Sector: Consumer Products
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Tipping at Self-Checkout
Pricing often seems like a dry, quantitative human activity subject to universal forces. That’s why it’s fascinating to see what happens when cultural traditions – not mathematical rules – influence how a company chooses its pricing model, and how that choice can have significant social consequences. Witness the practice of tipping, as this article in…
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High-tech touchpoints change consumer experience
High-tech touchpoints are significantly changing the customer experience, BCG’s Karen Lellouche Tordjman and Marco Bertini told Harvard Business Review. Advanced technologies and customer touchpoints are now intersecting to create powerful customer experiences that were either unimaginable or unfeasible for most companies a decade ago. As a result, customer journeys are now moving from linear sequences…
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The Omni Future of Retail
Rapid e-commerce growth rates are stabilizing in many markets, signaling the importance of balancing online and in-store sales strategies. Nielsen noted in its NIQ’s 2023 Consumer Outlook that in 2023, the digital and physical worlds of retail will merge in ways never seen before. Drilling down to the category-level sales performance indicates many categories have…
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How to improve CX in five charts
While companies typically view positive reviews as an indicator of good customer experience, it’s ultimately about the underlying relationship. Insider Intelligence noted several findings on why companies should think about CX and who is responsible for it. Nearly three-fourths of CX decision-makers say a broken customer service experiences damages the ability to gain revenues, but…
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Consumers want privacy and markets can deliver
In a response to the many questions we are getting from clients on how to navigate the data privacy changes that are reshaping the digital landscape, BCG and Google have surveyed over 1,000 consumers and more than 30 leading marketers to help companies evolve their data-driven marketing approach to be “privacy-first.” Cultivating trust with consumers…
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Can Wendy’s make “surge pricing” a success?
The restaurant chain recently announced plans to implement dynamic pricing starting in 2025. At first glance, that seems like a non-starter. Imagine that you kindly let someone cut in front of you at Wendy’s at lunchtime because you are not sure what to order. A minute later, you look up at the digital menu board…
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Taylor Swift Fans Fly to Europe
Taylor Swift fans in North America may seem irrational to some people for paying thousands of dollars for tickets to her concerts. But the recent behavior of thousands of North American fans exhibits a rational streak after all. Some fans have discovered that it is less expensive to fly to Europe, see Swift perform in…
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Moving from the Value Game to the Choice Game
Shifting from the Value Game to the Choice Game can be motivated by different factors within a company. BCG pricing expert Joel S. Weitzman details how a company can successfully make this move and gain competitive advantage in the latest installment of the Game Changer Expert Interview Series. To learn more about strategic pricing…
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Should a Surge in Demand = a Surge in Pricing?
As companies increasingly adopt dynamic pricing, the balance between profitability and customer perception of fairness becomes crucial. My colleague and co-author Arnab Sinha reveals what executives should keep in mind as they think about whether they should be changing their prices more frequently. 🎢 A theme park charging more when the sun is shining? 🍔 A…
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Restaurant pricing
I recently had the pleasure of discussing the future of restaurant pricing and tipping with Roger Beaudoin on the Restaurant Rockstars podcast. As we navigate through challenging economic times, understanding and innovating pricing strategies becomes essential in the restaurant industry. 🎧 Listen in for strategies on how restaurant owners can thrive in today’s competitive market.…
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Blended Meat and Sustainability
Why do meat products seem to violate one of the most powerful effects in That is a question the marketers of blended meat – a combination of meat and plant proteins – will need to answer if they want their category to establish itself. The powerful “compromise effect” explains why consumers tend to find the…
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Fragrance market
The market for fragrances exemplifies why companies should understand their market characteristics carefully rather than assume a certain market structure can or should exist. This recent report from Circana – the company formed by the merger of consumer insights firms IRI and NPD – describes the fragrance market as having a growing luxury end and…