As consumer behaviour is rapidly evolving alongside tech innovations in the areas of payment, marketing, and customer experience, the only way retailers can remain in business in 2023 is to adopt or maintain relevant strategies. Due to inflation and other limiting factors that negatively impact the spending power of consumers, retailers are left with no other choice but to continuously level up their offerings (products, customer relations and operations) to match customer expectations.
Here are five strategies to help keep your retail business competitive and profitable in 2023
1. Flexible shopping approach
A retail business should be flexible enough to allow people to shop however they like; whether online or offline with brick-and-mortar stores. While some people might be comfortable buying items on a website, others may want to visit the store to make purchases so that they can be at ease without worrying about being scammed or getting a product that is completely different from what was posted on the internet.
There is another category of shoppers who would prefer to see what is in stock online before going ahead to buy in-store and vice versa.
Therefore, as a retailer, you should be conversant with the various ways that people make purchases so that you can meet customer expectations. Incorporate the idea of omnichannel experience in your business model or plans which is basically a marketing and communications strategy that covers both physical and digital channels—including in-store, online, social media, print, etc. Doing this means that you must ensure uniformity across all mediums. Multi-channel marketing efforts should be consistent, the brand should remain the same in terms of logo, messaging, images, etc, on various platforms.
2. Make In-Store Shopping Experience Memorable
While online shopping or e-commerce might be the current trend, Brick-and-mortar stores are not leaving anytime soon. For this reason, retailers who own physical stores or are planning to acquire one must create an unforgettable experience for shoppers.
Body language, verbal communication and eye contact are often overlooked when interacting with customers. Even if they are not in the mood to go about their transactions in a friendly manner, a business owner or representative should take it upon themselves to smile and not hesitate to have a light chat as buyers are picking out items to buy. This, in fact, offers an opportunity to know your customer better and the kind of things they buy.
If you own a furniture store for instance, you could use augmented and virtual reality to allow customers to visualize each piece of furniture in various home settings in order to enable buyers to make the right decisions.
There are many other ways that retailers can improve customer experience and make it memorable but at the end of the day, the customer should be satisfied. This is crucial because it could motivate them to return, recommend your business or share an online review about how well they were treated at your shop.
3. Run Location-based Ads
Location-based ads target only people in a specific geographical area, preferably those who live in the same town or city as your physical store or your warehouse which is for online-only business.
With this, you might conveniently provide systems for same-day delivery. Because customers usually want their orders to be delivered to them on time, without delays, same-day delivery is ideal.
On the other hand, people who enjoy shopping in-store could know the businesses in their location. Unless customer satisfaction is not of utmost concern to you, allowing people to purchase items seamlessly or effortlessly is the major way to acquire and retain customers. Consider adding location-based ads to reach those close to you in order to provide same-delivery options to them this 2023, If you want to stand out and meet customer expectations.
4. Prioritize SEO
Search engine optimization (SEO) can be applied to both online retailers and physical retailers. While keywords could drive traffic or customers to your e-commerce site, business location on Google maps could also help people easily locate your brick-and-mortar store.
Google My Business is a tool that can be used to draw visibility from potential customers online. Your profile should include your business name, address, opening and closing hours, contact information, photos, and a description that includes keywords. This information should be consistent on your website and social media. Encourage your customers to drop reviews as well to further align with your offerings and indicate to potential customers that you are a legitimate and credible business.
Optimization also helps to bring buyers in the same location as your physical store, closer to you. Typically, they make searches that include the phrase “near me”. For instance, someone looking for a hair salon could search for “Hair salon near me” and your salon pops up as one of the results since your hairdressing salon is located in the same area as the person who made the online query.
5. Allow payment flexibility
It is 2023 and shoppers could choose any suitable payment method. Customers should not leave your store or abandon shopping carts online because your payment options are limited.
To that end, ensure that you’re able to support the payment needs of your customers whether they want to pay with cash or credit cards; transfers or through their mobile wallets, etc.
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Final word
Retail strategies require you to figure out the products you sell and how to keep customers coming back whether it is an online or offline store. In addition to the strategies mentioned above, the primary way to continue making profits and keep your retail business competitive is by observing consumers and other retailers so that you can identify trends, and improve and sustain your business.
