Last Updated on May 12, 2022 by rabiamuzaffar
Before the goods reach us, customers, it follows a path of receiving and distribution. As manufacturers develop the products, they must distribute them not only to make a profit but also to create brand awareness amongst customers and retain them for a lifetime. With the advent of E-Commerce taking over the retail industry, the mediators tend to get eliminated, and the cost significantly reduces.
With the reduction in price due to the elimination of retailers in E-commerce, physical retail merchandiser outlets suffer the adversity of the new consumer behavior and how it could significantly impact their sales. That’s why coming up with attractive marketing endeavors is not an option but a compulsion. Retail Marketing tends to play a similar role.
What is Retail Marketing?
Retail and Marketing are two different processes combined for bringing in sales ultimately. Before the customers are ready to buy from your store, how would you prompt them to choose a specific product over others? You cannot leave the decision-making process entirely on the customers and pray for them to pick up a brand you hope they will choose. You need to read your consumer’s thoughts even before they do, which would be the building block of a relationship.
Manufacturers or Brands choose to distinguish ways of disseminating their goods in the market and have a broader reach to gain a solid clientele base. That’s why retailers came into being as one potent mediator. Retail Marketing refers to those promotion methods store retailers employ to sell the products inside their store (either bought from a wholesaler/manufacturer, or their own) to the consumers.
The consistent marketing effort to attract customers inside the store, making them aware of the products through banners and displays, and employing other advertising means to get people to purchase the product is the marketing process. A retailer has to ensure the presentation and packaging of the products inside the store, the convenience of customers when trying to find the product, and the offers put in return for consumer’s loyalty.
Why is Retail Marketing Important?
You would always have a set target to reach a specific sales percentage by the end of the year or month. But what you do to achieve that is retail Marketing in practice. The retail sales process starts from setting the perfect ambiance for your customers to ease out the payment process at the checkout counter. You need to enhance your customer’s experience with your brand and determine how to prompt the target buyers to consider buying a specific product?
Manufacturers and Merchandisers tend to focus on the retail outlets and determine how their product is doing in the market. Every time the brand/manufacturer conducts a retail store audit, they would analyze the sales report, the marketing tactics opted by the retailer, and the customer’s reaction to the pricing.
After carefully observing the strategies currently employed, businesses need to improve the impact on consumers by offering them a shopping environment in-store that exceeds the expectation of the people or at least meet them.
Retail Marketing could include utilizing social media to create emotions like FOMO amongst the audience to check out the store for an enticing deal on a product. Merchandising could go beyond the usual idea of funky displays and organize the products with proper divisions inside the store, making the consumer’s experience more convenient. Another option is choosing the right location, which grabs the eye of a passerby. All of it done collectively would prove an essential step towards marketing done right.