One retailer’s strategy that they find success with will not always work out for other retailers. A retailer with a long history may believe that selling to their existing customers is what’s most beneficial, so they put all their efforts into doing so. Newer retailers with little to no existing customers believe that in order to gain any hold in the industry, they’ll need to cater to new customers. Both of these methods have their perks, just as they both have their cons. This post will detail both of these approaches in length, while also breaking down the methodstactics that retailers use to pull them off.
Both retailers in the scenarios above, whether they be tenured or fresh to the industry, are making these choices in attempts to improve their dynamic revenue growth. This growth requires retailers to identify ways to satisfy both their existing customers while simultaneously appealing to new customers. A first step for the retailers struggling with this is finding the most optimal way to incorporate onlinein-store selling techniques that improve the customer shopping experience. Strategies such as cross-sellingupselling are great at targeting both newexisting customers.
Retailers worldwide have had to adapt to a new school of thought in regards to marketingadvertising. Omnichannel marketing efforts are what allow retailers to continuing moving the needle forward in the way they appease to their customers. Though integrating digital marketing strategies can be challenging, they’ve become an integral part of a retail business. Here’s a few reasons why:
The strength of an omnichannel strategy’s is most evident when you realize just how little time customers actually spend in retail locations. On average, most customers spend about 15 minutes browsing the aisles of a store. For smaller retailers, this can be cut in half as there’s less to shop for. However, a strong enough social media presence means that the customer never stops interacting with the business despite leaving their physical location. Text message offeringsdifferent coupon codes sent via e-mail are the perfect ways to drag these customers back into the store at the most basic level.
At a more advanced level, integrating digital techniques into In-store operations are even more beneficial. For example, take all of the signage you see in larger scale retail stores today. Most times, these are meant to direct customers to the products they’re looking for in a retail setting. However, in some cases, such as appliance stores, they can provide details regarding functionality or reviews of a specific product or set of products, so customers get a clearer understanding of what they’re buying.
No matter what your retail organization specializes in, there’s a lot to be gained from these omnichannel strategiesthe tactics that accompany them. Retailers unfamiliar with these methods should take a moment to read on to the infographic paired alongside this post for more information regarding them. Infographic courtesy of IDL Displays.
