Retail Marketing Tips that Stand Out Against Competitors
With each new year comes predictions of the trends that will most affect the marketing industry. For retail marketing in particular, we have broken down the trends that will be most impactful and necessary for retail companies to focus on in establishing their marketing strategies in 2020.
Introduce Augmented Reality
Augmented reality isn’t new, but it is certainly taking retail marketing by storm. 2020 is expected to be the year fully taken over by AR, with customers being able to have the confidence to make a purchase without ever entering a store to see, feel, or test products.
Implementing AR onto websites can help retailers retain more of their sales and prevent the estimated 25% of purchase returns. If consumers have confidence in their products at the point of purchase, they are less likely to return the product. Using AR technology directly on the retail website is more appealing to consumers as opposed to going through the process of downloading another app.
Brands have already started using this technology. Amazon allows customers to view what a clothing item would look like on, Lowe’s allows customers to see what pieces of furniture would look like in their backyard, and Home Depot lets customers upload a picture of a room in their home and insert a paint color.
Consider Instant Gratification
Amazon Prime has conditioned shoppers into being unwilling to wait more than two days for delivery, but with recent shifts to free one-day shipping, consumers are getting even more impatient. Third party services are also playing into the consumer’s need to get what they want, when they want it. Instacart and other grocery services allow grocery delivery within two hours of placing an order while GrubHub and UberEats can deliver your takeout in just about as much time as it would take you to leave the house and get it yourself.
What we are learning is that if consumers want something now, they’ll find a way to get it. If your company doesn’t offer a way to satisfy its customers, they can easily turn to other outlets offering the same products with better shipping. When establishing your shipping abilities, reference them on your site and in your promotions so that consumers know you can get them what they need just as fast or faster than a competitor.
You can also make updates to your website that allow consumers to get the information they are seeking as quickly as possible. Whether they are seeking reviews, price comparisons, or different styles offered, making it simple and easy to find will only help your business.
Understand Artificial Intelligence
There are many uses for artificial intelligence in retail marketing. When consumers shop online or use mobile apps, they are always leaving hints regarding what they like, want to see, and are willing to pay. Retailers can use this information to their advantage to personalize the shopping experience for customers. Personalization endears the customer to your company and brings them back for more.
AI can also be used to gain customer insights and manage relationships. Implementing chatbots on your site for customer service allows you to help shoppers make purchase decisions as if they are in the store talking to merchants. Having a constant customer service agent available also allows customers to feel connected and valued by the company.
Plus, AI can streamline inventory management, logistics, and delivery. Algorithms can be used to predict demand and prevent overstock that results in lost profits. AI can keep track of products from warehouse to packaging through delivery, giving customers the chance to know where their item is at every step.
Put Money into Social Shopping
With people spending more time on their phones, retail marketing needs to put budget towards the platforms shoppers are spending the most time on. The latest updates to every social media platform, from Instagram to Pinterest, involves an in-app shopping feature. Social shopping provides a seamless experience for customers, allowing them to find what they want and make a purchase without having to leave the app. With this in mind, retailers should consider putting money into this newest trend by marketing heavily on social media.
Kraus Marketing has experience designing and strategizing successful marketing campaigns for a variety of clients, including those in the retail industry. Contact us today to get started on your new retail marketing strategy for 2020!