Image via McWHINNEY Development
Retailers are encountering new obstacles as big data and the power of the internet progresses. Over the past few decades, consumers have witnessed the ease and efficiency of shopping through the internet.
Organizations have seen this innovation as an opportunity to revolutionize their industry by offering new accessibility options for their customer base. Within the competitive environment of e-commerce sites and online shopping, traditional retailers have to rise to the occasion. To that end, here are five strategies retailers can use to survive in the information age.
1. Revamp the Company’s Website
A new, revitalized website can be attractive to potential and existing customers. An important aspect of revamping the website is increasing the ease of use. Easy-to-use websites generally tend to receive the best feedback from customers.
Companies that shift a large portion of their business to the internet are sometimes called click and mortars. An interesting name change from the original standby of brick and mortar storefronts.
2. Create a Social Media Page
A way to survive in the age of information is to become a part of the age of information. This is possible by creating social media pages for your business. Social media has several amazing benefits. Primarily, social networking sites give businesses a quick, easy, and affordable way to market and reach customers. Also, some social media platforms can track data for you and help you create a targeted marketing plan.
3. Compile a Data Warehouse
A data warehouse lets retailers compile data of their customers and clients. Tracking spending habits, average demographics of customers, and average prices customers are spending are metrics that allows retailers to create an informed business strategy.
Knowing the customer in-and-out is vital to the success of an organization. A data warehouse helps you to compile that metric data and make sense of the information.
4. Partner with Internet Discount Sites
Some companies will partner for a limited time with internet coupon sites like Groupon. These sites will do the marketing for you. In the process, they can help form a new outlet for your retail business to drive sales.
5. Listen to What Customers are Saying
Having an open attitude to change could benefit your retail business. As technology continues to drive innovation, customer feedback will prove essential to staying competitive within the business world.
Review feedback and suggestions from loyal and disgruntled customers alike. Then, weigh the pros and cons of adopting the suggested changes. Retailers often suffer because they are set in their ways and unwilling to change. Changing is a healthy part of business—and it’s especially necessary in the information age.
Overall, the most important way retailers can survive in the age of information is to make that information work to their advantage. So leverage technology to collect metric data and customer feedback. Then, apply what you learn to make worthwhile changes to your processes, products and services. Really, that’s the key to survival.
Now that you’re ready to collect metric data, you might need help analyzing it! Reach out to us at Algo to learn more about how we can empower your company to make informed decisions.