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3 Things You Need to Implement To Prepare For the
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If you have a retail store, then it is crucial that you change up your game plan. If you don't, you could miss out on major retail trends and end up having less sales. Your competition will eat your lunch while you wonder how the world of business left you behind. Instead, you should implement strategies that help you get ahead right now and leverage your resources for the future of retail:
 
1. Online / Digital Retail
Retail stores are losing a lot of business to online stores right now. And the answer is omnichannel retailing. Better methods all around are being used by your digital counterparts right now and you need to adapt or lose business.
 
Data
The way you use data, or don't, will determine how competitive you are going forward. One of the huge advantages that online stores have right now is that they can track everything. From visitors, to clicks, to subscribers, to sales, to advertising performance (on social media like FB, Twitter, and the like). This data allows them to tweak their campaigns. They can deploy their cash in a way that gives them the best return and least amount of risk. Their websites and sales funnel act as assets that always improve.
 
You need to start collecting data on your stores as well. Aside from setting up a website, which you should already be doing, you should track in-store purchase. Tally the results of certain posters and ads in your store and compare them with sales. Come up with a way to see how much foot traffic you're getting and how many sales turn into repeat sales and referrals. There are probably a number of data points you could be using right now that you are not.
 
Marketing
Ecommerce stores seem to be better at marketing than traditional retail. They understand their core target market. You can emulate this as well online. The first step is targeting:
 
Target Market
If you are going to compete with online retailers, you must have customer avatars. You need to understand who your ideal customer is exactly. This allows you to save money when buying ads online because you can target more narrow and avoid overpaying for exposure. The second step is to also define the kind of people you don't want as a customer. This allows you to avoid wasting energy on them or reaching their email inbox or other contact point.
 
2. Faster Delivery
One of the reasons that online retailers are winning right now is that they understand the importance of speed. Faster delivery is everything in this world. If you use drones, for instance, you can have a unique selling point that puts you above the rest.
 
3. Copywriting
If you haven't tweaked your copywriting lately, it's time for an upgrade. To make it simple, use the AIDA method. First, grab attention with bright banner ads and compelling copy and headlines. This simply gets clicks to your website.
 
The second step is all about building interest. Show them the products they have been asking for. You get this data by doing your research on modern trends. Once you have peaked their interest in a leading product, you can build desire for other brands in your store.
 
Finally, once you have gotten their attention, built interest, and captured desire for other products, you can ask for action with calls to action and "buy now" buttons in the right places. Be sure to test these marketing techniques so you can improve and keep up with your other online competitors.
 
When it comes to competing in retail, you need to use every trick in the book. If you don't, you could fall behind fast. Ecommerce is dominating online right now, so use the tips above and make sure you put your company in a position to dominate your market going forward instead of losing business to the competition.


Latest Activity: Apr 16, 2018 at 9:45 AM



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