6 Rules of engagement that all retailers must know
Indian Retailer.com , Oct 21, 2019
Indian retail scene is becoming fiercely competitive. The rise of ecommerce has opened new avenues by providing ease of shopping; now customers can shop anytime and anywhere. Therefore, from retailers’ point of view, offering excellent shopping experience has become extremely crucial part of entire shopping journey. ‘Experience’ also matters when it comes to retaining and acquiring new customers. Retailers’ worldwide are working towards building an experience which is unmatched. Following are few rules reworded from Deloitte- FICCI Report released at FICCI Massmerize 2019 event recently concluded at capital city, New Delhi
Technology creates connect
New ages technologies such as AR, VR, AI, chatbots, etc are emerging as effective tools in creating personalized advertisements, proximity marketing. Such new age methods helps retailers be it online or offline retailers in engaging with their consumers.
Voice of consumer to be paramount
Always give due importance to consumers’ opinions, suggestions, and feedback. This is the most crucial data in order to offer them the most suitable products based on their needs. In order to achieve the same, kindly make sure all points of communication including social media sites, company websites, blogs, emails, phone calls and texts, in-store communications, and other physical and online touch points should be in place. Retailers need to omni-present across mediums to listen and act upon the consumers’ needs.
Organise retail offers seamless and integrated solution
The retail market in India has evolved from a “Bricks-versus-Clicks” to “Bricks-and-Clicks” and is now moving towards an “Intermix”. In future, the most sustainable way for the brands to cater to consumers’ needs is to play across the confluence of multiple retail modes—traditional stores, modern brick-and-mortar stores, online channels, etc.,—to offer a seamless shopping experience.
Retailers needs to go extra mile to draft loyalty program
Key Performance Indicators (KPIs) for loyalty measurement needs to be redefined and it has to be as per new age consumers. In modern age, consumers are bombarded with plethora and brands to choose from, benchmarking loyalty through traditional parameters becomes highly challenging and not reflective in true sense. Product bought or not should not be a criterion of imparting an experience. Brands/ retailers need to put in all efforts to ensure that all customers have better experience.
Vouch for commitment:
Consumers now actively gauge a brand’s commitment to its values and promises. They have become more conscious than before regarding the sustainability practices of brands and the impact of these practices on the environment. Hence, there is a growing need for public institutions and brands to collaborate and collectively ensure sustainable measures as a standard norm in their operational practices.
Enhance product and service offering
While brands must use technology to engage with consumers more, there is also a need to enhance the shopping experience of the consumers through hyper-personalised offerings, bespoke marketing and loyalty solutions, agile and lean business models, etc. Another major trend is need for the vernacular content to cater to the consumers’ needs—many brands are now catering to the demands of both urban and nonconsumers by offering their services in non-English regional languages.
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