BEFORE the lockdowns, many retail stores in the US and Europe had already begun to move to online platforms. The shift saved them precious real estate, office space, and overhead costs. But the past two years without a doubt dramatically changed the retail industry’s landscape. Global businesses are now left wondering how to best position their enterprises for the ever-changing market.
While the world is going back to the way it was, consumer behavior and preferences will never be the same. This is a challenge that will keep many businesses guessing for the years to come.
Here are valuable insights on how retail is most likely to behave this year and how you can take your business several notches higher using the right technology.
1. UNDERSTAND CUSTOMER EXPERIENCE (CX) – Guesstimates are not good enough and are outdated no matter how experienced and knowledgeable you are in your field. What do your customers look for when they come to visit your physical and online stores? What products are they most interested in? What makes them come back and how often do they come back? Go deeper into those numbers by having counting technologies in place specifically catered to your sites.
2. GO DIGITAL… THE RIGHT WAY – Being online is no longer a “special” add-on feature. It has become compulsory for acquiring new customers, gaining their loyalty, and turning them into advocates for your brand. However, even if your service or product can’t be shipped, online presence is still a must to reach a wider audience. Omnichannels are necessary as you might have potential customers who prefer choices when it comes to getting in touch with you – a live agent, a chatbot or an FAQ forum. Note that “online presence” isn’t simply launching social media campaigns or registering your business on Google Business. You want solid digital real estate. You want content and online services that specifically tailors to your client’s interests.
Once you can convince them to come and visit your store (online or physical), your responsibility doubles. You and your team now have to provide exceptional customer experience. Your goal is for them to leave your store satisfied (whether it’s just for information at the moment or they’ve concluded a purchase). The more people who visit your store, the more data you get. Thus, have your analytics tools in place to process the data.
3. PERSONALIZE IT – Personalize your marketing campaigns. Knowing your customers will help you craft a targeted and effective marketing campaign. A specific product in your line will most likely be for a specific type of customer. Say, this particular customer isn’t visiting enough. Or you think they pass by your site or store but you just can’t “draw them in”. This is a classic issue. What makes a difference, however, is meaningful data that you can immediately analyze to increase the draw-in rate. What makes these specific groups tick? Is it a lightning campaign or a slash sale? Are they regular customers who appreciate a loyalty bonus? Or a discount while they are at your store? Visitor analytics isn’t just for the web. Retail behavior changes by the week if not by the day. People are constantly on the move and both online and physical stores have to adapt.
Maximize your retail business’ potential. Talk to us.
NEARSOL is a US-based BPO and service company that offers clients custom-design solutions. With major hubs in Manila and Iloilo, it began operations in 2006 and has since gained a strong presence in the Latin American regions, the Caribbean, and the Asia Pacific, winning many awards for quality and service along the way. Most recent of which is its Great Place to Work-Certified™ Recognition, a global accreditation that tells stakeholders what employees think of the company culture.
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