How to improve your retail game in 2018?
We have all witnessed the downfall of some major retailers in 2016–2017; Sears, BCBG or Payless Shoes, to only name a few. While this might scare stakeholders to invest in the retail sector, we say that we should be careful with that assumption. No one can deny that the retail industry is currently under great metamorphosis, which comes with unfortunate horror stories, but this comes with great momentum as well!
Over the past few years, players like Aldo, La Maison Simons and Frank And Oak, were able to significantly improve their retail game. Their secret? Leveraging technology to their advantage, and maintaining the client’s experience at the core of their strategy. Less than 3% of purchases made by Canadians are made online and almost 50% of these are made on foreign sites. Moreover, in 2017 Canadian’s online sales were up more than 30%, compared to the previous year, and store retail sales up almost 5% for the last consecutive years. Those numbers are speaking for themselves. Yes, the last couple of years had their fair share of sad stories for retailers, but the truth is retail industry is growing, continuously evolving and adapting to a new reality. A lot of great opportunities are coming and technology will fuel this transformation. Here’s a few we would like to share with you:
Make AI work for your business
Artificial Intelligence is slowly but surely changing the retail industry. With voice assistants like Alexa or Google Home, everybody can purchase pretty much everything within the comfort of their home. You can ask your Voice Assistant any questions you would ask an employee, and you can be assured of the preciseness of the answers.
Retailers, specially those selling everyday products, have to see these devices as an extension of their stores in every household, just a “Hey Google” away from a customer conversion. What a better way for retailers to improve access to their products, as well as being a total commodity and time saver for their customers. To keep up with the competition, retailers will have to learn quickly from that form of technology and apply it to their sales strategy. It’s all about wanting what’s best for the customers, providing the best shopping experience, and helping them getting what they want, as efficiently as possible.
Let them try before they buy
Some people might refrain from buying online because of the risk that the item won’t fit or meet their needs. That’s how augmented reality comes in handy and helps the customers to buy smart. AR features, like Amazon’s AR View or Ikea Place, can really help the client’s shopping experience to reach its highest forms of efficiency.
Let’s say the customer is looking for a couch. By using this kind of app, they won’t need to visualize how it would look in their living room. They just have to select the item, and by using their phone, they’ll be able to see how it would look like, next to the furniture they already own. That’s how you retain a client’s attention. Make things easier for them and blow their mind at the same time.
Debunking the myth: brick and mortar is not dead
It could be tempting to think that since Millennials are always stuck on their phones, they only rely on online platforms to shop. Yes, it is convenient for everybody, even for baby boomers, to buy things online, and you should not neglect that aspect in your business plan. However, the truth is that they still value brick and mortar stores. To be able to build a great customer’s loyalty and support customer’s acquisition, there are a few things to keep in mind. Here are four key elements to the retail experience:
- Customized and personalized service
- Product display and packaging
- Customer experience
- Emotional connection
To be able to improve your retail game in 2018, it’s pretty simple. You already have great products with an awesome branding, the rest is all about creating a unique & personalized customer experience and ease as much as possible the access to those products and services of yours.
Engage with them as soon as they enter your store (virtually or physically). Use technology to learn who your clients are, what they’re interested in and how they interact with your brand. This will allow your business to reach them with specific offers, based on data (based on facts) and tailored to who they are. In-store connection has to continue back home (or vice-versa). Use brick-and-mortar for what it is: a place where people go to live an experience/connection with a brand, not a warehouse. Digital carts are good for commodity and saving time. But both experiences need one another to create the flawless personalized experience that customers are expecting nowadays. Listen to your client’s needs, keep them interested and hungry, welcome them with a friendly and professional staff and make things overall easier for them. By mastering these key elements, you will definitely thrive new opportunities and enhance your retail game.
