Proximity Marketing : Future of Retail?
Technology has revolutionised the very existence of Humankind. Digital is a way of life now. And with a smart-phone in every hand now, the businesses have to be more vigilant in understanding the consumer. Due to methods like ecommerce, show-rooming and ‘brick-&-click’, the lines between the physical and virtual marketplaces are getting blurred.
When a customer wants to find a local business, what does he do? He relies on his smart-phone, on digital ways like social recommendations, opt-in push notifications and retargeted ads from websites previously visited. Enter, Proximity Marketing, and he will definitely choose that business which has adapted itself towards adopting these techniques.
Proximity Marketing is a term used to describe location technologies for attracting customers by direct communication on their smart-phones or Bluetooth or GPS enabled devices. With omnichannel browsing and buying patterns of consumers, proximity marketing seeks to provide marketing solutions that are relevant as well as personalized. To achieve a greater growth, businesses need to provide value which is relevant; and for this, they need to implement tools and techniques to attract and retain customers. Techniques such as NFC, geofencing, beacons, social check-ins and retargeting are being used nowadays to achieve the perfect blend of digital marketing and offline purchasing.
One of the most important aspect of Proximity Marketing is to provide the right promotions to the customer at the right place and time for the right price. This translates to not just reach, but conversion.
Right Time: The delivery of ads must take place when the customer has a need for the product, unlike traditional systems where it takes months of hard work and a team to publish platform compliant ads which may or may not be relevant at time of delivery.
Right Place: The ads must get delivered to the customer when they are near the store and the possibility of the conversion is the highest. Statistics show, ads served in the vicinity of the store tend to get 5x more conversions.
Right Promotion: Promotions must be customized from customer to customer. The deep analytics of the profile of the most loyal customers and their corresponding buying pattern must be kept in mind.
Right Price: Marketing platforms have a high cost and with the increase in cost and decrease in sales volume, retailers are in dire need of cost cuts.
This 4R principle is the basis on which the ideation of Centareum is based. Centareum is a decentralized proximity-based mobile marketing platform built on top of the Ethereum Blockchain platform connecting brick and mortar retailers with consumers on the open web with very minimal transaction cost. The platform enables retailers to both advertise and interact with consumers on a single platform. With its high performance, high reliability, scalable and transaction cost free system, Centareum is ready to take over the retail market. The ICO phase will begin in August 2018 followed by product launch in October in USA, Singapore and India.