03.07.17

what's in store for retail?

If you weren’t able to make it to last week’s retail masterclass, here are our top seven takeaways for you to think about until we run the next one in September…

1 - The physical store is still alive and well

The prevalence of showrooming is resulting in a number of retailers repurposing their physical stores, utilising them to display products and act as showrooms, rather than just to fulfil immediate sales. So abandon the old-fashioned notion of a store or shop; physical spaces should now be seen as marketing channels to get consumers to engage, experience and buy into your brand.

2 - Experience is everything

By 2020, customer experience will overtake price and product as the key brand differentiator. 72% of millennials say they are likely to increase their spending on experiences rather than physical things in the next year, pointing to a move away from materialism and a growing appetite for real-life experiences.

3 - It’s all about people

Up to 50% of staff on the shop floors at the weekend will not work for the retailer. Are your field reps the right profile for your brand?

4 – Hyper-local targeting

The customer journey is now much longer and more complex. Having someone in a store is of no benefit unless customers are there to see and interact with them.

You can now target local consumers in exactly the right demographic with your offers and expertise.

Get your social media team talking to your in-store team, find new links and opportunities.

5 - Efficiency vs effectiveness

Efficiency is doing things right, effectiveness is doing the right thing. How are you measuring the effectiveness of your in-store marketing efforts to ensure you’re doing enough of the right things?

6 - Invest in the right tech

Don’t get sucked in to using new technology if there’s no tangible benefit. If it improves the retail experience, then it’s worth considering.

Good retail marketing is the difference between people understanding new technology and ignoring it entirely. Great retail marketing will show people things they didn’t believe were possible.

7 – Revisit your marketing investments

With your broader marketing campaigns and activity, ensure consumers receive consistent messaging no matter where they engage with your brand – in-store or out. 

Remember, 89% of all UK retail sales still involve a physical store at some point in the customer journey.

We’re planning on rerunning the ‘Using intelligence to win the retail war’ masterclass in September. Book your place now.  

 

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Article by Andy Boothroyd


Head of Business Development, Retail7

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