If you haven’t paid attention to the current retail marketing trends for your particular brick-and-mortar business, you may not know that personalized retail is the “new black” for companies tweaking future sales strategies. Making your in-store experience more customer-centric is vital for your business to succeed in the highly competitive world of retail.
Many omnichannel retailers are well-positioned and armed with customer data to implement this strategy seamlessly into their current operations with little effort. Your store can do this as well if you have been tracking consumer data and purchase history for both online and in-store shopping. Here are five reasons it’s worth the effort:
- Enhances the customer experience
Here’s the bottom line: Customers do not need to go to your store. Convenience is what motivates today’s consumers. As a retailer, you have to entice them to want to visit your store rather than trying to capture their attention by beating the drum of your brand. Consumers want their shopping experiences to be custom-tailored to their needs and give them the same satisfaction they receive when shopping online.
- Boosts opportunities for impulse purchases
Personalized retail increases the chances for impulse buying. Personal recommendations, tailored to your customers and sent through email, social media advertising, or in person at the store, can lead to purchases the shopper didn’t originally intend—and bigger average sales for you. In fact, 40 percent of consumers in the U.S. have purchased more expensive products or added to their orders after receiving personalized offers.
- Customers expect it
It’s important to understand that your customers expect you to know what their interests are and how they like to shop. When you target them with personalized offers, they are more likely to be repeat customers because they enjoyed their shopping experiences. And, as you know, loyal customers are good for the bottom line.
- Builds loyalty
The foundation of your business is built not only on reputation but also on sustained customer loyalty. Personalized retail not only attracts new customers, but also keeps them coming back for more. You can build upon this loyalty by consistently shaping your offers and incentives based upon the data you collect from every customer.
- Complements marketing efforts
In this day and age, consumers know that information on their shopping habits and purchase histories is constantly collected and studied. What they expect in return is a marketing effort geared toward what they want rather than what you are promoting. You can capitalize on this trend by sending coupons and creating targeted promotions that focus on individual shoppers’ needs. With personalized retail, you can guide the customer on the path of their shopping journey to what they are looking for—and maybe a little something extra.
For your business to stay relevant in the ever-changing retail landscape, connect with your customers, encourage larger purchases, and foster consumer loyalty with personalized retail. Then follow up your efforts to see if your strategy is working. Monitor the effectiveness of your personalized retail strategy, measure changes in store traffic with a people counter.