09 Jul Three New Retail Marketing Strategies for Retailers.
Here at Senwave, we’re big fans of New Retail. The integration of offline and online paves the way for a business model that’s innovative, customer-centric and ahead of its time.
From a more actionable perspective, retailers might wonder how they can incorporate New Retail strategies into their business. In this article, we explore three New Retail strategies you can adopt to take your marketing one step ahead.
How does New Retail apply to marketing?
If you’re still a stranger to New Retail, read our article on New Retail vs Old Retail here.
Through digitalisation and providing a full omnichannel experience, this concept places consumers at the heart of the shopping experience. After adopting New Retail principles into your business model and supply chain itself, the next step comes in communicating those same principles with your customers.
Three New Retail marketing strategies for retailers.
1. Dialing up on digital
To win in a digital era starts with your business’s digital transformation. Evolving expectations from omnichannel shoppers means now more than ever do marketers need to strengthen their digital marketing efforts.
A survey by Deloitte found that 84% of customers log on to the retailer’s online portal before planning an in-store visit. With more and more consumers relying on digital platforms for product discovery, marketers need to ensure product information is attractive (and consistent) across all platforms.
Eyewear retailer Lenskart for instance, provides virtual try-ons, enabling users to see what they look like in glasses before purchasing.
Discover how you can explore digital transformation for your business here.
2. Embrace omnichannel marketing models
Omnichannel refers to a coherent and consistent customer experience across all channels. No hiccups, no surprises. With a rising need to blur the borders between digital and physical, retailers probably know by now of the importance of the omnichannel experience.
The Bank of America’s online portal is a fantastic example of an omnichannel customer experience. Through their mobile app, Bank of America customers can do everything from deposit cheques to scheduling in-person appointments.
3. Loyalty programs, taken to the next level
As choices abound, loyalty becomes more fragile. As such, loyalty programs have moved beyond the in-person experience to encompass the entire omnichannel experience. Customers are more empowered, and they should be able to redeem their benefits across all channels in the most convenient manner possible.
The hospitality industry is no stranger to customer loyalty – Here’s how Hilton has taken their loyalty programs up a notch. Now, loyal customers can book their rooms, check-in and even gain access to their rooms through the Hilton mobile app alone.
A more simplistic example would be enabling loyalty points both offline and online. When customers log in to the online portal with their account, the system automatically detects their member status and awards loyalty points for their online purchases.
Discover how your business can take centre stage in this evolving consumer journey with our New Retail solutions.