Brands across the world constantly invest in innovative retail practices to not only drive their sales but also achieve their marketing objectives. Due to extreme competition in the retail sector, it has become imperative for brands to leverage the latest innovations to stand apart from competitors. With technologies like AI and Machine Learning evolving at a rapid pace, it is crucial for companies to integrate them with their existing operations for delivering improved customer experiences. Additionally, there are certain retail sales best practices followed by leading brands that new companies must learn to yield better results from their marketing campaigns.
Read on to know more about such retail sales best practices that have helped leading brands establish a prominent presence.
Offer Product Testing
One of the biggest apprehensions that customers have while trying a new product or a new variant of an existing product is the efficiency of performance. Product descriptions can only pique the interest of a customer but to make a final decision they want to be able to try the product. In such a case, it is vital to offer product testing options for customers who are on the edge. Through product testing, customers are able to analyze the performance in real-world situations and can better understand the suitability of the product for their needs. This concept applies to all types of products, whether it is a sports car or a simple dishwashing liquid, product testing is a vital aspect of marketing. For example, cosmetics brands like Maybelline have pop-up stores in leading supermarkets or malls. Here the customers can try different products and identify the ones that meet their expectations.
Deliver Delightful Customer Experiences
Retail sales are no longer about a one-off transaction with a customer. The trend is now to establish an ongoing relationship by delivering exceptional customer experiences at all levels. Satisfied customers are not only likely to stick with a brand for longer periods but also offer free word-of-mouth publicity that helps drive sales further. This is the reason that brands are now actively investing in improving their customer experiences. For example, Desmond and Dempsey, a leading retailer of pyjamas, follows an interesting strategy. They use their online store to gather detailed information about their customers. This has helped them understand that customers perceive their products as intimate products and comfort is the most important factor for the users. They approach their customer experiences with this factor in mind and this message is consistent across all their platforms. This is the reason that they have focused even on aspects such as delivering a great unboxing experience for their online orders.
Brand Transparency is a Must
Millennials do not like to be associated with brands that are likely to misuse their data or rather sell their data without them knowing about it. A lot of customers consider brand transparency as an important factor in their purchase decisions with over 73% of customers agreeing that they are likely to be engaged with companies where brand transparency is assured. As a result, more brands are becoming transparent with their marketing efforts, for example in most email marketing campaigns, the opt-out option is prominently placed. In addition to data security, customers want the brands to make positive contributions to society. More than 70% of shoppers agreed that they will pay more for products from a brand that is transparent. This is the reason that Girlfriend Collective integrated brand transparency with social causes. The famous retail brand publishes its transparency report on Instagram where details related to employees and customer donations were shared with the customers.
Using NFTs to build brand loyalty
Trends indicate that merely offering discounts is not the best strategy to foster brand loyalty in customers. This is the reason that many brands are now offering even more exciting and interesting rewards for their customers. One of the latest strategies that brands are pursuing herein is issuing NFTs or Non-fungible Tokens. NFTs are digital assets that can only be owned by one person at a time, essentially a digital version of a limited-edition product. One of the pioneers in leveraging NFTs for creating brand loyalty is Superplastic which is direct to consumer brand. Superplastic deals in limited edition toys and is creating a new store in New York City. The brand has plans to limit access to certain sections of the store to only those customers with one of its NFTs. They also plan to replicate the same concept with their website where only selected customers will be able to purchase.
Retail sales best practices have evolved considerably over time. Now brands are using the latest technology to engage customers on an ongoing basis. In the years to follow, it would be interesting to see the kind of retail strategy that brands focus on to drive their growth.