Dave Rosenberg, Head of Oracle NetSuite, EMEA, Business Development and Private Equity
UK retailers continue to phase in, leaving questions about what the new shopping experience will look like. With many stores closed since March, Covid-19 encourages deep reflection on the future of retail.
Experts predicted that physical shopping might be slow to bounce back, but identified a window of opportunity for retailers that could combine a digital experience with a more strategic use of bricks and mortar. ..
Now that retailers have faced difficult questions about e-commerce offerings and have returned to a safe shopping experience, here’s what they can do now.
1. Evaluate the business model
Due to the strict physical restrictions imposed by the pandemic, retailers had to think creatively about the use of retail space.
Supermarkets, grocery stores, and health stores are all quickly adopting a click-and-collect approach to keep growing sales. Small businesses, including pubs and breweries, have also adopted and adopted an omnichannel approach.
With a proper approach, omnichannel can level the competitive conditions in the retail industry. You need to integrate real-time inventory, order information, and e-commerce at the store level and optimize the Click & Collect process for clear communication, speed, and safety to deliver a great customer service experience.
According to the IMRG Capgemini Online Retail Index, April e-commerce hit a record high in the last decade, up 23.8% year-on-year, showing the opportunity now and now. Deploying an e-commerce solution doesn’t take months to consider a solution that can incorporate best practices and connect data across all sales channels.
2. Evaluate health, safety and legal conditions for resumption
Despite the ease of lockdown measures and the option of reopening stores, consumers can be anxious about visiting a crowded location.
UK supermarkets are valued for their swift response to in-store safety practices and non-essential retailers must follow to alleviate employee and consumer anxiety.
Measures include providing employees with personal protective equipment, installing plastic shields at the cash register, limiting the number of customers in the store, and restricting the direction of pedestrians through the aisles. there is.
It also makes sense to work with a limited initial storage time to allow regular cleaning. Retailers need to ensure that they are continually up to date with evolving safety guidelines.
3. Take measures to improve the financial situation
It is important to evaluate cash flow and the operational costs associated with reopening physical locations. Staggering workday returns and splitting shifts while keeping employees safe can also benefit many retailers in terms of cash flow.
Real-time visibility into inventory is important for redistributed inventory for retailers with multiple stores and warehouses. This avoids the additional costs associated with storing excess merchandise, which can further compromise cash flow. The right solution helps you maintain good inventory and balance depleted supply chains.
4. Emphasize customer retention and acquisition
Focusing on digital channels to maintain strong customer relationships was already important before the pandemic and is now even more important.
Being loyal to brand value and delivering a compelling experience at every stage of the buying cycle is key to ensuring customer loyalty and profitability. Your message shouldn’t be focused solely on sales turnover, but it should convey your company’s mission, attract new potential customers, and provide value to keep you on top during the purchase. There is.
PetShop.co.uk’s CEO helps streamline customer communications and give him enough time to personally write email exchanges while growing 300% sales during lockdowns. We are evaluating CRM technology.
5. Evaluate the price
For most retail categories, spending forecasts are expected to remain low in the short to medium term. To be of interest, many retailers consider discounts to keep up with Black Friday or Cyber Monday prices and keep sales up.
However, instead of simply lowering prices, consider bundling added value to protect margins and customer lifetime value while increasing loyalty. When you establish the value of your brand, your customers remain loyal and are more likely to buy if possible.
Ross Davies, the founder of Koin Club, has found that the collectable nature of Disney and Marvel products is perfectly suited for repeat or subscription-based sales.
The subscription model is popular with many retailers, from pet food to socks to shaving products. Recurring Consider how your product will function as a recurring purchase in order to realize recurring revenue.
The retail industry needs more agility and preparedness than ever as business resumes and consumer priorities evolve. Efficiently blending online and offline experiences and ensuring the safety of bricks and mortar, while keeping the consumer experience fresh, is the key to a new normal success.
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