Over the years, marketing has changed in profound ways. However, customers want to expect the same experience across retail channels. Now a days, in order to target new customers and boost brand image without spending millions of dollars, Integrated Marketing Communications (IMC) is achieved by using social media, online advertising, public relations and viral marketing. This helps consumers understand the message intended and are more inclined to make a purchase. Effective marketing management is crucial in every industry as innovative marketing increases a company’s brand awareness.
Shopping trips begin online or at in-store kiosks, and price comparisons and coupon searches are increasingly commonplace. Customers are looking for trust relationships with retailers. They are guarding their resources, and have changed their shopping paradigm to be more selective and targeted. While it is generally the “brand” that brings retail consumers to the shopping environment, it is the retail “experience” that builds loyalty and keeps them coming back. Social media and mobile shopping initiatives may lure consumers into a retail environment.
This can potentially increase the footfall into the retail outlet influencing the shopper to shop more! Retailers can boost the in-store apps and get access to valuable insights via mobile usage data. Consumer Connection Millennial are super tech savvy buyers. To engage them into a physical outlet, retailers needs to be more innovative. Simple “browse and buy” will not melt their heart.
Recommendations to achieve a sustained competitive advantage: Online, mobile, and store purchase will certainly increase customer traffic with the online and store combinations gives Target Corporation with a best possible low-cost price. A best-cost provider strategy allows Target to position itself and compete with low-cost providers such as Walmart. In addition, it employs a competitive strategy with a designer label along with superior supply chain, increased operational capabilities, and skilled employees. . The strategy of sending coupons are huge for a customer, so increase discount based on their purchase history and use the store brand credit card to attract more customers.
Retail industry is one of the largest users of big data. Big data is being used to analyze process improvements, study logistics, optimize inventory, improve merchandising, and most importantly, study in-store and online consumer behavior to forecast future needs. IT technologies enabling supply-chain efficiencies is going to play a greater role in achieving cost leadership. Companies such as Walmart, which are able to use IT to track and manage the purchase, storage and distribution of merchandise can offer lower prices which is a key success factor in the industry. Amazon and Walmart, who continually invest in technology are likely to remain competitive on price, and will be able to offer services which make goods available to consumers in efficient ways, are likely to e... ... middle of paper ... ...distribution channel would lower Amazon’s labor costs, thus increasing its capacity to further reduce prices of products.
First, technology can impact a market by helping firms find new and efficient ways of conducting business activities. A change in technology can open the door for new entrants to enter the market, as well as present new advantages among competition. Second, some retailers are affected by economic factors more than other retailers. Being able to build big-box stores with a deep assortment of merchandise as well as knowledgeable employees is a luxury that only some firms can afford. Consequently, these more su... ... middle of paper ... ...kets.
Consumption patterns are changing and shoppers are finding increasingly sophisticated ways to try to stretch their dollar. Thanks to technology, shoppers have the ability to easily compare pricing using mobile apps, gather information based on peer reviews and even get product recommendations via social networks and groups. Retailers are now increasingly launching their own brands, providing innovative new line of products and then marketing them as value-based, alternatives to national brands. Based on these increasing demands, CPG companies have found that they must create new products, get products to the markets faster, and at lower costs in order to remain competitive. CPG companies like Beech-Nut Baby Food need to identify those consumer issues critical to them and make improvements if they are to reposition themselves for success.
Use of computers to track customer’s purchases helps to stock those items that are most popular as well as anticipate offerings that the consumer would most likely purchase later. Tracking of stock has decreased the amount of product waste that KFF has had to deal with in its stores. By ordering to meet the stores needs, based on past sales performance, the profit loss margin has decreased. Consumer tracking will also help with the establishment of the Frequent Shopper Program which is one of the current strategic objectives. KFF’s current strategic objective is to increase loyalty and profitability of customers.
Retailers want stores to be a magnet for consumers which support them to discover the actual product they are willing to purchase and to inspire them to make careful, unintentional and impulse purchase or at last offer them with pleasant shopping experiences. If this visual merchandising have not preferred outcome on customers the problem arises whether it is profitable to spend time and money for retailers on this Marketing Medium. Visual Merchandising is important because it Increases Brand Awareness, Improves Brand Presence in Stores, and in the end. Most of the time it increases brand Image in Consumer minds and overall impact in companies
In a regular business, the retailers may have to go some way before achieving such a responsive goal. E-Commerce also provides an attractive website. The colors, graphics, and animation can help an e-commerce site become successful. The website can also influence the customers to purchase and return. Promotions, coupons, and discounts increase the chances for a customer to use the site more frequently.