What began as Black Friday has for many retailers become a Cyber Week or a promotional period starting well before Black Friday and continuing for some time. Retailers should be aiming less for customers to fill their baskets at midnight, and more to deliver quality shopping experiences that bring customers back, for higher and repeat purchases during this period. Basket size is only a measurable metric if retailers are doing everything in their power to make sure they won’t receive 75 per cent of stock back.
A carefully curated ‘clienteled’ purchase, supported by store associates’ product knowledge and the right technology, will be a memorable experience. This more informed browsing and buying experience as part of an omnichannel strategy that integrates all the customer channels, will be one that dramatically reduces a retailer’s returns and that customers want to repeat.
There are some essential elements for retail success, this Black Friday or any day of the year:
- Personalised offers: In these challenging economic times, brands that offer personalised deals to customers and save them money will earn their trust – and triumph. And those retailers that care for the community will also win favour. Throughout 2021 Cyber Week, Russell & Bromley donated £5 from every sale online and instore to good causes, and L’Occitane donated $5 from each gift set purchased to Dress for Success, a global non-profit that helps women achieve economic independence and break the cycle of poverty.
- Adopting true clienteling as part of an omnichannel retail approach means having store associates empowered with all-round knowledge about the customer’s wants and needs as well as product information, especially with the rise in consumer interest in ethical trading and sustainability. Backed by AI and machine learning, this retail technique enables online ordering in-store to upselling appropriate products and offering exclusive communications through in-depth profiling.
- Giving customers comms, payment and delivery options – Retailers may face abandoned baskets and high returns if they don’t have enough channels for sales associates to share the right information on products with customers, such as WhatsApp, email or video consultations. Offering customers multiple payment and delivery options including click and collect / BOPAK will ensure that customers are delighted with their shopping experience – from social media to the last mile.
- Shared baskets that enable busy customers to shop seamlessly between a retailer’s app, website and physical store will keep customers engaged with the brand and maximise retail success.
- Effective stock and inventory management will ensure that retailers have accurate information on stock availability and can send it to the right locations – each physical store, online store or warehouse. A close second to high returns, overstocking and underselling is one of retailers’ biggest challenges during this promotional period.
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