How can Retailers Surpass Competition with Innovation?

In today’s world, where competition is cutthroat, retailers need to find innovative ideas to stand out in the crowd. With the right technology and creativity, retailers can be ahead in the race. With suitable strategies, retailers can accurately capture a larger sum of customer base.  

Traditional retail methods come along with various drawbacks such as:  

  • Inability to record customer experience.  
  • Consumers demand the latest POS experience.  
  • Reliability of the same old methods to sell a product and expecting a different result.  
  • Stores and eCommerce are still operating in silos.  
  • Lack of accurate customer data for launching effective offers.  

By combining the right technology and strategies, retailers can outshine their competition.  

Switch to an Integrated POS system 

Customers need flexibility and freedom to place an order however they want and get it wherever they want: their smartphones have become a walking POS. Traditional POS would only support billing offline and online separately. It would not record customer data further to form effective loyalty programs. An integrated POS does the job. With this technology, even staff efficiency increases, they can serve customers even more effectively, find the product location right away, manage inventory more easily and greet customers with a warmer smile. The customers no longer must stand in the long queues, they can help themselves with the payments and free the space soon. Before creating any loyalty program, the first step is to access the customer data, only then can a retailer classify customers into diverse groups for different deals and offers.  

Offer Subscription Boxes  

A subscription box is a marketing tool to enhance brand exposure to the customers. Be its meal kits, books, shaving kit, or wine subscription boxes have transformed the concept of repeat purchases. Surprises excite everyone. Hence, they can be used as a great marketing tool. Consumers adore the experience of convenience and a surprise of a curated selection of new products directly sent to them. According to a recent eCommerce study by McKensy, about 35% of active box subscribers tend to purchase more active subscriptions.  

Surprise Customers with a Surprise Basket  

Understand each customer’s preferences and their spending pattern. Offer deals on their favorite products. Mix a few of them and voila! you have a surprise basket for your customers. Distinct baskets for different segments. Not only does this boost customer satisfaction, but also builds recognition for your store. Satisfied customers tend to spread word of mouth contagiously. There is no better promotion than a referral. It is economical and more effective than any other promotional measure. As human beings, we all long for a sense of belonging. If you successfully show your care and affection towards your customers, you are already ahead of the competition.  

Promote Sustainability by Reselling  

Customers these days have become more sensitive towards our environment. According to Neilsen, 73% of global consumers are willing to change their consumption habits to reduce environmental impacts. Consumers are now holding retailers accountable for their production tacts. Keeping this new mentality of their customers in mind, retailers have decided to respond by reselling pre-used items.  

According to the latest Thredup resale reports, the sale of second-hand items has grown 21 times faster than the retail apparel market over the past three years. Now the time has changed, and bargaining is not limited to just students. Even 26% of luxury shoppers are now preferring pre-used luxury items.  

Allow Apparel on Rent 

As the trend of ethical consumption grows, the rental market is fueled as well. Consumers nowadays do not prefer to empty their bank accounts and buy expensive clothes to rot in their closets as soon as a trend is over. Apparel rentals give enough flexibility to the buyer to keep up with the trend affordably.  

Retailers willing to enter the rental market must make sure that they have the right technology that tracks each item; which one is in, and which ones are out. It should be efficient enough to check the state of each product when it is back in the store and identify if it is in the proper shape.  

Bottom Line 

Retailers can barely stand up to their strong competitors Without innovation. With better technology, more accurate data, and more efficient strategies, retailers can beef up their business tremendously. LS retail is a unified software specializing in retail matters offering a complete set of tools required to run a retail business. From integrated POS to automatic inventory tracking, you can get everything under one umbrella. Trident Information Systems is a Gold Microsoft Dynamics 365 Partner who has served various business ventures so far. For further information, contact us.