In May 1897, Mark Twain was on a world speaking tour. While
in London, he heard that an American newspaper had printed his obituary. When
told about this, Twain remarked, “The reports of my death
are greatly exaggerated.”
The retail industry could say the same.
Despite ongoing reports of store closings and retail
bankruptcies in publications ranging from The
Motley Fool to CNN
to The
Wall Street Journal, the “Retail Apocalypse” may be exaggerated.
It is true that
we have seen the likes of Sports Authority, Rue21, The Limited, Wet Seal, and
BCBG Max Azria file for bankruptcy protection. In addition, many department
stores, such as Sears, Macy’s and JC Penney have closed locations. However, the
so-called “Retail Bloodbath” may not mean an end to brick-and-mortar stores.
In fact, the US
Census Bureau recently reported that retail sales were up nearly 4% in the first six months of 2017, compared with the same
period last year.
These data
suggest that multi-channel retail—including brick-and-mortar stores—is not
going away. So, how can retailers stay afloat and even excel at both
traditional and digital shopping? The key is to bridge the online and offline
gap. You need to re-create the offline experience online. And, in turn,
generate an “endless aisle” experience in the store.
Help customers move smoothly between
channels
Use
your online experience and interactions to drive foot traffic to
brick-and-mortar stores. Email, push notifications, and social media all
provide you with opportunities to promote local discounts, products, and events
that can drive shoppers to stores. Store locators, product reservation tools,
and ship-to-store options can boost revenue, while increasing convenience for
the shopper. And there is that added benefit: while the customer is in your
store to pick up that special item, it is likely that they will acquire
additional items on impulse.
This
can also apply in the other direction. If a product is out of stock in your store,
“endless aisle” technology can allow your customer to order the item online
while standing next to the shelf. Integrated IT systems mean that customers can
return online orders in-store instead of having to mail them back and wait for
a replacement or refund.
Use online interactions to enrich your
customers’ in-store experiences
Successful
retailers are using information from online channels in their offline marketing.
For example, Best Buy displays product reviews and ratings on the shelf next to
the product. Providing consistent product data across channels ensures that
customers who found a great product online can find that same item in-store. By
improving SEO and enriching product information, Primeau Velo was able to
decrease customer online search time and increase in-store sales simply because
shoppers could more easily find products they were seeking.
Another
tactic is to personalize catalogs, adverts, and mailers based on online data. When
retailers can draw insights from online interactions, printed materials can
extend the digital experience and provide a seamless customer journey—from e-commerce
to catalog to conversion.
Integrate your online and offline
product information
Regardless
of your retail industry, all your markets and channels need to tell the same
story. This way, your customers will encounter a consistent brand and product experience
no matter where they start their journey.
But
to accomplish this, you need a single source of accurate product information.
When
your catalog production in Europe can draw from the same information as your e-commerce
engine in the U.S., you can go to market more quickly with new seasons or
assortments. You have the means to enrich your product content so you are
relevant to customers no matter which channel they are using. You can also more
easily align offline experiences and online interactions, creating a consistent
and satisfying customer experience.
The
result? You build stronger relationships with your customers and realize higher
sales and greater customer loyalty.
- Kathryn Zwack, Sr. Content Marketing Manager, inRiver
- Kathryn Zwack, Sr. Content Marketing Manager, inRiver
