Reach and convenience As big retail giants like Amazon and Walmart continue to both increase their share of customer minutes per day and reduce barriers to purchasing (e.g. Walmart’s acquisition of Jet to provide same day delivery service), specialty retail stores must also be good retailers and look carefully at where they can make targeted investments into reach and convenience that will be impactful for their customers. As players like Amazon bring on new categories, specialty retailers will need to be able to compete from an operational perspective to maintain their customers.
Stay on top of technology Wong says a critical component of any retailers’ strategic retail plan is technology. “It allows for a more personalized, unique customer experience [and therefore better engages shoppers], as well as streamlines retail processes, providing a larger amount of data to further build upon that personalization,” he says. “In the past retailers equated technology and omni-channel. Looking forward we need to think of technology as pieces, enablers that help create
the overall digital component of the brand experience.” Every retailer needs to look at technology as part of how they maintain their relationship with today’s connected consumer and apply technologies as part of an overall digital strategy.
Consider special offers Have up-sell and cross-sell offers as traffic drivers that you can offer at the point of sale. If this offer is something service-based even better. For example, if you sell chocolates, offering to box and giftwrap them is a great idea.
1:1 retailing An innovative solution for brands looking to create a unique customer journey is this next-generation approach to retail, which sets to transform the shopping experience by taking the information that customers offer regarding their shopping preferences and seamlessly marrying it with technology-enabled capabilities that can track presence awareness and product interaction to provide a wholly personalized in-store experience. The result is an improved
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