The retail industry is rapidly evolving – and possibly more quickly than at any other moment in history. Keeping up with consumers’ preferences is a significant challenge for small retailers. Another option is by staying up to date with retail consulting company BRP’s newest retail insights. Retailers do extensive studies to find out what consumers want nowadays.
Even though larger major retailers with higher resources have greater applicability, there is still plenty to discover. As a bonus, here are some of the main takeaways from the huge study:
As a significant trend, “Retail as the Third Space” influences small businesses. It’s been in the works for some time but is gaining traction at the moment. As e-commerce and m-commerce grow more common, JWT predicts that brick-and-mortar stores will increasingly function as a “third space”—a setting that is not just about transactions but also includes in-store events, shopping, and other activities. The consumer experience, customer service, and a distinctive, exciting atmosphere are just as, if not more, necessary. Let’s look at some of the things retailers should watch out for.
Personalized Shopping Experience
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In-person assistance is desired by customers who cannot get it online. To distinguish your business from the one-dimensional online shopping experience, you must do the following: According to BRP research, 79 percent of customers believe that individualized treatment from a salesperson is a significant element in deciding where to buy and how much they will pay for it. Consumers will be more than ready to give their personal information if doing so would allow you to offer them a higher quality experience.
Integration of Different Shopping Platforms
According to BRP, 87% of consumers want the same level of customer service from all channels. In this industry, even the biggest merchants are still trying to catch up. Customers demand a smooth transition when they buy online and in-store. For example, 56% of consumers want to save and manage their purchases across several platforms, such as desktops and smartphones, but only 7% of merchants provide this feature.
When customers purchase online, they would want to have the option of picking up the items in-store or bringing the items back to a reallocation. For the 29% of shops that offer click-and-collect or buy online and pickup in-store as an option, consumers must go elsewhere to get the purchased items.
Optimize Mobile Technology
What methods do you use at your retail shop to make use of mobile technology? Your consumers are using it for a variety of purposes. According to the BRP study, about sixty-three percent of customers use their mobile phones while at a shop to compare prices, search for deals or coupons, check inventory, and do other activities. Sixty-seven percent of consumers believe that mobile offers and coupons significantly influence their decision on where to buy.
Consumers anticipate getting mobile offers and coupons on their phones; Another forty percent of respondents said they are more inclined to purchase at a store that offers mobile point of sale capabilities (POS). For example, it’s high time for you to invest in an RMA app.
Revamp Your Incentives
Customer identification as participants of your engagement benefits scheme throughout the checkout process is a fantastic feature. How much more helpful would it be if you and your staff could recognize your most valued clients the moment they walked into your store? The majority of customers (64 percent) polled by BRP said they are OK with merchants recognizing them as they enter the store, so long as they get something of value in exchange for their participation. Seventy-five percent of Generation Z and millennial consumers are okay with businesses recognizing them as customers.
Consider Financing
Millennials who are cash-strapped and fearful of debt are more likely than not to hold credit cards. Paying for expensive retail items (or even modestly priced goods) may be difficult if you don’t have credit available. The issue is being met by an increase in the number of merchants providing financing that splits payments into smaller portions.
It’s comparable to the old-fashioned layaway idea, except that consumers get the goods in their hands immediately after purchasing them. Retailers stand to gain as well: According to one survey, thirty-six percent of respondents said that financing enables them to buy more costly goods than they would otherwise be able to afford.
After a disappointing client experience, have you ever seen anybody leave your shop or website? Providing quality goods and outstanding customer service may make the difference between regular customers and those who decide to become regulars. When the retail industry is constantly changing, the best approach is to remain loyal to your consumers and earn their appreciation. To facilitate long-term relationships with your consumers, make sure your customer service standards are consistently maintained at the highest level.