The theme of what I read this week seems to be the importance of investing in your business. But not all investments are created equal. The right investments in the right places can make all the difference. These articles will give you some ideas on how to be smart with your spending and how to choose investments that will make the biggest impact on your retail business.
Looking to the Future
Retailers are in desperate need of differentiation in order to remain relevant. Many traditional retailers are closing their doors, proving that looking at the past for how to address the future won’t work forever. This article describes how investing in deliberate change can help your company stay ahead of the market or even lead it.
Invest in People
Investments in customer experience can come in many shapes and forms. While everyone is talking about the experience buyers are looking for online, it cannot be forgotten that most people still buy in physical stores. Their expectations for buying in a brick and mortar store are changing just as dramatically as online. The bottom line is that you have to invest (in this case, in human resources) to give shoppers what they want in order to survive.
You want big bang for your buck? Invest in real-time marketing. Digital marketers report an 81% increase in customer engagement and a 59% increase in conversions using this strategy. The prize? Impulse purchases. This article shows you how to use Google Analytics and social media to achieve similar results.