While it may seem as though retailing strategies today are very one in the same, the truth is every retailer will deal with a unique subset of customer that will require them to adapt accordingly. What truly troubles retailers today is identifying whether it’s best to market and advertise their offerings specifically to those customers or to try and widen their horizons in hopes of acquiring new customers along the way. It’s hard to say which of these two methods is the best fit for any given retailer, but the truth is, there is some level of method behind the madness. This post will detail the ways in which retailers can provide an experience that keeps existing customers happy while simultaneously attracting new ones.
It’s widely recognized that returning customers are the reason that most businesses stay afloat. Of course, in order to be a returning customer, someone would’ve first had to have been a new customer at some point. Which begs the question, which of these is most beneficial? Developing new ways to produce dynamic revenue growth can be challenging but blending these two schools of thought seems to be the best course of action. When considering how these two customer bases can be helped simultaneously, retailers often integrate online and in-store techniques to enhance the customer experience. The two techniques are known as cross-selling and upselling.
Digital offerings means a retailer needs to be prepared for the digital environment. Meaning your organization must be willing to adapt to an omnichannel marketing strategy. Techniques from this strategy are able to keep online customers happy, while also being capable of being implemented in- store to provide a more unique experience and improve customer engagement.
Aside from these more unique sales methods, additional exposure as a result of a well-established online presence goes a long way. Especially when customers are spending less time in stores on average today. Every customer loves a quirky social media page, though, which can be a direct tie-in to a retailer’s online marketplace. With some specific strategies, retailers also find success in coaxing online customers to come into the store for exclusive sales promoted online.
As time has gone on, there have also been some major digital advancements made into stores. Gone are the days of analog signs or antiquated paper display charts to find out information on a product. Most signage now is digital, and it includes more information than a customer could ever hope to find in a retailer’s physical location. These signs can even help direct customers around stores to simplify their visit. In addition, many stores are equipped with tablets that give customers the ability to browse and examine the products available in-store at any given moment.
There are a number of benefits to blending the more traditional retailing tactics in with the newer and more digital approach. To learn more about how your business can find the perfect balance between these two retail philosophies, be sure to spend some time reading on to the infographic featured alongside this post. Courtesy of IDL Displays.