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How Can Retailers Adapt In This Ever-Changing World?

How Can Retailers Adapt In This Ever-Changing World?

The retail industry, which can never cease and is always ever-evolving, has been experiencing disruptions since the recent COVID-19 pandemic. Despite strict safety protocols and lockdowns, the retail sector has outperformed almost every industry and reached a global market worth $30 trillion.

We are witnessing dynamic changes in consumer behavior, such as:

  • More than 70% of consumers prefer multiple channels while shopping

  • Over 85% of consumers have shifted online for their shopping needs

The COVID-19 pandemic landed many retailers in uncertain situations, leading them to restructure their business modesl. Retailers who opted for a digital and omnichannel approach have been able to ride the disruption wave effortlessly, while those who prioritizes physical stores have had to struggle quite a bit.

Recent retail marketing conferences, such as the Marketing 2.0 Conference, suggest that the new normal for retailers consists of novel, omnichannel approaches which provide distinctive consumer experience and satisfaction. Retailers have to take the initiative across three key elements that will enable them to meet consumers' ever-changing demands and expectations.

Expand your Digital Presence

It’s time to gear up your digital presence as online sales have increased up to 25% in the last two years. The future belongs to those retailers who are already investing in building their digital assets to reach out to customers. Customers highly appreciate the omnipresence approach to building trust and credibility. According to experts at digital marketing conferences, mobile application downloads have increased by 11 percent, making digital platforms the best for consumer engagement.

Omni-Channel Approach

Since no one likes hindrances, to win as a retailer, focus on providing your consumers an effortless, seamless, and friction-free experience. Adopting an omnichannel approach means creating a multichannel sales strategy that aims to give customers a consistent buying experience by using the power of digital marketing channels. This is regardless of whether they're purchasing online from a desktop or mobile device over the phone or by visiting a physical store. This innovative approach can scale up your sales by ensuring that no potential customer remains untouched by your promotional efforts.

Interactive Customer Experiences

Most human experiences come from touch and feel, and customers want to touch the products before making any purchase. No matter how significant technological achievements, when it comes to real interactive experiences, customers still prefer in-person or face-to-face purchases. However, online stores are coming up with real-time experiences, bridging the gap between offline and online interaction.

Taking advantage of AI-based technology, online retailers give personal attention to every consumer and make them feel special. Another approach used by merchants to let buyers explore things before adding them to their carts is virtual reality. Virtual reality technology can help enhance the whole try-before-you-buy experience for online customers who seek a better grasp of items before adding them to their cart. Thus, virtual reality stores are the next big thing for retailers.

Conclusion

The next step for retailers is to flow as the situation demands while also keeping in mind that consumer empowerment and providing them with a flawless shopping experience will never go out of trend. For more updates, attend the Marketing 2.0 Conference, where top-tier retailers, investors, marketing experts, and business owners come under one roof to uplift the global marketing industry by providing personalized solutions and proven techniques.

ambika

Ambika Gautam works with the Marketing 2.0 Conference’s team. The three-day conference will feature hyper-focused keynotes and panel discussions revolving around the future of marketing, advertising, and retail. Touching upon the latest trends and developments in marketing automation and e-commerce, the conference will also explore effective marketing strategies, how one can protect oneself against ads that promote fake schemes, scams detection, as well as fraud prevention in the digital space.