The face of retail appears to have changed forever: with 2020 behind us, entering 2021 has brought yet another period of woe for retailers, or at least those who are solely reliant on physical stores. Does that mean that COVID-19 spells the end of bricks and mortar stores, or are there ways to adapt that will see a surge in in-store traffic?
The retail information available shows how the current pandemic has caused significant harm to the major high street players, as well as smaller independent stores but, ever-evolving retail technology means that, for those who seek to be innovative, there is a clear path forward that will allow physical stores to increase their in-store traffic.
Retail technology companies offer innovative solutions
to drive footfall and increase sales. Marketers and business owners alike have
an appreciation of how technology is changing retail: it is by embracing retail
technology that businesses can future-proof themselves, ensuring that they
flourish in the post-Covid era.
Here are 5 ways to help you drive in-store traffic
post-Covid and beyond:
1) Offering cashback to your customers
Offering cashback to customers does more than just increase in-store traffic in the short-term: it can be used as a loyalty scheme that can bring customers back into your store again and again. Retailers can see the benefits of offering cashback and Generation Z, who make up the largest demographic of customers across the world, are crying out for a loyalty scheme that works for them.
That being the case, why isn't every retailer in a
position to offer customers cashback on their purchases to keep them coming
back? It was once the case that engaging in offering cashback was
cost-prohibitive and possibly led to concerns over how complicated any system
integrations would be.
Times have changed, and now it is easier than ever for
retailers to offer what they need and what customers want by tapping into
retail technology. Recash is a disrupter in the marketplace and allows you, as
a retail partner, to offer cashback to your customers where you are only
charged on performance and there are zero integration issues.
2) Precision targeting with your marketing efforts
As a marketing professional, there has never been a time where increasing the return on investment (ROI) on your marketing budget has mattered more: the retail landscape is a challenging one and will remain so immediately post-Covid. The methods of old whereby a target audience is created on social media or ads are served via pay per click on search engines based on a large geographical area, are no longer the most cost-effective ways to drive in-store traffic.
By utilising open banking, Recash allows you to target your ideal customers with laser precision.
This is done by using customer data that no one has ever had access to before:
where are customers spending, how much do they
spend, and how often? As a Recash partner, you are able to tap into this
information and ensure that your marketing is targeted at those who will
actually spend in your store: the customers of your competitors.
3) The use of Geotargeting
Retail technology allows you to target potential customers based on their location. Traditional PPC is all well and good and will target anyone that happens to be in the location that you set in your campaign. The problem here is that not everyone in that location is your potential future customer. What is needed to drive in-store traffic is to use a retail technology service that goes further.
As Recash has the ability to target only those who are
likely to become your customers (customers of your competitors), geotargeting
is offered on a new level. Not only are people being targeted based on your
location: they have already been filtered to ensure that they are the people
that are likely to spend in your store. This makes Recash the most effective
use of your marketing spend.
4) Embrace online competition
The growth of Amazon alone shows that online purchases have been increasing for a number of years, but the impact of Covid has only added to this. Some retailers may see this as a threat to in-store traffic, but by embracing the changes that have come about by e-commerce and retail technology, a bricks-and-mortar store can not only co-exist: it can stand to benefit.
When we move out of the Covid era, how many customers
are going to be at home to receive parcels? For those who are out at work how
many won't have a safe place or a reliable neighbour? By offering your store as
a place where customers can collect their parcels, you will be bringing in-store traffic that you can then target as
customers of your own: they may browse and pick up sporadic items or there is
also the distinct possibility that by using Recash as a marketing tool, that
you can turn those picking up parcels into loyal customers of your own.
5) Offer free Wi-Fi in-store
Back in the day, the likes of Starbucks were seen as the 'cool' place to be because they allowed customers to enjoy their wi-fi while sipping their coffee. Now in truth, by offering free wi-fi you are hardly likely to be seen as a retail technology innovation hub in this day and age but nonetheless, retail information shows that customers, especially Gen Z, expect wi-fi in your store.
Mobile phone usage has exploded over the last decade, and as you seek to attract in-store traffic, you need to ensure that
you are appealing to that all-important Generation Z. They will be using social
media to stay connected as well as sharing experiences: they don't want to be
in your store draining their data allowance while doing so. Something as simple
as allowing wi-fi access can go a long way to attracting the footfall that you
need post-Covid.
Undoubtedly, Covid has had a major impact on the
retail sector, but business owners and marketers should be reassured by the
fact that retail technology has evolved and the likes of Recash
will ensure that you can drive in-store traffic for the long-term.