Top Strategies To Drive Sales in a Slow Growth Year
- Posted on August 22, 2023 by Robert
- Reading time about 5 minutes
The pandemic has affected every business in almost all verticals and spending has declined tremendously after highs during a pandemic retaining customers for more sales, a reliable Retail Loyalty Program aligned with the best technology solutions can be of great help. We have witnessed that consumers are putting the brakes on their regular spending, which shows the growth will decline this year, as reported by an Economist at Morgan Stanley.
Though there is no exact forecast of recession in 2023, slower growth is expected and brands must stay ready to survive during the hard times. In this blog, we will check out some of the best strategies that can help retailers boost sales.
Ways to Help Retail Businesses Unlock Better Sales
Retailers today struggle to make a place in the competitive era and continuously seek advanced solutions that can connect with consumers. Research by economists predicts that 2023 will be a year of weak growth or the beginning of a recession. Some of the biggest US retailers realize the need to become creative and efficient to win over customers and stay profitable over time.
If you are also looking for ways to connect with customers in a new way and boost sales, we can help you grow your business despite inflationary pressure & unlock new opportunities using the best loyalty software for retailers.
Here are some of the best strategies that retailers can consider to uncover new opportunities this year and beyond-
– Focus More on Value to Resell Services/Products
One of the most effective ways that can help retailers is to highlight ways how customers can save money by shopping in their stores & earn discounts as well as rewards using their loyalty programs.
For instance, Target groups talked about how they will promote their private label brands, especially in the grocery department where they plan to help customers find affordable joy. The collection that they will launch ranges from $2.99 to $90 where most of the items are under $10. Through this approach, other brands can also learn how they can connect with budget-conscious customers.
Another example is Saks Off 5th which partnered with Rent the Runway to boost its luxury resale offerings. The CEO of the company also talks about how the off-price industry is well-prepared when customers are scaling back spending and said that their industry outperformed even during the volatile economic climate.
– Invest in Right Technology That Helps Tracking of Shopper’s Buying Preferences
Another trend that most successful retail businesses are planning to do is to invest in technology over the next 3 years despite being cautious about the economic forecast. More than two-thirds of US retailers will invest in technology, as stated by Coresight Research Report.
Retailers that grew even during the pandemic were the ones that have embraced the technology offerings to help them adapt and provide crucial services like curbside pickup, in-store appointments, or home delivery. Retailers now rely on advanced tech vendors to sell their services or products using drone delivery systems, metaverse platforms as well as in-store holograms to greet customers or showcase products.
One example is fashion retailer brand, H&M using a hologram display built by tech firm, Proto in its store in Brooklyn to show images of fitness instructors exercising in H&M athletic costumes.
Another thing that Tabya Moryoussef, the expert at Kearney Consumer Institute says is that trending technologies include mobile checkout technology for better engagement between customers and employees, queuing tech enabling customers to spend time more freely rather than wasting time in the queue, and ad-targeting tech that uses first-party data to keep track on what customers look for more often.
– Engage Better with Livestream and Video-assisted Commerce
Retailers now are implementing new technologies like live-streaming, video-assisted commerce, virtual metaverse experiences, and tech-based personalization with relevant offers and recommendations to engage with buyers better.
The biggest retailers of all time- Walmart, Target, and Amazon have implemented livestream shopping to help them boost sales and make online shopping much better than the in-person experience.
One famous Instagram influencer Joy Green started live-streaming shopping sessions for Target representing herself as a new best friend for shopping where she showcases home and wellness items allowing shoppers to add items to their digital shopping carts while watching the video.
Another example is one startup named Buy which that offers retailers a new way to add live stream video on their existing e-commerce sites along with training for influencer hosts to become effective sellers. Retailers are also relying on voice-based assistants available not just on speakers but on mobile apps.
– Choose Smarter Supply Chain with Live Inventory Tracking
Having a smart supply chain management system can be a life-changing decision after witnessing shortages during the pandemic & overstock during the holiday season. Expert supply chain planning & optimization firm, ToolsGroup CEO stated that retailers are planning to keep stock levels closer to actual demand to avoid future pileups.
Due to the complexity associated with omnichannel commerce, it can be challenging for retailers to maintain product availability while keeping stock at a minimum. Keeping the focus on the solutions aligned with the latest technology innovations that offer real-time inventory tracking and data-enhanced forecasting along with rewards providing value to customers.
After going through the blog, we can see that retailers must overcome challenges associated with serving both online and in-store customers with the right loyalty software for small businesses as well as big firms.
Novus is the best loyalty software for retailers to grow their businesses and thrive during hard times with solutions exclusively built to meet specific customer needs. For more details, you can connect with our loyalty experts and see how Novus can help you grow with the best loyalty programs for your individual business needs.