"Going digital is no longer an option; it is the default." – Natarajan Chandrasekaran.
In this rapidly booming technology, where cryptocurrency is about to take over the world's economy, it is time for physical retailers to remodel innovation strategies. Though there have been many reasons for the retail apocalypse in 2019 (about a 59% rise from 2018), consumer spending habits were prominent. Today, the options are limitless for a consumer to choose from, and the comfort of comparing from the vicinity of their homes is brilliant. The digital age has dropped the bomb on brick and mortar, but is there a way out to emerge a winner?
Absolutely yes, if the retail stores are willing to pick up pieces and learn. E-commerce giants Amazon and Apple did not succeed on day one of their business online. They simply trusted the internet business and framed policies to make their products appealing to the customers. It's not only convenience that drives the digital stores, but it's also about the variety and quality of service that keeps them on the radar. We have keyed down certain tips to endure the digital age and transform physical retail.
Tips To Remodel and Re-Innovate
When everything around you is marching ahead, value yourself. Valuing your business, people, and plans would push you to break out of the shell, preventing you from seeing ahead. You must also focus on value selling your products and services. As you do that, you would see what strategies you have missed to date and capitalize on those terms. For example, as you value your people, you would implement a more robust incentive policy for employees who constantly innovate. You would want to train them to perfect their skills and deliver better. Doing this will enhance your relationship with them, giving them the emotional boost to do better for the company's future. Moreover, they will be willing to take risks without bothering to lose their positions and indirectly motivate others in the workforce to join them.
Risk It Up
Plunge into the intricacies of a successful retail business. Count on what could increase the better experience of the customer. In the changing times and unpredictable economy, what would propel the business in any case? You can test different ideas and implement the most practical ones with a data-driven sales approach. Without fighting the external factors, build your brand around it. Invest in applications that would give you an edge over your competitors while magnifying the benefits of your physical stores too. Many companies offer powerful tools to make it easy for the CPG industry by researching your business needs and focusing on growth optimization.
Make Interaction Easy
We are fortunate to have started our businesses when there is always one way out or the other. There are immense advancements in science where AI, the Internet of things, and virtual reality are clawing their ways to create a seamless experience for the consumers. You can incorporate these advancements to make interaction easy for your customers. For example:
1. VR headsets can enable customers to use the products in a virtual space and choose the best option.
2. 3D preview of preferred spots could help customers to decide the furniture they would wish to purchase
3. Motion sensing technology could help customers try different looks at the stores without actually trying those.
While the digital space is driven by email marketing, brick-and-mortar stores can adopt a similar approach to get more customers. By tapping on to the customers' preferences, the department of marketing can help sales team to build the shopper's profile and retain them. It will assist in rebuilding strategies for future products and events to ensure the quality of service. By reading about customer behavior on past purchases and preferences, you can channel your services to give them the best experience.
Deals & Offers
For customer retention, physical retailers must give them a valuable experience and invest in marketing strategies to develop a solution to the quick mobility of the customers. Attractive deals, discounts on a range of products suitably at par with that of online retailers, services of home delivery, and better innovation projects would motivate your customers to stay loyal. Moreover, integrating departments and proper employee training to ensure the customer experience is not compromised during the digitization process will help you go a long way.
Equip Yourself With Digitization
It isn't the time to sulk but to encircle your loyalty with innovation. Brick and mortar stores do not necessarily have to go extinct or transform entirely to endure the digital age; they just have to merge winning aspects of digital space and physical stores. For their communication needs, many stores continue to use posters, physical displays, and other methods. For retailers who want to replace all that time-consuming marketing, streamline their communications, and boost revenues, digital signage is a need. Work on giving the customers what they want. Customer satisfaction, regular deals, discounts, home delivery, addressing customer grievances proactively will ensure physical retailers generate lead and stay in the game. Magnifying the importance of the value of a product concerning a location will gain retailers the customer base they desire without a swift transformation.
Having said that, the time to go online is now. Make the right investment and review the tools before putting them to use. Mobile apps and big data analytics will take over the entire retail business by storm in the years to come. The benefits of e-commerce have fiercely been felt during the pandemic. Start by gathering customer feedback, enhance the communication channel, and meet changing business and market requirements. Transformation is easy for a business that is the most adaptable to change.
We at OpenGrowth, are committed to keeping you updated with the best content on the latest trendy topics from any major field. Also, both your feedback and suggestions are valuable to us. So, do share them in the comment section below.