The pandemic has changed the way people shop and what they care about most, says strategy-business.com. And most likely for the long term.
So, as a result, retailers’ strategies must also change.
“Whether the trip they’re looking to win is inside a store, curbside, or at a customer’s front door, emerging from the crisis on a strong footing will require retailers to plan around this new normal. Those that are best at sensing demand and responding quickly with engaging and brand-defining experiences will “win the trip” and see the highest return on their investments in those experiences, or return on experience (ROX),” the article said.
The piece goes on to suggest that retailers have likely seen growth in demand for certain categories, including food and beverage, personal care and wellness, home improvement, and pet care, as most of life’s activity has shifted to the home. Consequently, extra care (and inventory) in those categories will be necessary. Supermarkets also have an opportunity to “compete for trips — real and virtual — and reinforce their brand leadership by offering shopper resources, such as recipe ideas and educational content, in these categories.”
The authors suggest these four key ways that retailers can compete in the new marketplace:
- Improve and personalize targeting.
- Reinforce consumers’ category interests.
- Invest in targeted subscriber acquisition.
- Reimagine loyalty programs.
Read the full article…