The rules of retail are gradually changing. The success of retail companies no longer revolve around who can offer the lowest prices or a wider category of products. Rather, retail customer experience is now paramount to entice shoppers and persuade them to stay loyal to the brand. While some popular retailers are shutting stores to cope up with the losses incurred, other agile players in the market are embracing new retail industry trends and increasing investment in their physical space to get the desired results.
Although e-commerce sales are soaring, the apocalypse of brick-and-mortar is a concept that is far from reality. The fact remains that consumers love to gain a look and feel of a product before making a purchase, even though they can get it done otherwise through the click of a button. Top retail industry companies understand this behavior and are trying to set the bar high in terms of service and customer experience, in an attempt to outperform ecommerce companies. In this blog, experts at Infiniti uncover new rules for success in the retail industry.
Adapting to changing retail industry trends
Creating exceptional in-store experience
Recent studies show that it is more likely for customers to turn to competitor brands in case they face an unpleasant experience in a store. This includes lack of cleanliness, disorganized shelves, and unsatisfactory customer experience. Top companies have accepted such retail industry trends and have already started revamping their in-store facilities and taking efforts to enhance service provided to become more-experience driven and garner more customers to their stores.
Retail outlets can no longer survive by only offering what they specialize in. Smart retailers have figured out that expanding their product lines or services is the future of retail business. Several top retail companies have already started venturing into categories apart from their core offering in order to give more value to customers and drive them to these retail outlets.
There is no denying to the fact that ecommerce businesses will grow exponentially in the years to come. Entering into partnerships with e-tailers is a great way for brick and mortar companies in the retail industry to survive in the long run. For instance, some retailers have struck partnerships with ecommerce companies that lets customers return goods purchased from other retailers online. It is indeed a very clever way to draw a new demographic for retailers.
Transparent use of data
There is an abundance of customer data available with most of the established companies in the retail industry. Retailers must ensure that these data are put to use without invading the privacy of customers.