Welcome to our 5th part of the “Retail Week Series”. Today we strive to shed light on the Major Pain Points faced by Retailers and dealing them effectively will be our Solutions. The article is immensely helpful to all retailers, eCommerce firms, technology players and budding entrepreneurs for running a successful Retail business. So, let’s go through it one by one.
- We Collect Data now But don’t do anything
Many retailers have put some sort of CRM platform in place to collect the data their customers give them; names, emails, phone numbers, purchase history, etc. It was clear that this information was going to be useful, however, many retailers never figured out what to do with it. Soon those daily, weekly, monthly records turned into huge heap of data to figure out.
Let them use Big Data analytics to make sense and draw insights from it. Integration of CRM with analytics enables retailers to see actionable insights that come out the other in easy to read reports. Retailers can meet customers’ expectations by making strategic investments in technology, engaging in data analysis and carefully managing their various digital channels.
- We want to connect our online and offline marketing campaigns
Another pain point that has become a trend is disconnection between retailer’s offline and online touch-points. Plenty of customers have probably interacted with your business on your brick-and-mortar shop. However, you are still missing your online presence in case you don’t have one. Also, those who have multiple online channels such as mobile, social, web in-store, it can be difficult to recognize those several interactions from one person.
First thing first, those who don’t have an online shop please go and make one. You have to be aware of the infinite opportunities present on the web. Again for Omnichannel players, connecting the dots is important for marketing to become much easier. Instead of sending same promotional content to all customers, retailers can now power themselves to send fewer relevant offers to segments of customers that resonate better with each individual. When a customer feels a business truly understands their needs, they become much more loyal to that business.
- We want to know our customers better
A seemingly simple but important question is how you know your customers better.
The challenge has couple of different variables to it; data collection, data analytics, actionable insights, and follow through.
The first step is collecting permissible data from your customers at every touch point, this means asking certain questions on surveys, adding fields to your loyalty program sign up form, and observing patterns in behavior on different platforms. Next you need to have the ability to analyze, scrub and harmonize this data and pull out actionable insights. These are the hard parts, which you need to work hard to excel at. Once this is done, follow through is the key. Making changes, based on these insights will improve the customer experience.
Post demonetization, retailers have faced the brunt just like any citizen of our country due to shortage of cash. There had been a substantial drop in business for retailers as the supply chain process took longer time than usual. Truckers and vendors/ distributors where not able to pay money required during transportation. This had a direct impact on the business of retailers.
A UPI-based payment solution can solve many of the payment issue with simple and effective payment procedure. Online marketplaces and Retailers can make logistics handlers utilize the payment solution by tying them up with the help of developers.
Similarly, Online Retailers can extend credit to its distributors so that they will do the same to their retail partners, in an attempt to deal with the liquidity crunch. Thus going cashless is the key for smoother business to happen.
- We want to know the best way to present our brand on multiple-channels
Often your first impression turns your last one. It’s important to remember that the success of any sales strategy hinges as much on execution as on the strategy itself. So how do we leverage the multi-channel retail?
Differentiate- Conveying a value proposition at first glance is essential for merchants to stick out in a competitive field.
Brand consistency- All channels need to have consistent graphics and messaging to increase brand recognition.
Streamlined operations- Synchronization of multichannel retailing is essential in managing sales, processing orders, and fulfilling customer purchases — across multiple channels.
- We are traditional retailers and losing out customers because of eCommerce firms
Many retailers have bitten the dust due to old methods of trading. One big example was during demonetization itself. Since, they don’t have the capability or necessary infrastructure for online presence; they miss out on the drifting online customers.
They should explore the deal of selling their products online through any major eCommerce platforms. Etailers such as Flipkart, Amazon, Snapdeal and Paytm to name a few have thousands of sellers on their platform. Sellers also get an opportunity to put their products for international customers. Also, they receive easy-repayment loans from their etailers to stock products.
Market presents both great opportunities as well as some unique challenges for Retailers. Technology inclusion and smart selling can make them sustain and expand their business.