With shopper experience gradually changing, brick-and-mortar stores really need to bring in their A-game to ensure that they stay in business. So let’s cut to the chase right away.
Implementing the merchandising strategies would be a safe and secure choice. And here’s a list of the most commonly applied retail marketing strategies that work.
1. Avoid the dreaded sign “Out-of-stock”
A huge chunk of the shoppers’ decisions is influenced by the latest marketing trends. Thus, when they see a product or item is in trend, the shoppers rush to get it from their nearby stores. But it’s not such a pleasant sight when the Out-of-Stock sign hangs up on the rack.
Thus, most retail stores strongly arm their supply chain or shorten the same to cater to the demands. But how do they predict it? The process is done by analysing consumer behaviour and following up with the latest trends. This is why retail analytics is given much importance in the post-pandemic era.
2. Understanding why a customer rejects a product and moulding the solution around it
The customer won’t shop for your products all the time. They might go for a better deal or grow out of liking your product. As a retail store, you have to understand why your product didn’t qualify and what can be done when you analyse past purchases and the products offered by your competitors. You will get substantial data to help you self-analyse your store and how customers perceive it. Then act upon it.
Sometimes it might be due to the more attractive packaging offered by your competitors. Sometimes it’s because of the great deals they offer or because your product isn’t available online, right where the customer is.
Now that you have found out the reason, it’s time to take action.
3. Don’t be afraid to change
Think of it as rowing the boat only when the tide is in your favour. It’s hard to survive the roughest sea, and you have to waste a load of energy to reach somewhere. But if you are moving along the tide, things become much easier.
That’s exactly what you have to do. If you find out that your competitors benefit from online purchases alongside the retail store, provide a hybrid experience wherein the customers can view the products in real life and get them delivered home. Or else, the customers can take their pick, come to the store, try it out and then decide to make the final purchase.
Omnichannel experience is what every customer craves now, and if your target audience does want that too, don’t be afraid to upgrade.
Why switch to the most modern merchandising strategies?
The most modern merchandising strategies incorporate Artificial Intelligence in the planning stage itself. This helps them figure out the trends and consumer behaviour at an earlier stage and thus allows businesses to take the necessary business growth strategies to maximise retail sales. But unfortunately, the age-old merchandising strategies and practices don’t value the power of retail analytics data; hence, they tend to fail.
So now it’s your call to make. Embrace the power of retail analytics to empower your retail store business, or sit back and wait for the times the old merchandising strategies are going to work.