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The digital sphere has made today’s consumer more educated and able to force a higher degree of competitiveness between companies, with the ability to see more products, and desiring more quality for less $$. Not to mention a variety of fulfillment options. A new dynamic has emerged with the creation of online retailers, competing with traditional “brick and mortar” stores. The concept of “showrooming” has become somewhat of an issue for some stores, and some large, highly stocked warehouse-type shops are struggling. Things are changing, and it’s better to embrace it while we’re in transition, than cause your business a future struggle or worse, failure.
Especially with the evolution of social media, the level of interconnectedness between individuals around the world is increasing exponentially, and some theories that may play into our decision making process include crowd behavior theory and peer pressure theory. Another one called media richness theory indicates that decision quality may be altered based on social perceptions, message clarity, and a person’s ability to evaluate others.
Here are some actions that would be good for your business to take control of this year to…
Maintain your cutting edge in the retail sector:
- Understand your customer to the highest degree possible (create personas), and build a stronger connection with them. Consumers care more about a good experience, in store and online, and have a choice of over one billion products from new and old retailers around the world. Define a new type of loyalty, one that will have to be stronger, built on perhaps deeply ingrained values and a greater purpose like helping people, the environment, etc.
- Be ready to try out new technology, as long as it makes sense cost-wise and adds value to your customer’s experience (eg. the Internet of Things, unmanned aircraft, 3D printing).
- Online and physical stores will continue to merge, and online shopping is not expected to be the majority of shopping until beyond 2026, but it is expected that physical stores will evolve into a place for experience, discovery, and interaction. As stated above, some physically large retailers are beginning to suffer, and so it’s reasonable to expect that physical stores will decrease in number and/or size.
With all of these changes, updating your marketing strategies is equally important, as that is the first impression you often make with a potential customer. You want your message to be clear, not “salesy”, and getting to the people who actually want to see it. For more information on this, feel free to contact K-Kom and we will be happy to chat with you about some new strategies, or maybe just some slight improvements for what you already have working for you, from content marketing, social media marketing, brand awareness, and more!