7 Trends to Consider While Mapping Out your Future Retail Strategy

Because of the COVID-19 pandemic, every industry needs to change its retail strategy to become stabilize the business.

After 2020, how customers interact with businesses has changed. Now, retail businesses have to compete with e-commerce businesses because people prefer the least possible contact.

However, retail has its advantages. For instance, people don’t need to wait for the delivery. They can reach your shop and buy the products without the wait.

Your upcoming retail strategy needs to boost the retail’s unique selling points. Besides that, you need to focus on implementing e-commerce selling points in your business.

Let’s check how you can boost your marketing retail strategy by following trends:

1) Focus on Implementing Contactless Payments:

COVID-19 spreads greatly through human contact. Therefore, people are conscious and want to keep it minimal.

If you exchange currency notes at the time of payment, both customers and staff are at risk. Instead of currency notes, you can choose the following methods:

RFID Credit Card Payments:

RFID credit card payment must be a part of your retail strategy. It is commonly used everywhere. Therefore, not implementing this payment method can have a negative impact. Whereas, if you implement it, customers will be able to conduct transactions with ease.

Scan QR Codes:

Scan QR codes are easier even when compared to credit card payment methods. That’s because the customer only needs to scan the code and approve the payment. There is the least possibility of fraudulent acts. At the same time, they need to make no effort.

Biometric Fingerprint Technology:

Biometric fingerprint technology has advanced to such a level that you don’t even require to place your finger on the scanner. It can conduct distant scanning supporting contactless payment. It reduces the interaction and also paces up the transaction.

Pro Tip- Include as many payment options as possible to deliver payment flexibility to customers.

2) Introduce Innovative Methods to Your Delivery System:

You need to have a portal where customers can check out your store products and get them delivered to their doorsteps.

We can call it an e-commerce platform. However, if you only wish to serve local customers, you can limit the delivery to specific locations.

There are brands and store chains that already have their delivery routes. Some of them have specific delivery partners who handle the entire delivery system for them.

Sustainable delivery options have helped them to boost sales through the ability to reach customers beyond geographical limits.

Some customers would not like to wait for delivery. For them, curbside pick-up seems to be the best option. They won’t need to wait for the delivery. At the same time, there is no need to get spend time in the store.

Curbside pick-up allows customers to shop when they want and pick up the products at their convenience. Besides that, the entire process will be contactless.

Ecommerce is the present and future as it allows customers to check products when they want them and how they want them, allowing your business to run 24/7

3) Moving Towards Text Marketing:

Email marketing requires more effort, and the conversion rate is quite low. That is because these emails directly go into the junk folder, and customers don’t even notice it.

The best way to reach them is through messaging is one of the most attractive retail strategy. Customers are more likely to open messages when compared to email. That’s because the entire message content appears in the notification window.

It makes information highly accessible to customers. These days, there are

several bulk SMS-sending applications. You can use any of these and send several messages in one go.

Like email, you can create customer groups and target them with personalized messages. As the approach becomes more humane, it is likely to convert customers.

4) Advancements in the Influencer Marketing Strategy:

Previously and even now, brands choose well-known influencers to market their products. However, if the product is unrelated to the influencer, the conversion won’t be high.

Moreover, choosing well-known influencers doesn’t allow a brand to connect with customers. Another disadvantage is its cost.

When you are an SME retail business, you can’t accommodate such expenses in your marketing retail strategy. Also, it’s important to connect with customers easily. Your aim should be finding quality leads, not targeting the quantity.

Here come the micro-influencers into the picture. When you contact these influencers, it is cost-effective and doesn’t require you to pay much.

Pro tip- Offer your products in exchange for influencer marketing for cost-effective promotion.

It is also recommended to choose a raw approach and let the customers know the exact information about your product thoroughly. For that purpose, you can create a video. Influencer video marketing lets your brand build faith in your products in customers’ minds.

5) Move to Direct-to-Consumers Model:

Previously, you needed to rely on distributors to reach customers. Because of that, you need to share your profit margins. It affects sales drastically.

If you eliminate middlemen, you won’t need to share the profit. For that purpose, you need to have direct communication with customers.

That’s possible by creating an e-commerce website. However, creating an e-commerce website won’t be enough. You need to have visibility on the internet.

To earn visibility, you need to perform search engine optimization and social media marketing. It seems like a long road, but earning visibility will be easy if you perform the tasks correctly.

With this model, you will earn more profit. Initially, you can follow both models. As you get a better presence, you won’t need the distribution system.

6) Moving to Shared Physical Spaces:

The overall aim is to increase the profit amount. Therefore, it is necessary to cut costs. When you move to shared spaces, the physical space costs decrease. Moreover, the customer gets a higher number of options to choose from. It will increase the number of customers that your shop attracts.

Retail strategy for businesses move from shops to experience centers where the target is not to sell the products but deliver a better customer experience and improved customer circulation.

7) Implementing Technology in Your Retail Business:

When you implement technology in the retail business, it gives way to automation. Moreover, technology induces personalization.

Software such as ARI RMS can support your business to make things easier. Technology brings all aspects of retail under one aspect.

With ARI, you can promote, manage, analyze, and improve your business. Retail businesses need help with so many transactions taking place in daily life. Ari harmonized the transaction process.

Whichever payment method is used for transactions from any of your stores, ARI provides you a centralized database for it.

Besides that, you can grow your user base by running Promotions Management. There is a lot more you can do with ARI to gain customer retention.

To make things easier for your retail business, you can even integrate ARI into different accounting software.

We have even added analytics to provide you with business insights. With ARI analytics, there is no way your retail strategy will move in the wrong direction.