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Sell Smarter with 2015's Retail Trends

Posted by Sarah on Jan 20, 2015
Sarah
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Based on retail trends, predictions, and what your customers want and deserve, we’ve gathered useful insight on how you can sell smarter in 2015. Read on for highlights of these trends and tips on how you can use them to reach your goals of increasing sales and better serving your customers this year.

Omnichannel Retailing

You may be able to recognize a frequent customer as soon as they enter the store, but knowing the purchases they made online, at your other stores, and how they interact with your brand outside the store will allow you to service them even better—and put you ahead of the competition.

This recognition of your customer’s purchasing habits, will not only allow your team to better serve customers in the store, but will help you create customized marketing and targeted messaging. In a recent article Retail Info Systems pointed out, “[The few retailers] that have invested in [cross-channel one-on-one engagement], are seeing reduced cost of inventory, reduced out-of-stocks, and increased ability to forecast, target and promote products to specific consumer segments.”

To sell smarter this year, you’ll need to know how your customer shops and interacts with your brand across all channels.

Using Real Time Data

As you read above, knowing your customers inside and out is key, but in 2015, the sooner you get to know them the better. Real time tracking of sales, inventory levels and top-selling products helps you act on the needs of your stores and your customers immediately from restocking to promotional communication.

According to Retail Info Systems, “From an engagement perspective, according to a recent survey, over 80% of marketers are doing some sort of personalization, but only 19% are doing it in real time. Most are missing out on context.”

To gain the strongest advantage over competitors, this use of real time data should expand beyond your personal store data and into the realms of big data. In an article on the Big Data & Analytics Hub, William McKnight of McKnight Consulting Group says, “In 2015, the necessary data to gain a competitive advantage will be expanded to include big data. Big data will be discernibly different from legacy data in relational databases, and there will be wider adoption of scale-out technologies designed to accommodate this reality.”

Using big data in real time will help you predict trends for the next season from everything to your products to the best channels to reach your target audience.

Tech Integration

There are a number of new technologies that will highly influence retail this year and you’re not going to want to miss out. An up-to-date POS system should a top priority to keep up with the personalized experience that your customers deserve. You’re going to want to make sure your POS system goes beyond just point of sale.

Some other new tech you should consider implementing for your store are wearables, iBeacons, augmented reality and 3-D printing. These technologies are relatively new to the scene, but are expected to become more present in the retail industry within the year. The retailers who figure out how to use them to their advantage sooner rather than later will reap in the benefits.

 

Springboard Retail can help you stay on top of these trends and start selling smarter today. Take a tour to learn more about how Springboard Retail can help your company.

Topics: Retail Tips & Techniques

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