NEW YORK--(BUSINESS WIRE)--Incisiv, a leading consumer industries insights firm, and MarketDial, a software company that helps retailers optimize their in-store testing and experimentation, today released key findings from a new study focused on improving success rates and ROI of retailers’ strategic brick and mortar initiatives. The research highlights that retailers must adopt a structured and data-driven approach to in-store testing to improve the success rates and ROI of their strategic store initiatives.
The study is based on a survey of 200 retail executives in the United States. The study was conducted from Feb 9, 2023 - Mar 3, 2023. Key findings from the research include:
- Retailers who do not use specialized in-store testing software expect 61% of strategic store initiatives to fail.
- 74% of retailers who do not use specialized in-store testing software have inconsistent or infrequent testing practices.
- 65% of retailers say identifying and mitigating potential risks before fully implementing an initiative would improve the success rates of their strategic store initiatives.
- Only 13% of retailers conduct tests consistently, have a defined governance structure around how tests are approved, capital is allocated, and learnings are shared across the organization.
- 56% of retailers are dissatisfied with their organization's current ability to allocate resources to initiatives that are most likely to succeed.
"At MarketDial, we firmly believe that scientific in-store testing is a necessary muscle that retailers need to build and maintain success and profitability," said Morgan Davis, CEO and Co-Founder of MarketDial. "Incisiv’s research shows that adopting advanced in-store testing tools and technology can drive data-driven decisions for retailers and help them identify and optimize high-impact initiatives before scaling, ensuring maximum impact."
"Retailers invest millions of dollars into strategic store initiatives, ranging from high value ones such as store remodels to high velocity ones such as making price changes across key categories. Yet, the rate of failed initiatives remains high, resulting in significant losses and missed opportunities," said Giri Agarwal, Chief Strategy Officer, Incisiv. "Our research shows that improving the maturity of in-store testing processes and systems is critical to drive greater success and ROI from these investments."
The full report, "Boosting Success Rates and ROI of Strategic Store Initiatives," is available here.
About Incisiv
Incisiv is a peer-to-peer executive network and industry insights firm for consumer industry executives navigating digital disruption. Incisiv offers curated executive learning, digital maturity benchmarks, and prescriptive transformation insights to clients across the consumer and technology industry spectrum. Visit incisiv.com for more information.
About MarketDial
MarketDial provides retailers with the tools they need to validate initiatives quickly and confidently. Our mission is to maximize our clients' potential by offering accurate testing solutions and actionable insights. With our automated analytics and in-store testing tools, businesses can trust they are making data-driven decisions that drive success. Visit Marketdial.com for more information.
