Future of Turkey Retail Industry
With the changing economic times, Turkey is strategically planning and executing three of the most amazing marketing strategies. Here are the three main Turkish sales approaches planned by Turkey procurement freelancers that will decide the future of the Turkish retail industry in 2021 and beyond. Read on to know them.
Private label
Private labels in Turkey are also known as phantom brands. Products sold by phantom brands have retailers who sell products with their own packaging labels. A good example of a phantom brand is the Migros organization in Turkey that sells branded confectioneries to customers like Eti chocolate and Ulker along with their own discounted confectionaries with the label of Migros chocolate. There will be a difference in price between the private label products and the branded ones, of course. The difference can go as high or as low as fifty percent depending on the quality of the product.
Although an old one, this strategy is highly effective, especially during economic disturbances and when consumers have more budget under the strong grip of inflation.
Looking at this strategy’s positive side, Turkey procurement freelancers can implement this strategy and let it decide its future. Currently, twenty-five percent of beverages and food products sold in Turkey are private label products.
Rise of omnichannel retailing
Turkish brands are highly adapted to the multi-channel retailing form. Multi-channel retailing has allowed E-commerce in Turkey to grow at a rapid rate and reach market shares tremendously over the past few years. Almost every popular brand in Turkey is rapidly adapted to this new trend- the multi-channel sales activities.
However, the market has recently come up with a completely new sales approach — the omnichannel sales activity. This is the sales form embraced by the mega-retailers in Turkey. Omni-channel e-commerce is the newest trend followed by Turkey procurement subcontractors and the most flourishing among other activities.
So, how does omnichannel retailing differs from multichannel retailing?
In multi-channel retailing, consumers are allowed to buy products from different social platforms where consumers are introduced to varied offers, prices, customer experiences, and payment methods. However, in omnichannel e-commerce retailing, consumers engage in a more unified marketing and sales approach, having a seamless experience. In other words, all loyalty points are available across every sales activity.
Automated commerce
Believed to change the customer behavior forever with its eligibility and rank the highest in the Turkish retail sector, automated commerce is the newest trend in Turkey and it will decide the future of the Turkish economy in 2021 and beyond.
With the help of an automated retail process, retail brands across Turkey will be able to provide exclusively personalized services to customers by utilizing ‘big data’ information.
Every action a customer takes over the Internet is being recorded, be it clicking on a website of their choice or browsing through a list of other websites. All information is stored as Big Data. Google’s algorithm then uses this data to find out the whereabouts of the customer’s interest. Besides, Automated commerce allows customers to bargain and find the lowest prices as well.
These are the three turkey retail trends followed by Turkey procurement subcontractors to weather the economic storms and rise as high as they can.
