Editor: Deepa Bagga
Here are top trends that you have to incorporate in your retail marketing strategy for 2021.
Retail marketing is constantly evolving, especially in the post-Covid era. The consumption patterns, the customer behavior and a lot more is still evolving. There is a lot to learn and a lot of data that keeps changing with time. However, it is time for the retail landscape to evolve and match their footsteps with the customers.
Whether you want to drive brand awareness or make people come back to the store, it is no longer easy. With the multitude of options, safety concerns and a lot of other issues, customers prefer going to places they can trust. They want to visit places that offer them value.
It’s important as a retailer to embrace these evolving trends and incorporate them into your marketing. Here are a few trends that will change the landscape forever.
#1 Immediate Gratification
Gone are the days when the customer would wait to get appreciated or rewarded. They are unable to wait longer for their orders too! With Amazon’s same-day shipping and other facilities, the expectations have gone up.
As a retailer, you might have to pull your sock up and offer such incredible movement for the customers. Whether it is your online order fulfillment or the reward you are offering, it should come without much delay. So, make sure you are taking this one down and incorporating it into your business.
An agile retailer will stand out and win more customers, given the current expectations.
#2 Engagement is the Key
Despite the change in the calendar year, if something hasn’t changed, it is the fact that customers still prefer receiving engaging messages from the brands. It is important that you send out email/sms campaigns at the right time to the customers. Use engaging content and promotional aspects to get them back to the store.
The user finds you in the right state of mind when you reach their phones. You can communicate your offers, what you have been doing, and even the safety measures you are taking. The engagement will help build trust, get the customers to know you better, and make them step back into the stores. In case of online shopping, these emails help increase the customer base and repeat purchases too!
#3 Personalize Everything
Personalization is still one of the most important trends. This trend has gained momentum in 2021, given the evolving customers and their attitude.
It is important to personalize upsell, the rewards program and even the campaigns that you send your customers. Only those retailers will gain success who have enough data-backed insights that help them take the necessary actions.
Whenever you take an action, you expect customers to join in. However, if you haven’t synced it to the customer’s interest, you might see the plan backfiring.
Let’s say you sent an email that contains a message stating you have launched new products in your store. Now, you sent this email to your new customers. Do you think they would be interested? No! They have just about joined your store, and are still trying to figure out if your business is worth their time. It is important to know who would enjoy what product and campaign, before moving ahead.
#4 Seamless Offline-Online Experiences
It is important to look at all the channels, and ensure a seamless experience across them all. Don’t strategize for individual channels. You need to create a holistic plan that involves all the channels that you own.
Collect customer data, view what they most prefer and how they interact with your store. Create the same experience across all the touchpoints. Try and hyperpersonalize the experiences for better interactions and a solid engagement.
Make sure you have a plan to measure these tactics and work towards improving each aspect within and outside the store.
#5 Increased Focus on Retention
Given the time we are currently in, retention-focused strategies are increasing. Retailers want to grow their business with repeat customers. One of the primary reasons being these customers are already part of the business.
It will be easy to get them to purchase the products and visit the store. Secondly, repeat customers are more likely to trust the business and invest better.
At this point, retailers would prefer increasing revenues through retention and referrals than acquisition. They have reduced the acquisition cost marginally to fit in retention and referrals. Strong engagement plans, a rewarding loyalty program and insight-backed actions can help you further your loyalty metrics and grow with retention.
It is important for the modern retailer to stay prepared for the road ahead. Incorporating these trends can help you stay at the helm of your business and add more customers to your business. You should ideally think retention-first as that will help you get more people into the business, and add more value.
Use the right tools, and processes to ensure you get an edge over competition and can manage everything without getting overwhelmed.