How To Analyze And Identify Ways To Improve Existing Retail Financial Operations

Introduction

Online retail businesses have to a lot to worry about and fight against but perhaps nothing quite screams danger as the financial aspect. Shallow pockets and thin resources, overwhelming competition from both big brand-name businesses and and smaller online retailers, declining sales and so on – these are just some of the challenges faced on a regular basis. Thus, it’s only natural to try and squeeze an extra dollar here and there out of the existing financial operations. Naturally, there are some quick fixes that turn things around but these are all short-sighted solutions. Any online retail store built on a sound financial basis knows better than this but not every business has the benefit of that insight.

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Climb Up The Retail Ladder Successfully Using Predictive Analytics!

If you’re in the retail marketing business, you’ll know how important retail inventory management is. Having the right product at the right time — and in the right amount — is indispensable, because you cannot stock up on an inventory without an estimate of the amount you would be spending.

Many assets have depreciation value; predictive analytics in retail is just the thing for you to switch too. In common parlance, predictive analytics simply means basing your retail marketing on the available data, and managing your inventory accordingly. Continue reading “Climb Up The Retail Ladder Successfully Using Predictive Analytics!”

How to Build a Retail Marketing Plan

With today’s crowded marketplace, it has never been more essential to ensure that you have a sound marketing strategy in place to foster the growth of your business. Modern consumers are so regularly overwhelmed with content coming from all angles, social media, email, commercial, billboard, all vying for their patronage and hard-earned dollars.

This challenge is especially true when it comes to the retail space, which has faced quite a bit of disruption over the last few years thanks to the rise of eCommerce businesses. But traditional brick-and-mortar or digital based — all eCommerce businesses need a retail marketing plan to reach their full potential.

Heading to Market

To set yourself apart from other eCommerce businesses takes more than just a cursory idea of what your customers want. Rather, you must develop a deeper understanding of your place in the market and devise a thorough strategy that is tailored specifically to your product and the users you hope to reach. Only then will you be able to tap into your business’s potential for growth and realize the most effective ways to engage your customers. Here are a few steps you can take to jumpstart your company’s retail marketing plan.

  • Identify your mission statement: Before you launch any kind of marketing effort, it’s absolutely imperative that you first establish a firm grasp of your business’s mission and objective in the marketplace. More specifically, you must know the need your business fulfills with customers. This understanding of your value will inform all subsequent decisions you make regarding how you market your product.
  • Know your target audience: Once you know enough about the role your business plays in the market, the next step is to establish a clear idea of your ideal customer profile. These two are, of course, inextricably linked, but many companies neglect to recognize that how your business is designed and marketed plays an integral role in determining your potential customer base upfront.
  • Decide on your branding: Now that you have defined your mission and audience, you need to then decide how to best connect the two. Everything from your logo to the outward messaging you send consumers shapes the specific branding of your business. Take a look at the competition for inspiration, and consider how you can distinguish yourself in the eyes of your prospects. What makes your approach different? For example, are you leading with price or quality? At this stage of your marketing strategy it’s critical to review your pricing and identify how it comes into play.
  • Establish a marketing presence online: Given the age of social media we live in, it should be no surprise to realize that your business should have a presence among leading sites like Facebook, Twitter and LinkedIn. However, your online presence doesn’t extend solely to these. Sites like Yelp, YouTube and Google Plus can also help expose your business to new prospects and boost your search engine optimization (SEO) ranking.
  • Define yourself as an expert: In recent years, content marketing has become a more central way to gain awareness for your business, but it’s only one of many ways to establish the expertise your business brings to customers. You can also build upon this with partnerships with other companies, guest posts on popular sites (yes, even for free!) and events that position your business as a thought leader within your industry. This goes a long way toward building your credibility among prospects.
  • Monitor results and adjust accordingly: Even if you are actively marketing your business already, you need to be prepared to adjust your strategy when something isn’t working. This flexibility to recognize a failed effort and to switch things up is essential to develop the further growth of your business. To keep your company from staying stagnant, be sure to have analytics in place to monitor results and act quickly if changes are needed.

The Future Awaits

While the technology involved in eCommerce lends businesses a certain flexibility, this aspect alone is not enough to keep your business afloat. Every day, new challengers are entering the fray, and there’s never been a more critical time to review the marketing plan you have in place to reach your target audience.

These steps are simply the start of a grander, more effective approach to connecting with consumers. Endless possibilities await you, and you’ll truly need to stay vigilant with your retail marketing strategy to achieve the continuous improvement and forward growth your business deserves.

For more invaluable insights into how you should approach marketing your eCommerce business and use automation to drive future success, check out our new eBook, “Key Automated Marketing Strategies for eCommerce Store Success.”

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Pokémon Go – A True Game Changer For Retailers

It’s been just a few weeks since ‘Pokémon Go’ was released — a game that lets you live between the real world and its virtual one — and the world has gone crazy. Attracting kids and adults alike, this game has taken the world by storm, and is being played by millions of iPhone and Android users across the globe.

While players exercise their needs to discover new Pokémon, retailers stand to discover tangible benefits from the game — brands and marketers have more than one reason to be a part of the ‘Pokémon Go’ craze.

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How to Advertise to Your Competition’s Customers When They’re Out of Stock

The more successful you are in business, the more cutthroat the competition becomes. That’s simply the reality that your company must face, regardless of your industry. Strategy is key to maintaining an edge over other companies within your niche, and advertising oftentimes plays an integral role in establishing the mission and reputation of your business. Even with that fierce pursuit of customers, you must adhere to certain rules when it comes to promoting your products and/or services to prospects. This does not, however, preclude you from employing the latest technology to stay abreast of what your competitors may be up to.

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The Internet of Things: Transforming the Retail Industry

2015 has brought with it a revolution, when it comes to disruptive technologies and innovative methods of utilizing the same. One of the most popular trends to grace the world today is the Internet of Things(IoT). Actually calling it a trend would be counterproductive.

IoT is not really a trend- because it is definitely here to stay and spin the world in new directions. IoT has already made itself indispensable. From smart cars to smart homes, IoT exists in the grey area between accepted technologies and awesome new gizmos that rule the market today.

The surprise though, is that in spite of IoT being a buzz word, it has not become as mainstream as, say the internet or the mobile, or even virtual. Not everyone everywhere is aware of the huge implications that IoT already has and will have in their lives.

This is largely because IoT is not retail ready. Of course there are many new gadgets coming up every day that are collectively termed as IoT. But can you really imagine one person wearing or using 50 different objects to harness the power of the Internet of Things?

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The Internet of Things… Here to stay?!

With Google’s last three acquisitions — Boston Dynamics, Nest and DeepMind — it seems like it is rapidly collecting the individual pieces to put together a “real life Internet,” a network of AI-driven robots and objects that could improve transportation, manufacturing and even day-to-day consumer life.

This draws attention to the Internet of Things, a term that has captured imaginations and eyeballs.

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