In this age of the internet, the online world has a heavy influence on the retail industry.
Even smaller retailers must establish an internet existence in order to survive against heavy competition.
And while bricks and mortar stores are using websites to attract footfall, many retailers have abandoned their high street locations to sell solely online.
But as the internet evolves, so does retail marketing.
It’s important to stay on top of emerging trends and changes in retail marketing strategies.
Here are just a few we’ve noticed, which may be worth considering in order to keep up with the competition.
Treat customers as clients
Brands need to consider the importance of a long-term relationship with the market. Treat them as more than customers. They are clients, with specific needs. Build and maintain a trusted relationship between yourself as a retailer and the customer - who it’s fair to assume wants a great retail experience. Speaking of which…
Provide the ultimate retail experience
Long-term experience is particularly important for retail business. While quality products and good prices are important, it’s the feel of your business which is going to make the client return time and again. Convenience and service are the key to a memorable shopping experience, and repeated transactions. If your service is solely online, consider branding, culture and environment, as well as using things like mobile apps to make transactions quick and easy.
Take a psychographic approach
A demographic approach to the market is pretty mainstream. Many retailers have applied this one-dimensional approach – but they need to go beyond. Consider a psychographic approach, which includes motivation and psychological touch. Retail marketing strategies must be able to meet what the clients expect, getting to know what they are passionate about. The online world allows marketers to gather data which can reveal this – and use it to their advantage.
Never underestimate branding
Brand building is no longer the trend – but brand loyalty. This is the only way to retain clients. Retail businesses need to do a regular brand audit, to measure success and failure, identifying the direction to take in their retail strategies.
Retail marketing strategies must get in line with professional marketing principles. They have to consider all marketing aspects, such as advertising, customer service and retention, public relations, mobile marketing, social media, and many more. This is why more companies are turning to integrated marketing communications, to give the market a clear, seamless and trustworthy experience.
For help and advice with your brand’s retail marketing strategy, contact us now on 0800 612 9890.