Tips For Retailers To Remain Competitive During The Pandemic
While there is a surprising 60% increase from online channels for retail brands and e-commerce during peak pandemic, consumers are more likely to jump ships in the current environment. In fact, the latest data found that customers obtained during Covid-19 had a retention rate of 82% lower than those obtained during a non-covid, non-vacation time period. The brand must emphasize retention if they want to save this new customer, especially amid increasing competition.
To take advantage of improved users recently – and maintain it – retailers must double responsive messaging, marketing life cycles, and ensure the onboard flow is set to show value. Offer sales and online retail coupon codes occasionally to attract customers. It is also the right time to utilize multivariate testing to optimize and improve customer messages.
Adopt a cross-channel approach
Over the past decade, increasing cellphone and other emerging technology platforms have provided consumers endless ways to interact with brands, from websites and original applications to smart speakers and smartwatches. Each channel has a unique power and cannot be used in a vacuum, limiting its impact.
Cross channel messaging problem. This allows brands to reach customers more effectively and make it possible to have a big and real impact on the level of involvement for the people they reach. This will help to boost your online sales whether you have an E-commerce business or retail shop online.
Different messaging channels perform different – either alone and in combination with other channels. By utilizing email with push mobile, messages in the application, and other channels, a brand can increase involvement with more than 800%. For the marketing team that still operates in a single channel silo, know that customers will not hesitate to stay away from anything that feels like a broken experience.
Today’s retail landscape has provided an opportunity for brands to be agile and switch to all available channels, especially if they haven’t done it yet.
Get to know important problems for your customers
Brand familiarity is no longer the main factor that determines where consumer shops; Only 10% of consumers rank as the main consideration when deciding where they will make a purchase.
Conversely, convenience, social responsibility, and personalized experience lead affect the way to buy. In today’s social and political climate, “no comments” are the answers in themselves. If the brand wants to capture consumer attention, they need to have an authentic point of view and take into account the most reasonable social problems with their customers.
In the current turbulent environment, consumers will use their purchasing power to respect brands that show empathy and understanding. During a pandemic, 89% of consumers at M. said they would switch from the brand due to pandemic response.
At the same time, retail customers report to 1.7x tend to make purchases from brands that have successfully demonstrated human communication during a pandemic. Takeaway here is that when retailers are human and empathic in their communication, consumers are more likely to buy, stay loyal, and recommend them to others. This sentiment is always true, and is only emphasized by a pandemic because consumers are faced with additional stress such as health problems, financial difficulties, and unemployed, among others.
When the brand continues to navigate this developing environment, the gap between successful and failing in retail becomes clearer – especially when we approach the holiday season.
We can anticipate buyers will continue to take advantage of digital options, including purchases online, in-shop pickup – especially during traditional Brick-and-mortar holidays on Black Friday, to avoid the crowd directly. While some retailers will struggle to gain their footing, others will use this time to change their strategy to focus on customer involvement. With the right approach, the brands will appear as a winner.