NRF forecasts that retail sales in 2016 will increase by 3.1 percent, from the average growth rate of 2.7 percent for the last ten years. Non-store sales in 2016 are likely to increase between 6 and 9 percent. US eCommerce Sales is likely to increase by 9-12 percent in 2016.
Eight Retail Marketing Strategies To Prepare For The Retail Challenge
Get ready for the Mobile Wallet Challenge
- Digital wallet usage has increased at a massive rate – from 35 percent in the beginning of 2014, to 55 percent at the end of 2015.
- 150 retailers generated an impressive 11 percent average conversion rate using Apple Wallet & Android Pay.
- 82 percent of smartphone users utilize their mobile devices while in-store to make a purchase decision.
Drive in-store traffic and purchases with Mobile Wallets, as the adoption rate for mobile wallets is high.
Empower In-store representatives
- Adopt a ‘portable mini’ POS system in-store . Having them at a brand’s physical location for easy product browsing and fast check-out enables marketers to capitalize on every purchase opportunity
- Invest in training in-store representatives. The service provided by a brand’s retail staff is imperative for a positive in-store experience so retailers need to put an emphasis on training and educating their employees.
Empowering in-store reps can make for a positive shopping experience, creating repeat in-store visits. At the same time a poor in-store experience can create a negative word-of-mouth for your store.
Messaging For Engagement and Direct Marketing
Customers prefer messaging and including the same in Omni-channel retail strategy can prove to be an effective engagement tactic.Messaging apps and Text messaging can prove to be an effective sales channel. Here are four ways retailers can use messaging for Omni-channel retail.
- Sales process that allows users to text an order. A good example here is Domino’s Anyware.
- Providing order and shipping updates.
- Encourage sign-ups for offer with emails online and on mobile.
- Updates for order online and Pick-up in store.
Create Subscription Based Offers
Subscription based services provide consumers a stress free shopping experience where they receive products that are designed specifically to cater to the consumers requirement. In addition to saving time and money, they the subscription services are preferred for ease of shipping and stress free experience.
Easy Check-out options
Provide flexibility in payment options that allow users to checkout in the fastest manner possible. Provide multiple payment options allowing users for paying in the manner that best suits them.
Shipping For Competitive Advantage
Amazon Prime Now with ultra fast free shipping process has been preferred with fast adoption rates. Identifying segments and their shipping preference can help you arrive at the best possible offers for your valuable customers.
Integrate eCommerce with In-store Experience
Allowing customers to check the product in-store before hitting the purchase can help increase conversion and at the same time minimize returns. Pick-up in store with an order online, can minimize customer wait-times making for a better customer experience.
Map New opportunities
Identify any new opportunities that exist in your category that you may have not mapped and can now help your brand tap into newer segments or categories.
Source: Online Retail Strategy