Canada is weathering the economic storm better than most, but no country is immune to the global economic downturn now into it’s fourth year.
And retailers are catching the brunt of the storm as consumers have turned down their spending heat, and cut back on ‘non-essentials’.
Looking ahead, the retail sector perhaps more than any other, needs to really get inside the consumers head and develop a relationship.
Below is an extract from ‘Stores magazine’ (National Retail Federation – US) on their predictions for 2012 with a little highlighting courtesy of us ~ just to make sure you get the message! :o)
Instant Biz Buzz can play a vital role in getting your retail business where it needs to go!
- 2012 will see more partnerships between retailers and vendors and between retailers and their competitors. The “old guard” of secrecy that once existed between competitors is giving way to problem-solving dialogue.
- Mobile technology is a big deal, and not just about payments and transactions. The opportunity with mobile tech is in its power to influence and provide the local information shoppers are seeking about a store and being part of the conversation.
- Retailers are awash in data. Analyze it! Manage by facts, not by guessing. Mining customer data has never been easier with the analytic tools available today.
- Social commerce will be big in 2012. With Facebook headed toward becoming the biggest seller of display advertising in the U.S., the social aspect of retail will certainly become more and more important. And companies must actively participate in the conversation.
- Customers will continue to rule retail. In return, retailers must keep an eye on demographics and understand the diversity of household incomes and ethnic preferences within their markets.
- Retailers need to rewire their operations to be more customer-centered, more relationship-oriented and more transparent
- Practice co-creativity with your consumers and do more than just listen to the conversation—react to it!
- Make the store a stage! In a time where shoppers can roam your store while also checking your competitors’ prices via a smartphone, the in-store experience needs to be so appealing that they are willing to pay for the item in front of them.
- Control the retail experience using all channels—from brick and mortar to online—in a seamless fashion. Says STORES magazine: You can’t operate a 20th-century store if you want to appeal to 21st-century shoppers.
The NRF report is right on the money ~ the smart money. Your customer is more armed with technology, information and options than ever before and if you’re not talkng their language or reaching them in the channels they actually want to be reached, then they will turn away from you as easy as hitting ‘channel up’ on their remote.
Relationship marketing is the last bastion in this sea change ~ fortunately relationship marketing is the strongest of any.
Master it, harness it and you will come out on top.
Instant Biz Buzz can help you get there.
