Last Updated on Jan 30, 2023 by James W
“If you want to satisfy everybody, you can only do it by having a longer outlook than the market has.” -Michael Burke.
Over the past few years, there have been significant changes in retail store layout trends. Brick-and-mortar retailers must now modify their business strategies to meet contemporary needs as consumers shift to internet purchasing experiences.
E-commerce giants like Amazon and eBay are indeed examples that physical sites are not necessary for today’s companies. For the first time, online sales have surpassed in-store purchases, demonstrating how significantly the internet is altering the retail sector. Decision-makers are aware that in order to maintain customers’ interest, companies must provide them with fresh services.
However, it does not imply that brick-and-mortar retailers or retail stores are seeing a decline in the market. In fact, it’s quite the reverse.
You might be surprised to know that the U.S.’s overall retail sales increased by more than 10% to well over $5 trillion in 2021. By 2025, it is anticipated that retail sales will reach $30 trillion globally.
Every person can access more than 23 square feet of shop space in the United States alone. It’s encouraging that business leaders are now acknowledging this opportunity and taking the following measures to improve their retail management.
The Store Must Evolve, But It Is Not Going Away
To truly understand a customer’s needs, it is occasionally necessary to contact them directly. Additionally, some purchases are more likely to be made offline than online. Because of this, offering customers a physical place is still crucial.
It is also critical that historical notions about a store’s function shift. Stores must now be seen as a component of the consumer ecosystem, fulfilling a range of needs that support the kind of connection that customers want to have with the business, not the other way around.
Because of this, it’s more crucial than ever for businesses to view staff members as an asset rather than an expense. Store workers are responsible for developing long-term connections with customers, acquiring information about them, meeting their diverse and changing requirements, and physically communicating with them.
That’s why the importance of stores and their employees has increased significantly, and a major role here is played by technology. Thanks to the latest developments in communication and interaction tools, it is becoming quite feasible for employees to keep a record of customers and attend to their needs on an immediate basis. Moreover, using these valuable insights, retail store managers can make valuable decisions for the growth of their stores.
Technology Has Empowered Consumer Decision
Long gone are the days when retail stores had the power to influence consumer purchase decisions and establish a monopoly market. Consumers are now well-informed; thus, their decision-making power is shifted.
What to buy, where to buy, and how to pay, consumers make their own choices, and retail stores have to abide by these. And brick-and-mortar stores have understood this. That’s why they are using new technologies to empower their target customers in their decision-making.
Now, the question is- What technologies are we precisely talking about?
To elevate your retail store management, the professionals at Vusion recommend using a price automation system, IoT cloud platform, and WiFi integration. All these technologies will ensure transparency in retail operations, providing in-store digitalization and omnichannel coverage.
Thus, your store will be able to address the changing consumer needs frequently, assisting their decision-making process and boosting customer satisfaction.
The Desire To Consume Store Products Is At Peak
As discussed above, despite the accessibility that online stores offer, retail sales are accelerating. The reason behind this is cabin fever. It is the restlessness that people often experience when they stay isolated or in confined quarters for long periods of time. It makes them feel claustrophobic, thus, cultivating the need to go outside.
This fever has proven to be quite beneficial for retail stores as people are visiting even for minimal purchases. It allows them to interact with other people, sales staff, and store managers. As a result, they feel a sense of belonging, which accelerates their desire to consume products available at retail stores.
Nevertheless, to attract foot traffic, you need to ensure that your store is well organized following the concept of “eye level is buy level.” In addition, make sure that your retail staff is well-trained to understand customer needs and address them. You can go a step further by assigning different staff members at different levels to assist the shoppers. During rush hours, it will come in quite handy as staff can help customers with easy checkout and maintain the crowd.
Know That Old Marketing Tactics Needs Revamping
As consumers have multiple choices available to them, retailers need to improve their marketing strategies. For this purpose, they can use digital marketing tactics to boost brand image, invite customers and increase sales.
The best part is that even if you are on a low budget, you can still implement marketing strategies such as social media marketing, email campaigns, and local SEO. All these tactics will ensure you draw customers back to your store, boost their brand interaction, and cater to their needs on an immediate basis (unlike digital stores that include inventory unavailability and shipping delays).
In addition to this, stores can leverage festive marketing campaigns to attract customers and turn them into loyal ones. For instance, you can offer exclusive offers for in-store purchases, engage the customers with giveaways and contests and decorate the place with festive themes to attract new customers.
The Bottom Line- Customers Are Accelerating Retail Store Growth In This Digital Era
In this digital era, consumers are assisting brick-and-mortar stores with their long-overdue refurbishing. If you pay attention to statistics, you’ll realize that this is the most exciting time for retail businesses to enhance their management and increase their operations.
Of course, for this purpose, it is important that you do everything to empower your customers and present them with irresistible opportunities. Once your customers are happy and satisfied, they will likely revisit the store and boost the revenue.
