analysis and results that are 80% more accurate as soon as five weeks after an advertising campaign begins. With IRI Lift, marketers can better optimize their media allocation to increase return on advertising spending by 30% – 70%.
 
“In today’s complex, multichannel environment, advertisers and agencies must be able to measure actual sales lift because it’s the best measure of advertising success,” stated Srishti Gupta, IRI Media Center of Excellence president. “IRI Lift is the only solution available today that delivers deeper, more accurate insights while the campaign is in flight. Taking action on these insights in real time allows advertisers to course-correct and optimize their campaign for maximum sales lift.”
 
The dataset associated with IRI Lift includes 60 million frequent shopper household transaction data and all-outlet consumer panel data from grocery, drug, mass and convenience outlets, in addition to IRI’s point-of-sale data, collected from 95,000 stores covering more than 400 billion transactions across all outlets. 
 
It also includes macroeconomic factors, health and wellness attributes and more than 20 causal variables, such as price, promotion, weather and gas. These datasets are fused together to create a single-source mega data cube and are analyzed on IRI’s proprietary modeling engine.
 
IRI Lift delivers the industry’s most granular and most accurate multichannel campaign sales and brand impact reads to drive true one-to-one marketing personalization and revenue growth. Results are available within five weeks and can be broken out by campaign, creative, publisher, ad placement and execution. Due to larger datasets and proprietary modeling, IRI Lift effectively measures shorter and smaller campaigns with minimum feasibility requirements, as well as large digital multichannel campaigns.
 
“In the future, most advertising will be addressable,” said Andrew Appel, president and CEO, IRI. “This will foster an era of real time with sophisticated big data personalization platforms that continuously aggregate advertisements, social impressions, purchase and hundreds of other datasets. At the core of this will be real-time, sales-lift measurement that ties actual purchases to media, social and retail exposures for millions of consumers," he said. "Companies will need to focus on real-time exposure and sales-lift analytics to continuously make campaign execution adjustments and maximize impact. In this future, currencies to price advertising will be of little value.”
 
 
 
 
keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?
News

What’s Next: The personalized beauty shopping experience

BY David Salazar

When you think of the “personal touch” in an in-store shopping experience, it may conjure an image of fawning sales ladies anticipating your every desire. Personalized shopping in the technology-driven age means something quite different. Millennials aren’t necessarily looking for an attentive sales person to befriend them and offer suggestions — in fact it’s quite the opposite. A new survey from Mintel indicated that 45% of beauty consumers prefer to search for product information in-store on their mobile device. The same survey said that 39% have used or would try doing research on a store-provided tablet. There’s a clear indication towards technology as a way for consumers to create their own personalized experience.

Kurt Jetta, CEO of TABS Analytics, believed that the beauty channel has the best chance in drug and mass market for enticing millennial buyers. The challenge is that they will have to compete with specialty channels like Sephora and Ulta to do so, and those channels had the highest cosmetics penetration growth in 2015 with 41% for Ulta and 25% for Sephora, but only 11% for Target and 6% for Walgreens, according to research from TABS.

Sephora is way ahead of the game with the rollout of their new initiative — Learn. Inspire. Play. It is a digital concept store that recently launched with a test store in San Francisco. This ambitious project features digital stations for communal tutorials, virtual cosmetic try-ons and a host of other tech-related experiences.

At the end of October 2015, Sephora also launched Sephora FLASH in France in conjunction with Worldline. “Sephora FLASH was developed in order to create a deep link between the digital and physical world,” Julien Decoster, business development manager for Worldline, said. “In a smaller store than the usual one, you will be able to shop the whole catalog of Sephora thanks to digital devices. It’s also a new customer experience since you’re doing an online order in a physical way: You can test the product, you can interact with the seller, you have all the advice that you need, you pay in store, but you don’t have your product immediately. It will be delivered at home, or you can come back the day after to retrieve it.”

“For each market, we know that the challenge of tomorrow is to create a personalized experience, and it’s even more true for cosmetics,” Decoster explained. “Today we have all the technology to know exactly what you’re used to purchasing, what kind of brands you like, what color is the most convenient for you. Brands just need to fill the gap between the digital and physical world, to have the perfect seamless journey. We’re able today to deliver the best of the digital services — all detailed information, an incredible choice (thousands of products), with videos, with high-quality pictures — combined with the best of a physical store —advice from the seller, testing the product, smelling fragrances etc. The main concern will be logistics, and the needed time for delivery.”

Could these types of initiatives translate to a drug or mass market retail environment? Digital kiosks have been attempted at the drug store level before, but they had limited function and were not engaging to consumers. However, in-store digital offerings that are more exploratory could be more appealing. Jetta is all for marketing that is informative and allows consumers to explore new trends, but he is somewhat skeptical of the idea. “They have to be extremely creative in their engagement strategy because of two competing constraints that beauty retailers don’t have to deal with:  1) Low overall traffic per store, [and] 2) Competing objectives from other sectors, primarily consumer health,” Jetta said.

“Beauty really is their opportunity to leverage their massive investments in their loyalty marketing database,” he said.  “Further, they will need to engage primarily in-store not passively (meaning waiting for people to come in), but actively (entice consumers into the store for specific events so that there is some efficiency in their efforts).  Digital can certainly enhance the experience, but it seems that there is still a human element of the engagement that needs to be considered.”

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?