Retail is changing – it is undeniable. Gone are the days when mom and pop shops ruled the roost and all shopping was done in store – none of this online nonsense. Ok, enough with the nostalgia, but really, thanks to a number of different factors, not least of which is technology, customer expectations and shopping habits have changed dramatically, and as a result retailers are finding that retuning their retail merchandising strategies has become a necessity.
These retuning strategies differ greatly, but some are clearly more effective than others. Check out this great discussion article from Retail Wire: http://www.retailwire.com/discussion/18046/the-rise-of-the-customization-nation. In the article, the author discusses a presentation at this year’s Food Marketing Institute Midwinter Conference during which the presenter (an author himself) discussed customization in the retail world and how it is impacting customer engagement.
Thanks in large part to technological advances and the growth and development of online shopping capabilities, consumers now take customization for granted and as a result expect it far more often. And the ability to customize and personalize has come to permeate every shopping experience – not just those taking place in the online sphere.
So what are retailers to do? Complete customization isn’t really practical, nor is it largely cost effective. The conference presenter’s advice: “success is based on reducing choices and curating the experience, which moves the retailer from the role of simply satisfying a need to a trusted advisor position that enables them to proactively sell.”
Additionally, the author notes that some grocery chains are recognizing this expectation and taking risks to challenge traditional retail merchandising strategies. Is it paying off? According to the article, “The reward is a distinct uptick in relevance to the shopper,” so clearly something is having an impact.
Is customization the way of the future? Perhaps, but perhaps it is one of the many innovative ideas that can be utilized, even in some small way, within the CPG industry to further drive sales and increase engagement.
Whether you stick to those tried and true traditional retail merchandising strategies, completely revamp and try customization on for size, or decide that your own custom plan which includes both approaches is the way to go, Storesupport can help get a plan nailed down. Call us today at 1 877 421 5081.