With heady revenue predictions for retail media north of $100 billion, it’s not surprising to see a surge of retailers opening advertising shops in attempts to capture share. But we’re still in the early days, with behemoths scooping up most of the brand spend. Here are six relationship and revenue-building strategies for retailers to consider.
Do you want a latte with that toy your kid didn’t like? Target said it is offering curbside returns in select markets starting this fall, as well as the opportunity to grab a Starbucks beverage while you’re at it. The red target retailer said customers can use the Target app to set up a curbside return and/or grab a caffeinated drink.
A unified commerce strategy goes a step further than omnichannel, delivering increased agility, personalization and flexibility by integrating all aspects of commerce and connecting back-end and front-end operations into a single cohesive system. Everything is brought together to enable a personalized experience across touchpoints.
In a bid to grab more last-minute shoppers looking for convenience, J.C. Penney and Shoe Carnival have partnered with DoorDash to offer same-day delivery of online orders. DoorDash, Instacart, Postmates and Uber, initially growing through grocery and restaurant, have been expanding aggressively into general retail.
While it’s not surprising that online purchases have increased during the pandemic, 25% of shoppers made big-ticket purchases without ever entering a store. Mobile usage throughout the purchase journey is also up significantly, with 76% of consumers using mobile devices to research products and make purchases.
With the anticipation of lower foot traffic in stores coupled with inventory concerns, prioritizing your ecommerce channel from a planning perspective, even at the intentional detriment of having lower stock levels in stores, may save sales during this peak holiday shopping period. And omnichannel is no longer an option.
Today’s ecommerce architectures are fragmented and disconnected. There are many important components to plug gaps and make customer experiences consistent, with an infinite number of journeys. Creating connected customer experiences that are personalized across all channels takes time, but doing it right is critical.