Small business owners would do well to look at the methods much larger retail outlets use to turn lagging sales and profit around. Most recently, the retail giant Walmart has experienced a 9.6% sales surge and is expecting to draw over $112 billion in revenue this year. The chain of discount department stores has faced increasing competition from Amazon, as many shoppers value the mail-order giant’s responsive customer service and competitive pricing.
There’s no debate about the fact that retail and technology are merging. With the influx of e-commerce, apps, and social media touching all facets of life, retailers who are committed to success recognize that keeping up with technology is a necessity in this day and age.
But, perhaps the sharpest of retailers are doing even more than that. As Forbes Contributor Michael Jones points out, if you want to stay ahead of tech trends in retail, then think like a tech company instead of a retail company.
Pop-up stores have been around for years. You have probably seen a temporary Halloween costume store or Holiday gift stores which temporarily locate in an empty kiosk or retail location. However, recently Target has been in the news for their successful Bullseye Bazaar and Bullseye Bodega pop-up stores. So, why are pop-up stores so great?
Synchrony Financial is a trusted consumer financial services provider with over 80 years under their belt. They’ve just released The Synchrony Trend Spotter – The Latest in Retail and Consumer Marketing; the report outlines the things that consumers value most, and it highlights how retailers can best respond to those consumer priorities.
Synchrony Financial tracked the patterns that currently define retail and mobile platforms. These are the five most important trends they found:
A recent study shows that nearly two-thirds of adults in the U.S. use social media. Retailers, from large multi-nationals to small regional shops, utilize sites like Facebook, Instagram, and Pinterest to promote their brands. These sites not only allow retailers to communicate with customers and spread their brand, they also act as an informative space so that consumers are aware of current promotions and news.
Whether or not you have a social media presence, odds are people have looked for it. Facebook reviews alone have become a significant source of feedback that are useful for businesses and consumers alike. Here are three ways smart retailers utilize social media: