Refocusing acquisition strategies in retail
Retail is an ever changing landscape where retailers have to constantly keep ahead of the game.
Flex your omnichannel muscles: Over the past few years, consumers spend 87% of their time on two to three devices daily. While it may not be breaking news, this trend has resulted in a major shift in shopping research. What was once a physical experience, has transitioned to mobile, especially as 67% of consumers make a trip to the store for final purchases to complement their initial mobile research.The bottom line is that today’s consumers expect a seamless shopping experience that grants purchasing and perusing options across both physical locations and digital channels. Take this past holiday season, for example, where customers who were shopping in-store needed access to extended online inventory or may want the option to buy online and pick up or return in-store.
Don’t be afraid of data: With the swipe of their finger, consumers leave trails of data behind them. From their preferred brand to frequented shopping times, even down to their favourite items — retailers have access to a goldmine of information that can better inform their overall strategies. Understandably, using this information productively can be a daunting task. Spend time culling, relaying, and unifying views of data to tie information to action.
Rally the troops: The ability to meet the growing demand for omnichannel experiences relies on unified information, better visibility organization-wide and ensuring your teams — regardless of channel — are working together towards common goals. As it stands, less than half of all store managers believe they provide a consistent brand experience across all stores, and a paltry 42% agree that their company’s in-store experience aligns with the online experience. Retailers, creating a consistent brand experience starts with better aligning your teams and creating greater transparency between in-store teams and online platforms. Setting goals that foster collaboration will not only make internal organisation easier but will ensure brand success and an optimal customer experience.
Retailers need to keep this sentiment top of mind: success in retail is not dependent on figuring out any one generation of shoppers. It’s not about chasing the “next big demographic.” Your long-term success will be a direct result of your ability to stay ahead of constant change.
Follow us on Facebook and LinkedIn for the latest retail news and humour.