The drugstore and pharmacy retail landscape is challenging
The retail landscape is challenging thanks to rising retail prices and prescription drug costs, healthcare staffing shortages and supply chain instability. To build loyalty and compete with online pharmacies, drugstore and pharmacy retailers need the right data, tools and expertise.
Measure and optimize new business strategies
With Mastercard’s experimentation capabilities, retailers can test, improve and forecast the impact of new initiatives before rolling them out. Whether helping to fine tune new aisle arrangements or introduce the right promotions, these insights can reduce costs and improve the bottom line.
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Understand your customers’ spending behaviors
Get an in-depth view of your consumers’ needs and preferences and forecast more accurately with near real-time insights. Learn about shifts in purchasing categories, changes in price sensitivity, and more.
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Improve targeting to acquire optimal customers
Improving customer acquisition is critical for boosting profitability, but it is challenging in a saturated market. Drugstores and pharmacies need data-driven strategies for targeting and acquiring new customers. Mastercard’s custom analytics solutions enable retailers to identify optimal customer segments based on proprietary transaction data. By focusing on these high-value customer segments, drugstores can maximize the ROI of marketing investments.
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Deepen customer engagement and drive brand advocacy
Amid increased competition from new industry entrants like online pharmacies, growing customer loyalty is essential. To succeed in this market, retailers must provide their customers with a tailored, omnichannel shopping experience — from mobile-optimized apps and seamless in-store pick-up options to personalized promotions and product recommendations.
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Protect sensitive customer data with cutting-edge cyber solutions
With increased access to sensitive medical and prescription data comes increased cyber risk. Pharmacies need the right platforms, tools and advisory to ensure their cybersecurity strategies can keep up with heightened online threats and bad actors. With Mastercard’s cybersecurity solutions and consulting services, retailers can optimize their privacy and security systems.
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A leading drugstore was considering changes to its health and wellness assortment but first wanted to understand the potential ROI. The retailer leveraged Test & Learn® to measure the incremental impact of the new assortment strategy in select test stores. The software’s proprietary control matching methodology enabled the retailer to accurately assess the strategy and identify which stores responded best. By rolling out the assortment to the right stores, the drugstore generated $4.9M in incremental profit.
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