4 Powerful Strategies Modern Retailers Need To Succeed

We’ve put together 4 proven strategies to help drive growth for your retail business and enhance your overall success!

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Ramzi Chamat / 8 Ways Media
2019-04-24 08:31:00

4 brown straw hats on display

Photo by Artem Bali.

When it comes to marketing, if you’re not on the ball, your business could soon suffer at the hands of the competition. Traditional retailers need to learn lessons from successful e-commerce led retailers, and here we outline some of the most important lessons out there:

Brand awareness

Online-first brands understand the power of brand awareness. They know that in order to build a famous brand they must embrace authentic brand storytelling. This gives audiences something tangible to relate to, and will ensure that your brand stays at the top of their minds.

Look at Zappos, which reinvented the online shoe industry by offering outstanding online customer service. Instead of sticking to the standard 30-day returns policy, the company delved into the market with an impressive 365-day returns policy, free shipping on all returns and a Freephone customer service number on every page of its website. The media attention surrounding this move skyrocketed the business overnight, and today, the brand is the number 1 seller of shoes online.

Technology adoption

Even if you’ve got an incredible business idea, you will struggle to succeed as a modern-day retailer without investing in the right technology. To succeed, you need to be able to quickly harness the right technology and use it to spur rapid growth.

You don’t need to take risks on new and untested technology. Instead, look to the giants such as Amazon and eBay to see what technologies they’re using, and follow suit. Adopting high-quality platforms is the easiest way to improve the overall customer experience. To do this, you need to prioritise machine learning and smart automations.

Two computer screens facing each other, one with a hand holding a credit card, the other with a hand holding a paper bag

Customer insight

Brands that are achieving growth in today’s competitive environment understand the significance of customer insight. They capitalise on real-time behavioural data, which helps them to understand and predict the buying behaviour of their customers. They use behavioural marketing tactics such as triggered emails to ensure their message is not only sent in real-time but is also contextually relevant and persuasive in nature. This technique is so powerful in driving conversions and ultimately growing your online revenue.

Agility

Modern day retailers must also be willing and able to rapidly adjust their tactics according to what data tells them. They do not stick to the same tactics time and time again, but are willing to adjust their tactics in line with the latest trends and requirements.

Take subscription company, Birchbox, which capitalised in the popularity of subscription boxes back in 2010, but added a unique twist by offering personalised beauty packages for $10. The strategy was a staggering success and the brand reported annual sales of $125 million by 2014.

This is an example of a brand willing to optimise their strategy – and it truly paid off. By being primed to adapt, your business could experience rapid brand growth.

Got what it takes to tackle the online world?

While the high street is not dead, it has definitely evolved. Many companies that started out exclusively as e-commerce businesses are now expanding onto the high street, so there is certainly excellent growth opportunity for traditional retailers willing to learn from successful e-commerce brands.

As a modern retailer, you need to be open-minded and willing to embrace brand awareness, technology adoption, customer insight and agility.

Looking for help?

8 Ways Media’s team of digital experts knows exactly what you need to help your business thrive. To discuss your needs, contact a member of our team today.

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