2018 was a tumultuous year for the retail industry and 2019 promises to be just as challenging and transformative. Ernst & Young predicts that the UK could see low economic growth for the next three years and both businesses and consumers are anxious about Brexit’s potential effects on our economy and livelihoods.
So what should retailers do to survive this turbulent period and enjoy long term success?
According to Forrester, “retailers should invest in digital to navigate change and foster loyalty.” The analysts believe that “digital is the rocket fuel for retail’s growth” and retailers need to step up and create authentic shopping journeys for their customers if they want to garner their loyalty and drive sales.
Automation is another critical tool, one that Forrester believes that retailers should leverage to streamline business processes and unburden employees from cumbersome manual tasks in order to focus more on customers and offer high quality shopping experiences.
Online or brick and mortar?
As digital gains traction and an increasing number of consumers prefer online shopping over high street shops, many are now questioning the future of brick and mortar stores.
We believe that brick and mortar stores still have a great future and can thrive, but only if retailers are prepared to step up their game and upgrade their strategy.
Shopping is no longer just a transaction but a journey, an experience.
Retailers who understand and adapt to this reality by enhancing their sales strategy accordingly will have much to gain and the opportunity to enjoy long term success.
Nowadays, shoppers are super connected on all communications platforms. M-commerce is transforming how they interact with brands and products. Retailers need to take advantage of these trends and make sure they engage their customers on all available channels.
At the same time, today’s consumers are very savvy and will only open their wallets for their favourite brands, products and good bargains. Bombarding customers with irrelevant offers or piling up some products and putting them on sale because they haven’t been successful at full price is simply not working anymore.
How can What’sInStore help you?
What’sInStore’s app and website were built to help both retailers and consumers enhance the shopping experience.
On the one hand, shoppers can easily find the best bargains for their favourite products online or in a nearby store. With easy to use filters set to their own shopping preferences, consumers can select an unlimited number of specific products they want to save on and the app will notify them in real-time as soon as the products are on offer either online or near them.
At the same time, retailers can use What’sInStore’s powerful analytics capabilities and gain precious insights regarding customers’ preferences and behavioural patterns.
With What’sInStore’s unique way of reaching shoppers, advanced filters, dynamic maps and powerful real-time reporting, retailers can enhance customer experience and drive sales both online and in store.
The reality is that technology evolves much faster than companies can adapt and leverage these new tools. However, customers are not aware of the intricate organisational layers within a retailer and don’t care what efforts retailers have to make to satisfy their needs and demands.
As a result retailers need to shift gears and find the right solutions to boost their sales strategy and attract new customers.
Get in touch today if you’d like to learn more about What’sInStore and how we could help you reach a wider audience and drive footfall to your store.