Since January this year, twenty-one North American retailers have filed for bankruptcy. We have seen established brands struggle with pandemic pressures as well as an inability to implement innovative, disruptive transformation.
We live in uncertain times subject to certain change and as such there has never been a greater opportunity for executives to iterate and question their existing retail strategy and infrastructure.
By effectively reimagining retail customer service, renovating your brand to foster brand loyalty and engagement and harnessing automation and innovation as a key differentiator, retailers can more efficiently shield themselves from the looming threat, whilst moving towards the future and beyond.
Renovating Your Brand to Foster Loyalty and Engagement
Though reopening and renovating are currently a priority, an effective remarketing campaign will prove essential as retailers try to transcend simple survival and get back on their feet.
ADJUSTING YOUR MARKETING – Brands only drive loyalty if they find consistent ways to create positive experiences, which result in engagement. In this new world though, the way customers want to and are able to engage with your brand has been turned on its head.
According to McKinsey, 46% of US consumers have switched brands or retailers since the onset of Covid-19 as they are starting to embrace change in line with their values.
A simple alteration in how you market your business could not only aid in customer retention but bring more new customers in.
In fact, it could well prove vital in reassuring your customers that you identify with their struggles as well as align with their core values.
DIGITAL MARKETING – As part of the adjustment that you should undergo in relation to your marketing, it is essential that you engage with your consumers across all digital touchpoints. Many companies have noticed a marked increase in the amount of digital sales that they are receiving at this time and, as such, it doesn’t make sense not reach out to them online.
The cross-channel content potential allowed through the omnichannel approach is a promising avenue. Helping to improve user experience and drive better relationships, omnichannel helps you to understand and leverage your customers’ online and in-store behavior and desires on a granular level.
Ultimately, the more channels retailers integrate, the more satisfied consumers are likely to feel and the more value they perceive the retailer to offer.
Social commerce is also a promising avenue for exploration. Allowing brands to sell their products directly via social media platforms, the tool is invaluable especially when we consider the global upswing of social media users during lockdown and social distancing measures. For example, 60% of Instagram users say they find new products on Instagram.
In short, your marketing must go further to reach out to the anxious consumer. There has never been a better time to build and iterate upon your brand and public image through effective marketing and digital integration.
How Does ‘Renovating Your Brand to Foster Loyalty and Engagement Help Your Business?’
- Increased brand equity
- Cost-effective marketing strategies
- Higher conversion rates
- Generates practical data and analytics
- Multiple channels to target consumers
However, this is just one of the three key solutions mentioned above that a retailer might employ to quickly respond to the threat posed by the coronavirus whilst also future-proofing their business for years to come.
To learn more, download the full report here or continue the debate at the NG Retail Summit, a GDS Summit, where we bring together senior retail executives who are actively seeking to share, learn, engage, and find the best technology solutions.