Retail Engagement – Hooking your target market

Today’s mobile device owners are using apps to compare in-store merchandise and pricing. The ‘Showrooming’ experience often takes an employee by surprise but according to a recent survey from The Boston Consulting Group (BCC), there are a few things retailers can offer their customers to encourage them to buy more (and buy more often) both in store and online (known as the Omnichannel shopping approach).
A majority of those surveyed by BCC said they would buy more often if free delivery was part of the buying process (74%). And half of the survey respondents said that a decrease in pricing would encourage repeat shopping. But retailers beware, consistent discounted prices set a precedent and often lead to buying perceptions that cut into bottom line profits. Other shopping motivators included free shipping returns (included a return postage paid label), secure websites, high quality online product resolution and graphics, insurance against credit card fraud and the online capability of product comparisons. Interestingly, guaranteed delivery time (including same day delivery service) did not rank high as a shopping deal breaker or motivator.
Regardless of the method retailers choose to increase customer satisfaction, the marketplace is moving toward the Omnichannel shopping approach and customers are frequently practicing ‘Showrooming’.
Last month while researching current retail trends in preparation for our SBDC Maximum Retail Series in Dahlonega, we discovered that while not every generational identity has a mobile device (referring to Baby Boomers, Generation X, Generation Y and the ‘Greatest Generation’),customer buying behavior is changing.
Forrester (internationally known for business research), predicts E-commerce growth this year to increase by 13%. There are 2 predominant factors driving the increased growth:
1). an increased use of smartphones and tablets (more time shopping online researching products, finding competing stores, comparing pricing and making transactions)
2). an increased interest by retailers in the Omnichannel retail experience.

How prepared are you retailer to meet market demand? Do you have a website that has a mobile view? Have you tried pre-selling your merchandise? Hook your customers this year with a seamless marketing approach. Close the shopping loop!

Retail Rebirth-Omnichannel
Retail 2 – Showrooming
Sources
Boston Consulting Group:
http://www.bcg.com/media/PressReleaseDetails.aspx?id=tcm:12-129157
Forresters:
http://www.e-commercefacts.com/research/2013/03/forrester-forecats-2012-2/

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