Due to the pandemic, online shopping has become a tool for people to purchase personal care items, clothing, groceries and everything in between. The typical dynamics of the retail business have shifted dramatically in the past 13 months, resulting in new trends and client expectations.
This blog post will cover three key developments in the retail industry and how businesses need to adapt in order to experience continued success!
- Brick-and-mortar stores pivoting online are creating more online competition.
Prior to the pandemic, there were many businesses that found great success due to their store’s physical location and pedestrian customer base. However, as the pandemic has affected these businesses very heavily, they were forced to adapt by selling their products online.
As more businesses establish their presence online, there is increasing competition for keywords, competitive pricing, and communicating their unique value propositions to build a relationship with customers.
With the growing online competition, it is imperative to invest in digital marketing by crystallizing your brand identity, implementing a tailored SEO strategy, and creating content that connects with your target audience.
- The growing use of Omni-channels.
Many brick-and-mortar stores have successfully transitioned online by cultivating a strong digital presence. There is a great opportunity for these businesses to lean into both aspects and continue to offer customers a unique shopping experience.
Although stores are opening up again, the habits formed due to the pandemic are here to stay. People will continue to research and buy online, with delivery and curbside pickup options available to them. Customers have simplified their shopping experience to whatever is simple and convenient for them. Alternatively, this has made the customer journey become more complex, as businesses need to reassess their service to meet customer’s changing expectations and mindsets.
- Customer reviews are more important than ever.
Customer reviews have always been important for the success of a business. However, with the shift to strictly purchasing online, reviews are increasingly more integral to the business’s success. For companies newly established online to companies with years of online presence, potential customers will refer to other people’s experiences with the products and customer service.
When positive reviews are given, it is crucial to highlight and promote them on your platforms to establish trust with your audience. When negative reviews are given, it is vital to respond to those in order to make those customers feel heard and valued.
Retail is ever-evolving and to be successful, businesses need to keep up with trends and react to ensure they’re not left behind. Businesses can take advantage of the shifts in retail by leveraging insights to inform business activities, such as online investments, physical expansion, supply chain logistics and marketing strategies.
Need help? Contact BottomLine for a tailored marketing plan to stay ahead of the game.