Why retail is still relevant?
News of brick-and-mortar retail's death may be greatly exaggerated, according to some. While it's true that online shopping has become almost absurdly convenient and that freestanding stores have had to switch up their strategies to compete, people still find in-store shopping a satisfying experience. Why? IT Business quotes Tadd Wilson, worldwide strategy and business development expert for IBM: "People may be using up-to-the-minute technology, but our brains are basically wired the same way they were 10s of thousands of years ago...Browsing through a store, touching merchandise and finally making a purchase still fulfills a need in consumers."
Similarly, Julian Farbstein at The Retail Experience notes, "Smart retailers are leveraging their natural resources by engaging store associates, surprising and delighting customers through 'real' experiences and learning which tactics resonate on a store-level." Farbstein offers the following suggestions to make customer retail experiences relevant:
- Build customer loyalty at the shelf - Help the customer purchase the right product by knowing which choices to offer them. For example, if your store sells 10 different types of headphones, ask your customer the right questions so that you can narrow his choices down to 3. You want to reduce stress for the customer and help him feel confident about his choice.
- Personalise promotions and pricing - Know how your customer perceives value, so that you can offer a more tailored pricing structure for her.
- Create scalable relevance - Utilize customer behavioral data in order to offer products and services that build customer loyalty.
- Make customers feel, "This is my my store." - Get to know your customers on a human level. Offer the occasional discount, bonus, or even a freebie.
Interested in implementing Farbstein's strategies, but don't have the cash or time to buy and sift through market data? Salespod [Now Repsly} is here to help with our Forms and Surveys tool. This highly customizable tool allows you to create foolproof customer surveys that will have you performing your own market research in no time. And the best part is that Salespod[Now Repsly] filters and analyses the data for you! Armed with this information, you'll be able to offer your customers a better and more personalised shopping experience. You'll build customer loyalty and drive profit!
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Mat Brogie is part of the founding team, and CEO of Repsly, the world's leading solution for high performance retail execution teams. Mat has spent the past 15 years of his career focused on bringing technology enabled business solutions to the consumer goods industry, having implemented solutions for tens of thousands of field reps at companies such as Coca-Cola, Procter & Gamble, Pepperidge Farm and hundreds of others.