Make sure your company changes with the times or you could find yourself missing out on valuable opportunities for growth. Here are some tips for retailers trying to navigate the evolving industry:
1. Create efficient return policies. Whether customers buy in-store or online, they want to return goods quickly and easily. Customers should be able to return items that they originally purchased online to the brick-and-mortar store without a hitch. It’s this kind of seamless multi-platform retail experience consumers are currently clamoring for.
2. Make your brick-and-mortar location stand out. Online magazine Small Business Trends reports that 61 percent of retail purchases are conducted at least partly in-store. As online shopping becomes more common, it’s becoming increasingly important that brick-and-mortar establishments differentiate themselves from the online realm by providing exclusive and pleasant shopping experiences. Retailers should therefore take extra care with their storefronts and inventory displays.
3. Personalize content. Keep track of what customers are buying, so you can initiate appropriately personalized strategies. For instance, recommending products similar to what someone has bought can be an effective way of increasing revenue and promoting new inventory.
Meyar Sheik, CEO and Co-Founder of Certona, told BizReport, “Advanced personalization can give retailers better insight into its customers, which allows them to quickly assess whether the customer is interacting with their brand in-the-moment by creating personalized upsell offers and features that are relevant to that customer.”
4. Watch the Millennials. This generation is setting the retail trends right now, and heavily influencing other generations’ shopping habits as well. Young consumers have grown up with technology at their fingertips, so they are leading the charge for the transformation of retail.
To accomplish these strategies and more, make sure your business is utilizing an effective point of sale and inventory system to give you the data you need.