Top Four Retail Merchandising Strategies That Drive Sales

In today’s highly competitive business environment, the challenges that retail merchandisers face are many. They not only have to steal a march on their fellow retailers but also have to put up a stiff fight to attract customers away from e-commerce portals which seem to be gaining popularity with tech-savvy customers every passing day. What they need, therefore, is a well-thought-out plan to up their game. Here are four top retail merchandising strategies to outsmart the competition and boost sales.

1.    Use Retail Merchandising Analytics

Data-driven merchandising is fast becoming the most preferred strategy to drive sales. Retail merchandising analytics involve analysis of data related to supply chain, inventory, customer preferences, sales, and other critical aspects to provide important insights which help retailers in their decision-making process. As a retailer, you can use such insights to plan your inventory, identify the most popular products in your store, adjust your stock levels according to customer demand, improve your store’s layout, change your marketing tactics, and more. In short, by using retail analytics you learn what sells and how to sell.

2.    Engage With Customers Through AI Tools

To attract customers to your store, you have to offer them something that’s not easy to find – a superior customer experience. And what better way to engage with them than to help them in their shopping journey through AI tools? AI tools can help you learn about customer purchasing patterns, predict customer demands, target customers with personalized messages, and perform many other functions to deepen your ties and give them a unique shopping experience.

3.    Adopt An Omni-Channel Approach

Apart from having brick-and-mortar stores, retailers are also opting for an online presence to attract more customers. This calls for an omni-channel approach to retailing that provides customers with a seamless shopping experience regardless of whether they are shopping offline or online. One of the most popular strategies under this approach is to invest in mobile apps or mobile-friendly sites as most people use their smartphones to make online purchases these days.

4.    Make Smart Use Of Social Media

Almost every retailer has some presence in social media. But opening a Facebook or Twitter account is not enough to encourage people to buy from you. Apart from posting ads, you can work with social media influencers, create targeted campaigns to drive traffic to your site, share usergenerated content, and also ask your loyal customers to recommend your products.

                                                                           

Conclusion:

It’s evident from the above discussion that retail merchandising analytics and tech-driven approaches are driving today’s retail merchandising and their role will only get bigger in future. If you are wondering how to use these strategies to boost your business, get in touch with Manthan.