While retail revenue has seen gains in recent years, virtually all of it has come from online sales. The advantage is to online-only retailers because traditional brick and mortar companies have had to maintain dual supply chains (direct to store and direct to consumer). As a result, traditional retailers have to manage costly store networks and are faced with shuttering or restructuring their store footprint. One of the trends to increase traffic to physical stores is to create unique in-store experiences that go beyond just shopping for merchandise. Lifestyle elements, such as boutique coffee shops or virtual reality experiences, and even live entertainment – are techniques more retailers may employ to increase foot traffic.
On the technology front, savvy retailers are taking advantage of machine learning and data analytics because they are a benefit to customers who want a more targeted and personalized shopping experience. As the digital marketplace expands, crowdsourcing has become a trend, allowing retailers direct access to large populations in order to collect feedback about subjects, products or ingredients. And how we pay for merchandise is changing too. Technology will likely make mobile payment solutions the norm in coming years, requiring that you have your mobile device (instead of your wallet) with you at all times.
As new business models change the environment, sales incentives, recognition, and training programs will help you gain the advantage.
Establish your brand as a leader through sales incentives and engagement programs from Creative Group.