The retail industry is ever-changing and the demands of the customers are increasing as we speak. Actually, during the pandemic, 75% of customers mentioned that they changed the brands they bought. This shows that shoppers are no longer holding on to a brand if it doesn’t satisfy their needs and wants. The same goes for any store or eCommerce platform.
With this in mind, we’re going to focus on finding the solution to increase customer satisfaction with the help of a successful retail marketing strategy. In this article, we are going to talk about retail marketing and offer you guidelines on how to apply the latest retail marketing trends.
While everybody knows or assumes what retail marketing means, let’s do a short refresher. Retail marketing is the combination of tactics and solutions that one brand uses to attract shoppers and persuade them to purchase their products or services.
The marketing mix of retail marketing is similar to the traditional one. This means that it focuses on the 4 Ps of marketing. However, retail marketing comes with two additional pillars.
The 6 pillars of retail marketing are:
The most important part of retail marketing - the product. The whole strategy revolves around the product that needs to be promoted.
The price of the product is another important pillar of retail marketing. There are various pricing strategies that can help you position your product and increase sales.
This is the combination of tactics and solutions used to generate interest in the product and increase sales.
The 4th P, also known as placement, refers to the place in which the products are being promoted and sold. It can be in-store, on a website, on social media, and so on.
This pillar refers to the experiential design of the retail setting. This can include the furniture, the retail space layout, and the type of display.
The 6th pillar of retail marketing refers to the company representative. From employees to contractors, the representatives that get in contact with shoppers are the ones that can influence the perceived image of your brand.
Now that we’ve talked a bit about what retail marketing is all about, let’s see what are the most important trends and how you can implement them to amaze your shoppers in 2022.
It’s important to follow trends in this fiercely competitive industry because if you don’t then your competitors will attract more shoppers. When it comes to retail marketing, innovation seems to be the prediction for 2022.
We’ve said it before, and we are going to say it again: customers want an experience when they shop. They don’t just want to make a purchase, they want to connect with the brand and have an amazing experience while purchasing the desired products.
With the help of retail tech solutions, you can offer your customers exactly what they want. One of the most innovative solutions for retail marketing is Tokinomo. The robotic POSM can help you engage customers right at the point of purchase. Also, a campaign implemented with Tokinomo can lead to an increase in sales of over 200%.
Sustainability in retail is not just a trend, it became a necessity. If you want to attract more customers, then you should include information on sustainable initiatives. Conscious customers want to purchase products from sustainable brands that are involved in environmental initiatives.
Omnichannel is a thing of the past. Customers are pushing retailers towards harmonized retail. It is a great combination of services and products from a physical location, with the convenience of technology and the feeling of human experience.
By focusing on offering customers a unified brand experience on all channels while also providing great products and connecting with the shopper, brands and retailers have a bigger chance at increasing customer satisfaction and loyalty
Personalization is another hot topic at the moment and it seems that the trend is not going away, it actually becomes a demand from shoppers. While for eCommerce platforms it’s easier to offer a personalized experience, that doesn’t mean that brick and mortar retailers can’t.
By offering a personalized experience in-store, brands can increase the shopper’s interest and raise brand awareness. Also, customers are more likely to purchase a product when they see targeted messages instead of common, dull campaigns.
These are the major trends you should consider including in your retail marketing strategy for 2022. This way, you increase customer satisfaction and sales right at the point of purchase.