IRI Study Reveals Breakthrough Process for Capitalizing on Health and Wellness Economic Opportunity.Best-in-Class Retailers and Manufacturers Have Major Sales Opportunities through Converting Pharmacy Shoppers into Total Store Shoppers CHICAGO -- Based on a new IRI Iri (ē`rē`), former city, North Jeolla (Cholla) prov., SW South Korea. An agricultural center and transportation hub, it was absorbed into Iksan. trade survey, 87 percent of retail pharmacy executives report that their pharmacy business is growing faster--in many cases twice as fast--as the total store. Further, more than two-thirds still believe that they are not effectively converting the growing pharmacy shopper traffic into increased sales in other areas of the store, including food and beverages F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. . According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a new IRI study, "The IRI Healthcare Report: Leveraging Healthcare as a New Platform for Total Store Growth," best-in-class retailers and manufacturers have major opportunities to collaborate in developing ailment-specific health and wellness initiatives that leverage rapid pharmacy growth and convert pharmacy shoppers into total store shoppers. The study is the first in a phase of solutions that IRI will be releasing on health and wellness opportunities. "Our research in this area found that four out of 10 shoppers are filling their prescriptions and then leaving the store," explains IRI President of Retail Solutions North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. and Strategic Consulting Thom Blischok. "Retailers and manufacturers have a tremendous sales opportunity if they can turn even a small percentage of these pharmacy shoppers into total store shoppers. The 'IRI Healthcare Report' goes to the core of this opportunity and offers thought-provoking analysis that retailers and manufacturers can leverage to gain a new perspective on healthcare marketing and discover actionable Giving sufficient legal grounds for a lawsuit; giving rise to a Cause of Action. An act, event, or occurrence is said to be actionable when there are legal grounds for basing a lawsuit on it. insights from pharmacy executives and more than 700 consumers." As healthcare becomes a more pressing driver of consumer purchasing and shopping behavior, a strong healthcare marketing platform, based on addressing key health ailments, has the power to grow sales, share and customer loyalty. "The IRI Healthcare Report" leverages insights from the RxPulse[TM] Patient Panel to identify which specific health ailments will be driving the pharmacy business and how retailers can map these ailments to their own healthcare platform by identifying the better-for-you product attributes that link the ailment ail·ment n. A physical or mental disorder, especially a mild illness. to relevant "sweet spot" opportunities across the store. "Major drug retailers are using RxPulse to determine the impact of healthcare initiatives in their stores," says Senior Vice President of IRI Healthcare Solutions Group Bob Doyle. "We brought the power of this resource to the study to quantify the impact of major healthcare initiatives in place today, including Medicare Part D outreach and discounted generic drugs generic drug, a drug sold or prescribed under the nonproprietary name of its active ingredients or under a generally descriptive name rather than under a brand or trade name. . We also use RxPulse to focus attention on a tremendous opportunity to develop new ailment-specific programs through retailer-manufacturer collaboration--programs that grow sales across specific categories, brands and consumer segments." Healthcare Marketing Growth Opportunity During the next decade and beyond, increased pharmacy traffic represents a major incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. sales opportunity for retailers that are able to effectively link this department to the rest of the store. The "IRI Healthcare Report" covers a broad range of healthcare-based opportunities that retailers and manufacturers can focus on in their collaborative efforts--collaboration that can help all parties earn a larger share of this emerging opportunity. A few key areas of the study include: * Clear perspectives from retailers into what is working and what is not working within healthcare initiatives, including Medicare Part D marketing, generic prescription discounting, and in-store clinics. * A detailed, quantitative analysis Quantitative Analysis A security analysis that uses financial information derived from company annual reports and income statements to evaluate an investment decision. Notes: of the current retailer impact of Medicare Part D enrollment and generic prescription discounting initiatives. * A series of case examples taken from best-in-class retailers and food manufacturers that allow readers to compare and contrast their own healthcare platform initiatives. "A key takeaway from the report is that retailers and manufacturers need to think about their own healthcare platform now or they are going to miss out on one of the largest business growth opportunities of the next decade," adds Doyle. "The report helps retailers and manufacturers understand the opportunity and how it connects to their business." According to the report, retailers and manufacturers can take action on the following opportunities arising from the increased demands on the pharmacy: * Establish the pharmacy and store as the shoppers' expert source for ailment-specific health products and information. * Link the pharmacy to other areas of the store in ways that increase basket size and shopper trips. * Create a new health-driven point of differentiation versus competing stores and channels. * Develop a new health-based platform to revitalize re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. the center store and grow profitable sales. About the Report Findings presented in "IRI Healthcare Report: Leveraging Healthcare as a New Platform for Total Store Growth," are based upon an extensive analysis of consumer information from the IRI Consumer Network[TM], RxPulse[R] Patient Panel and InfoScan[R]. For more information about the report and to view the executive summary, visit http://us.infores.com/page/content_access?t=1&i=105. To purchase a copy of the complete report, contact Sean Seitzinger at sean.seitzinger@infores.com. IRI Webinar: Leveraging Healthcare as a Platform for Total Store Growth IRI is hosting a free webinar, entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Leveraging Healthcare as a Platform for Total Store Growth," on Wednesday, April 18 at 3 p.m. CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT . IRI experts will discuss in detail the "IRI Healthcare Report" that outlines the impact of Medicare Part D outreach, in-store health clinics, and discounted generic drug programs. Participants will receive valuable information on how to leverage these healthcare programs, the pharmacy itself, and health-driven categories for total store growth. To join the webinar, please visit http://us.infores.com/page/news/events/webinar?mode=single&webinar_id= 24.(Due to the length of this URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. , it may be necessary to copy and paste To copy files from one location to another or to copy text and images from one document to another. All modern operating systems and applications have a copy and paste capability that is typically selected from an Edit menu. See cut and paste and Win Copy between windows. this hyperlink into your Internet browser's URL address field. You may also need to remove an extra space in the URL if one exists.) IRI Healthcare Solutions Group The IRI Healthcare Solutions Group provides pharmaceutical, healthcare, and consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and companies as well as retailers with consumer intelligence, targeting, and analytic services for the healthcare marketplace. The group was formulated in response to the increasing need to understand consumer insights and decisions related to prescription (Rx) and over-the-counter (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). ) purchasing behaviors, attitudes, and preferences. The Healthcare Solutions Group offers a complete suite of retail tracking, consumer panel and analytic-driven products and services under the RxPulse brand to help its client's monitor, comprehend, and compete within the rapidly evolving healthcare space. About IRI IRI is the world's leading provider of consumer, shopper, and retail market intelligence and insights supporting 95 percent of the FORTUNE Global 500 consumer packaged goods Noun 1. packaged goods - groceries that are packaged for sale foodstuff, grocery - (usually plural) consumer goods sold by a grocer plural, plural form - the form of a word that is used to denote more than one (CPG CPG central pattern generators. ), retail and healthcare companies. Only IRI offers the unique combination of integrated market information, automated and predictive analytics Predictive analytics encompasses a variety of techniques from statistics and data mining that process current and historical data in order to make “predictions” about future events. , innovative enabling technologies, and domain expertise. With IRI, leading retailers and manufacturers are able to quickly discover breakthrough insights driving smarter decisions and actions across the enterprise for breakthrough results. Companies around the world depend on IRI for improved productivity, stronger brands, and dramatic revenue growth. For more information, visit http://us.infores.com. |
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