Beginning with a staggering statistic shared within the infographic accompanying this post, is your retail organization aware that it has between a 60% to 70% chance to make additional sales to previous customers compared to a 5% to 20% chance of making a first sale to a new one? Being unable to identify which customer to target is a problem faced across the retail industry, with many retailers continuing to invest into strategies targeting new customers. Is there truly a way to guarantee increased sales, regardless of which customer a retailer targets?
Many of the ways in which retailers worked toward increasing their dynamic revenue growth are included within the infographic shared alongside this post. The most notable approach by most successful retailers was a double-headed one that focused on online and in-store sales tactics. Upselling in physical retail stores and cross-selling through online web stores were the two most successful of the bunch.
If the digital age weren’t enough, the COVID-19 leash was certainly the best time to adapt to an omnichannel marketing strategy. While smaller, more independent styled retailers may have been hesitant, finding a way to balance the online and the offline gives retailers the capabilities to keep up with the ever-growing market.
It’s important to understand that a retailer’s digital presence is what keeps customers coming into stores nowadays. Consider the way in which customers shop retail, customers spend fifteen minutes on average in a given retail store. If the retailer lacks a digital presence, that customer will fail to interact with them again until they revisit their store. Alternatively, digital tactics through social media channels can attract these customers to physical retail stores in search of a product. Think of the constant promotions of in-store exclusive sales on digital platforms.
Making a genuine connection in store can be difficult for retail staff to accomplish amidst their responsibilities of maintaining the store. These digital efforts make personalization a much easier task for retailers. Creating an account on any retailer’s website will help the customization that customer can receive in regards to e-mail and text promotions for example. Knowing a customer is interested in a specific product can make suggesting new products that much easier. These customers can also be alerted of new stock, or products returning to stock they were interested in without ever having to visit a store.
This personalization doesn’t only benefit the online side of sales. Online users can still benefit as in-store shoppers, remember the in-store promotions exclusive to customers signed up online? These types of digital efforts can have a huge impact on the ability to attract more customers in store as well.
Remember, adjusting to these types of changes will take your organization some time. For more tips and tricks to help ease the process, spend a few minutes reviewing the infographic included alongside this post. Courtesy of IDL Displays.