When it comes to selling your products or services, it is important to create a comprehensive and strong retail strategy. Your product strategy can greatly influence how much business your store brings in and how much stock is moved regularly.
Here are some tips on how to improve your product and retail strategy:
1. Do your research
It’s important to do your research so that you can understand who your consumer is. Find out their motivations, psychological behaviours, interests and past behaviours in order to determine how your store should look and feel. This will also help you to identify how you can communicate with your customers and ways to offer them complementary products.
2. Social marketing
Adopt multi dimensional ways of communication to encourage discussion and interaction with your customers. More and moreretailers in Australia are beginning to incorporate social media in their retail strategy.
Having a facebook page is a start, but ASOS created Marketplace a few years back to watch the absolute cusps of trends. Here, customers can sell their own items of clothing through ASOS Marketplace to people around the world, and ASOS can keep an eye on what’s hot and what’s not.
Polyvore, Instagram, and Kudos points are all changing the way we talk to customers. Threadless has taken this so far as to only produce products voted as popular by customers – demonstrating true social commerce.
3. Personalised messaging
Broad brush promotions no longer cut it alone – now big data is enabling personalisation of eDMs, text messages and creating offers based on past or likely future product purchases.
This kind of digital technology will help to influence customer purchases, and also provide helpful information about promotions and suggesting complementary products.
4. Go vertical
Brands are moving up the supply chain and retailers are moving down to have more control over products and bigger starting point margins.
5. Keep it fresh
Retail is now an international marketplace, so individual design that is aspirational is vital to survive. Gone are the days of simple buying trips and copy paste ideas with a markup.