Retailing has been evolving for years and today, it becomes more complex than ever before! Today’s successful retailers know how to keep up with the changing retail landscape by considering shopper’s actions, expectations, and desires!
The conducted report by Salesforce and Publicis provides excellent insights and a real pulse on today’s world of shoppers. They examined retail’s new rules through;
- Combining behavioral insights on digital shopping from 500M shoppers & 1.4B e-commerce visits worldwide & 200M Service Cases Data
- 6,000 Consumer Survey in 6 Counties
- In-person Shopping Assessments of 70 Stores Across NYC, London, & SF
Today’s Retail Landscape
Today the retail industry is arriving at new stages:
👉 Digital channels are getting better and better every day, and buyers’ confidence keeps on rising.
👉 Physical stores are closing, and a global trade war is becoming a severe issue.
👉 Every day, new startups are emerging with low cost to operate
👉 Revolutionary technologies like robotics, blockchain, and AI is making competition in retail more strong.
What Should Retailers Do for Driving a Shopper-First Mindset?
Provide Freshness Along with Speed
It is seen that buyers always want new, innovative, and customized products. Freshness, along with speed, is crucial to make the customers loyal to the brand.
This is where traditional marketplaces get ahead.
According to the research, 69% of shoppers are expecting new merchandise at a site. However, brands make their efforts to improve speed and agility rather than product development.
See how we helped Pernod Ricard Turkey to see an increase in visibility into field execution performance in a rapid, cost-effective way through 360 scale digitalization.
Emphasize Speed & Agility
Merchandising agility is accelerating product launch and turnover. In this case, it’s vital to serve new and relevant products on both physical and digital platforms.
As today’s buyers hope to see new products whenever they visit a site or a store, fast & fresh retailing in all channels is essential for brands.
Segment & Analyze Customer Value
In the pre-digital age, marketers analyzed customer value through recency, frequency, and monetary (PFM) model for implementing segmentation strategies. Recency was generally the most important because recent buyers are more likely to buy again.
Recency is still essential today as buyers make a second purchase within 16 days of their first. However, the survey shows that while half of the customers purchase a product through a retailer, 47% of them choose to buy from marketplaces for repeat purchases.
To prevent this, retargeting, personalized loyalty offers and perfectly timed upsell opportunities should be prioritized for re-engagement by brand leaders.
Concentrating on loyalty and personalization is critical to sustaining a good relationship with customers.
Customize Exclusive Products
Brands need to touch buyers’ values and interests by creating exceptional products for them!
59% of shoppers are more likely to buy from brands with customized products.
Similarly, 49% of them prefer to buy from brands making limited edition products.
This is where brands can compete with the giants by making buyers feel valuable.
Would You Like to Build 1-to-1 Shopper Journeys on Every Channel?
We can help you through Salesforce with tailored solutions based on your needs!
It’s never been easier to discover insights, predict outcomes, recommend the next steps, and automate workflows!.
We call it smart retail that t creates predictive 1-to-1 shopper journeys that deliver the right incentive, to the right audience, on the right channel, at the exact right time!