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It’s true – every day is a battle for survival in the world of retail. But what are the best retail strategies?
How do you manage to stay ahead of the game?
The answer is…
“If you can see further, it is by standing on the shoulders of giants.”
By implementing innovative retail strategies that have taken the industry by storm.
Let’s discuss some of the “Genius Retail Strategies of All Time” and how they have revolutionized the retail landscape.
Some of the biggest retail companies in the world have used the best retail strategies to stay ahead of their competition.
Where does the success of these retail giants lie?
In their ability to create a unique shopping experience for their customers.
Whether it’s offering low prices, creating a destination store, personalizing the shopping experience, or creating a community around the brand, the best retail strategies are those that focus on the customer.
Let’s start with the retail strategy of Walmart, one of the largest retailers in the world.
Walmart’s retail strategy is based on providing customers with a one-stop shop for all their needs at an affordable price.
Walmart’s “Everyday Low Price” (EDLP) strategy is simple yet effective.
It eliminates the need for customers to shop around for the best prices and allows Walmart to focus on volume sales.
Sam Walton, the founder of Walmart had one of the best retail strategies.
He believed in offering low prices to customers and keeping overhead costs low. He was able to achieve this by negotiating directly with suppliers, buying in bulk, and keeping a tight inventory.
This enabled Walmart to offer customers everyday low prices, which attracted shoppers from all over.
Moving on, let’s discuss Howard Schultz’s retail strategy, the founder of Starbucks.
Schultz’s retail strategy was based on creating a third place for customers.
He believed that Starbucks should be a place where customers could relax, socialize, and enjoy high-quality coffee.
He achieved this by designing Starbucks stores with comfortable seating, free Wi-Fi, and a cozy atmosphere.
He also created the Starbucks Rewards program, which offered customers free drinks and other perks.
It’s easier for you to create reward programs and offer a variety of redemption options when you use POS systems.
You can connect your existing printer and print the customized vouchers directly from the POS. Cool? Isn’t it!
A famous retail entrepreneur to take inspiration for best retail strategies is Ingvar Kamprad, the founder of IKEA.
Kamprad’s retail strategy was based on offering affordable, well-designed furniture to customers.
He achieved this by designing products that were easy to assemble and ship, and by cutting out middlemen to keep costs low.
He also created a unique shopping experience by designing IKEA stores to resemble a maze.
This encouraged customers to explore the entire store and discover new products.
Ikea often steps up its game by incorporating the newest retail technologies in the retail market.
The company was appreciated by its loyalists and new customers for its newest application with an AR-based (Augmented Reality) furniture shopping experience.
You too can efficiently experiment, track and optimize the campaigns you do to attract new customers and retain existing ones.
You just need simple user-friendly software like Ari Retail POS that has the capability to provide you customized reports, and dashboards; offers built-in promotion templates and useful retail integrations like Mailchimp, and much more.
Another retail giant that has used the best retail strategies to stay ahead of the competition is Amazon.
Amazon’s retail strategy is based on personalization and convenience.
Jeff Bezos’s retail strategy was based on innovation and customer-centricity.
Amazon’s recommendation engine is one of the most advanced in the world, using machine learning algorithms to predict what customers will buy next.
Amazon has also invested heavily in its Prime program, which offers free shipping, access to streaming services, and other perks to its members.
Next, we have Apple, the tech giant that has redefined the retail industry with its innovative retail strategy.
Apple’s strategy is based on creating an interactive customer experience.
Apple stores are designed to be more than just a place to buy products; they are a destination where customers can learn, explore, and create.
Apple stores feature interactive displays, workshops, and events that encourage customers to engage with the brand and its products.
Wondering how can you implement something similar.
You can check out this resource to explore “footfall-attracting” event ideas for your retail store to grow sales exponentially.
Let’s take a look at Target, the retail chain known for its trendy products and affordable prices.
Target’s retail strategy is based on creating an emotional connection with its customers.
Target has collaborated with a range of designers, including Lilly Pulitzer and Missoni, to create exclusive products that are only available at Target.
These collaborations have helped Target to differentiate itself from its competitors and create a loyal customer base using the best retail strategies.
When you implement something similar to this strategy for your business, be well-equipped to store, manage and segment huge amounts of customer data.
Of course, it’s easier, more accurate, and more efficient with POS software than with manual methods. So, invest your time in finding the right retail POS for you.
Last but not least, we have Nike, the sportswear giant that has used experiential retail to create a unique shopping experience for its customers.
Nike’s retail strategy is based on creating a community around its brand.
Nike stores feature interactive displays, workshops, and events that encourage customers to engage with the brand and its products.
Nike has also launched its Nike Plus membership program, which offers members access to exclusive products, events, and personalized training plans.
Building a community around your brand requires exceptional customer service, and that’s exactly what Ari’s dedicated support team is here to provide.
From solving technical issues to ensuring your customers receive the best shopping experience, Ari got your back every step of the way.
You can enjoy peace of mind knowing that you’re backed by the best support team in the business. Learn more about the importance of a dedicated support team here.
The core goals of successful retail companies that we discussed are to attract customers, retain them, and drive sales.
To achieve these goals, these retail companies employ various strategies such as creating a unique shopping experience, offering a wide variety of products, keeping prices competitive, leveraging technology, and more.
By constantly innovating and adapting to changing customer needs, you too can stay ahead of the competition and thrive in the retail industry.
Use technology to offer personalized recommendations, facilitate faster check-out processes, provide customers with real-time inventory and pricing information, strategize and so much more.
So, clearly, by embracing advanced technology, you can better implement the best retail strategies and meet the needs of your customers and improve the overall shopping experience.
From everyday low prices and personalization to offering exclusive promotions and loyalty perks, Ari POS has got you covered.
Don’t miss out on this opportunity to take your retail business to the next level.