3 keys to the survival of retailers (Read 11 times)

[samuelbapary3]

The challenges facing the retail sector are increasing. On the one hand, the social and economic instability caused by the pandemic has built a much more distrustful consumer profile. On the other hand, the urgent need to digitize sales channels threatens the long-term survival of small businesses. In this context, retailers need a boost to stand out now more than ever. The communication agency Hotwire Global proposes 3 keys to achieve this. 1. Promote collaboration between retailers and brands Exploring, describing, studying and analyzing the universe that surrounds the new consumer is essential. For this, classic market studies and mass marketing are not enough. Now more than ever, the need for collaboration between brands and retailers is materializing to respond to future trends and anticipate changes in the market.

According to the 2018 Commerce Excellence Benchmarking, a macro-survey prepared by the Grocery Manufacturer Association, Nielsen and McKinsey, “the best-positioned mass-market producers are those that have deepened and Decision Maker Email List expanded collaboration with retailers, thus managing to increase both their turnover and their profits. .” 2. Trust more than ever in the power of data Information and data must move to the center of attention to clarify the strengths of business strategies. This is a very little explored field as a joint activity between retailers and brands; but the reality is that data flows through a flow that affects both areas. Especially in a context that pushes retail towards digitalization, companies have a lot to consider about data-driven marketing. According to a new global study published by Fujitsu, “more than a third of retailers (34%) now offer the majority of their products and services online, and many operate under a hybrid online and physical model.”



Several studies have made it clear that this digital boom trend will continue to rise. 3. In an increasingly digital landscape, the in-store experience is revalued The physical purchase does not only consist of the on-site availability of the product. Increasingly, other factors are added to the list of consumer considerations when choosing one retailer or another. These factors are part of the in-store experience. We talk about issues such as the quality of the service, the setting of the space, the purchasing process, advice, etc. Although the focus must be on data and oriented towards a digital flow, we cannot forget the benefits of closing the cycle of the customer journey with a satisfactory in-store experience. For businesses, it can mean, to a large extent, their survival; For brands, it can affect loyalty, user experience and positioning against the competition.