The infographic accompanying this post contains some statistics that most retail organizations should be aware of. Of the most important statistics included, perhaps the most alarming is related to a retailer’s likelihood of selling to new and existing customers. With results coming in of nearly a 5% to 20% chance of selling to a new customer compared to a 60% to 70% chance of selling to an existing one, many retailers have been put on notice. While these results are recent, a significant number of retailers remain adamant on dedicating their marketing campaigns to new customer acquisition. Is this truly the best way to continue growing year over year?
For organizations that are interested in ways to produce more consistent dynamic revenue growth, it won’t be as effective as they think. The most sound way to do improve this growth is by tightly connecting the online and in-store techniques used by your organization to garner business. In doing so, you’re giving customers the most enhanced shopping experience while they’re in your retail locations and maintaining their interest even when they leave the store through personalized offers online. These techniques are typically referred to as cross-selling and up-selling.
This is what’s known as an omnichannel marketing approach, which can be difficult to perfect. However, as a result of recent lockdown restrictions, it’s imperative to be able to pull off for the sake of any retailers’ customers. While some long-standing brick-and-mortar stores may be hesitant in adapting this strategy, it is in the best interest of both customer and organization. The ways in which both these parties benefit is astounding.
Consider this, about how often do customers actually spend in your retail locations? Maybe 15 minutes to an hour max, right? But with a strong enough social media presence, in connection with text offerings, your customers could be interacting with your business much more frequently. In addition, digital alerts regarding in-store promotions or additional markdowns with a text code can be a great way to draw more customers into the store.
Strengthened connections with customers is only part of what a strong digital strategy provides. Another strength of retailers’ digital strategies comes in the form of personalization. This is largely seen through a customer’s account on any retailers’ website. With the right amount of sophistication, retailers are capable of tailoring a customer’s entire experience based on their activity on the site, their previous purchases and even their wish lists. Some shoppers may even have an easier time finding the right product for them from home, especially those who are hoping to remain safe amidst lockdown restrictions.
Considering the contrary for a moment, some digital techniques in store are quite effective for the same reason. For example, touch screen monitors or tablets are great for displaying critical information regarding products in store while also allowing customers to interact with these tools and get a more hands-on look at everything a product has to offer.
For any retail organization hoping to learn more about these two distinct strategies, be sure to check out the infographic paired alongside this post. Courtesy of IDL Displays