By Joseph Brady
The year 2016 is just a few months away. Is your retail business ready?
New retail business trends emerge with every passing year, and 2016 is no exception. Becoming aware of emerging trends that will take center stage next year will help ensure you deliver superior quality and service to your customers.
Most of the trends springing up in 2016 are marketing related and designed to help raise brand awareness, increase sales, retain existing customers, and attract new ones. Get the scoop on them now so your business can lay the groundwork for a successful year ahead.
Shoppertainment
Retail establishments are increasingly trying to cater to consumers who expect to be entertained wherever they shop. For example, many restaurants are now doubling as food markets that offer specialty items. Think of them as more upscale versions of Cracker Barrel; diners must walk through rows of goods before being seated for their meals, and along the way, they’re enticed to buy tasty-looking treats. This strategy keeps customers on the premises longer and tends to result in higher spending too.
This trend isn’t limited to restaurants, however. Just about any type of retail store can get in on the act. Bookstores have been doing it for years by offering small cafes along with special events like book readings and live music.
Regardless of what your business sells, there are probably all kinds of ways you can add an element of entertainment to the store itself. This doesn’t have to be offered continually–holding occasional, well-promoted events can be just as effective. The goal is to go out of your way to entertain customers so they will want to spend more time at your store.
In-Store Technology
Even if your retail business doesn’t do a lot of online sales, there are lots of other ways to make the most of the emerging technology in this sector. For example, mobile POS systems are perfect for larger stores, as they allow employees to check customers out right from the floor. This helps keep long, intimidating lines at bay, which makes customers feel more confident about buying what they need from you.
The same kind of system can allow employees to check inventory on the fly, which allows them to answer customers’ questions and respond to their needs more effectively and efficiently.
Another very exciting emerging technology trend concerns NFC (near field communication) technology. It’s the same technology that allows people to pay for purchases via their smartphones–without having to do more than wave the device over a POS terminal.
However, it offers other exciting benefits too, and beacon technology is a prime example. Upon entering a store, a shopper’s smartphone communicates with beacons, and special, personalized offers pop up immediately on the device. This appeals to consumers’ desire to save money and provides a unique, interactive shopping experience.
Big Data
Big data is one of the most fascinating developments in modern technology. Now that everyone is using smartphones and other mobile devices, the rate at which data is being produced is truly staggering. With so much connectivity, there’s a veritable treasure trove of information about consumers out there.
The problem, however, is tapping into it and making sense of it. Fortunately, advanced analytics are more prevalent and easier to use than ever. By investing in the right analytics, you can glean all kinds of amazing insights about your target audience.
According to Lightspeed, 26 percent of retail businesses plan to add analytics by the end of 2016. It’s an investment worth making for many reasons. Most notably, it allows you to create highly accurate customer personas, or profiles, that allow you to deliver personalized shopping experiences in countless ways.
What’s more is big data can be harnessed to improve inventory control. With such in-depth information about every imaginable aspect of buying inventory, retailers can more easily avoid dead inventory and the opposite problem–not stocking enough top-selling items.
In these ways, big data can help increase customer loyalty while also allowing a business to more effectively hone its inventory practices. The best part is big data’s full potential in the retail sphere is far from realized.
Omnichannel Marketing
If you are still maintaining a separate e-commerce site and brick-and-mortar store, it’s time to shift the way you think. In the past, it was perfectly logical to treat the two as separate entities; some folks shopped solely online while others preferred shopping in person.
According to Deloitte, 74 percent of consumers report that they do at least some research online before heading into a brick-and-mortar store. Most still prefer shopping in person versus online, but it’s clear that the line between the two has become blurred. Savvy retailers are making the most of this tendency by embracing omnichannel marketing or employing the same marketing approach across all channels.
Since most consumers begin the buying process with online research, retailers with an omnichannel approach stand to make out like bandits. Retailers who apply the same approach online and offline are more likely to earn the business of those who do online research first.
For instance, having real-time inventory available online, so people can see if their local stores have what they need, can help guide customers seamlessly, from researching online to purchasing in person. Similarly, offering a “buy online but pick up locally” option can help seal the deal too.
For omnichannel to work the best, however, a concerted effort must be made to provide a uniform shopping experience. The same marketing techniques, logos, color schemes, and other elements should be used. Whether customers are buying online or in your store, they should enjoy a seamless and convenient experience.
Is Your Retail Business Ready for 2016?
If you haven’t embraced or at least investigated at least one of the emerging retail trends, it’s safe to say that your retail business is not ready for the upcoming year. Change can be scary, but retailers who dig in their heels and refuse to embrace new technologies doom themselves to failure.
Today’s consumers are savvier and more informed than ever, and thanks to the Internet, they can afford to be fickle. No matter what kinds of products or services you provide or who your target demographic is, you can’t afford to ignore the most promising business trends.
The post Is Your Retail Business Ready for the New Year? appeared first on AllBusiness.com.
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