As human beings, we enjoy having different alternatives and choices. This is particularly true, especially when it comes to shopping. As more and more consumers moved to online shopping in the wake of the COVID-19 global pandemic, the future of retailing has evolved and transformed into a must-have for many successful e-commerce businesses.
Consumers are discovering brands in new ways and seeking contemporary conveniences to guide their shopping decisions. According to a report by enVista Retail Market Research, it states that consumers prefer to shop across a variety of channels rather than just sticking to one.
The new generation of consumers are continuously switching between channels in order to acquire the best deals and services. Being present at the different touchpoints of a customer’s journey is therefore critical to a retail brand’s success. However, in order to do that, retail businesses should be aware of the customer’s needs, wants and preferences.
The industry knows that the market has been extremely competitive, in part because of technological disruptions, demanding customers, and shifting consumer habits. It is now difficult for retailers to grow and survive in the sector if they are unable to adapt and respond to these challenges.
One of the most effective retail industry trends today is the investment in omni-channel retail strategies because, despite the demands of the industry, business owners still face challenges like customer experience, marketing solutions, social media engagements, and consumer demand resiliency.
The question is how do these challenges hinder the growth of one retail business? Let’s find out below.
Adapting to the ever evolving needs of consumers
The change in customer needs and preferences will always be there. It is always fast pace and it causes business owners to lose sight of the needs of their target market, which as a result can lead to a loss of business revenue. This could have been prevented if, brands from the start had been guided using the right ways in branding, which not only raises the value of a company but also creates trust within the market.
Leveraging social media as a business marketing platform
The customer experience and online sales are both significantly influenced by social media. Experts predict that hashtags and meme culture will play a similar, if not larger, role to traditional advertising approaches. However, many of these businesses may not know exactly or even how to go about approaching their audiences using the many trending methods of marketing.
Limiting the use of innovative strategies due to variable retailing processes
Due to retailers’ lack of expertise in omni-channel marketing, retail brands find it challenging to retain their customers’ interest in their items during the pandemic. Even with the adaptable changes in retailing operations and fresh concepts, existing products often lose their appeal over time.
Consumer’s ever-changing wants and needs
As new items improve, retailers may also be impacted by consumers looking for more innovative and convenient ways to purchase new things. Retailers need to always be able to change their offerings constantly, in order to draw in and retain their customers.
They also need to stay alert and act quickly to keep up with the current trends that are constantly evolving.
Lack of experience by retailers with bad business advice
Consumers’ confusion caused by inaccurate business advice has an impact on retail. Given the conflicting instructions they receive, the consumers themselves might not be aware of the different benefits that various products offer. Lack of professional guidance and commercial expertise could also end badly for your retailing.
Why Should Retail Companies Think About Omni-channel Marketing?
An Omni-channel retail strategy is where shopping can be made online on websites, mobile devices or in physical stores. It gives extra channels for client purchases and enhances the customer experience. The availability of several channels for purchasing goods and services improves both traffic and sales.
How Can Hashtaqs Provide Retail With Excellent Omni-channel Sales & Marketing Strategies?
Helps adapt to ever-changing retail processes and improve new concepts with appropriate training
As a retailer, you may have a strong understanding of the retail industry and how it works, but that understanding does not necessarily translate to an ability to learn or use new techniques or platforms. To be able to teach others how to use retailing skills effectively and efficiently, you need to be able to demonstrate those skills yourself. This is where Hashtaqs can help your business.
Hashtaqs offers businesses training and consulting services in areas such as leadership, problem-solving, branding and marketing, customer excellence, sales techniques, and more.
Introduces new strategies using simple and effective methods
Hashtaqs offer full-service online and offline marketing solutions, including event/seminar production and execution. Retailers can easily access an extensive database of wholesale products and distribute them at cost to their retail customers. With an ergonomic, real time dashboard marketplace, merchandise can be conveniently purchased at the click of a button.
Enhances understanding of how the retail industry functions & provides strategies for selling efficiently
Hashtaqs understands that the wants and needs of consumers alter over time. Marketing strategies must be flexible in order to adapt to new retailing processes for a variety of reasons easily, including a global pandemic and technology trends. Discovering and sharing new and diverse ideas with Hashtaqs could be one of your solutions to keep up with the current retailing flow.
Ensures that the retail industry keeps up with a broad range of educational information
In Hashtaqs, we offer consulting and execution services for brand transformation, marketing, digital transformation, and business internationalization. Through individualized learning development programs and business coaching, we also upskill individuals. We fully engage with our client’s journeys and offer a transformation roadmap that will help them upskill their workforce and transform their businesses to solve problems and achieve their goals.
Having Hashtaqs as part of your business retailing practice allows you to handle the sales, delivery, and collection for you. You get the benefit of having a hands-on approach to managing your business logistics.
We recognize that business retailing is a highly competitive industry, so we consider it important for us to provide the most competitive educational services. For the benefit of our customers, we use our professional expertise and in-depth knowledge of the industry to locate the best deal. Customer satisfaction is our top priority, so we always strive to provide excellent service to both new and returning clients.
Our consultancy work is supportable with the funding scheme for local SG businesses up to 70%. Contact us for a consultation at +65 8868 1418 or email us at [email protected]. For more info, visit www.hashtaqs.com