Tuesday, 29 April 2014

What’s Happening Right Now? Retail Trends to Watch


We are well into 2014 now and hopefully your retail merchandising tactics are going ahead without a hitch. That being said, it is never a bad idea to keep an eye on the emerging retail trends and revamping your plans to suit them.  With that in mind, we thought we’d rehash some of the ones we have found to be the most inspiring and fruitful for the coming months!
1.      Personalization. What’s old is new again, and recognizing your brand targets and building connections has become more critical than ever. Shoppers don’t want to just be another number on your visitor list – they want to feel catered to, and personalization is the way to do this. A great way to achieve this is through the emotional connections made through your merchandising. Sensory technology is great in this regard, and can show customers that you are truly listening to their wants and needs.
2.      Content-rich experiences. A one-dimensional shopping experience has become a thing of the past, and in order to compete (especially with the rise of online/mobile shopping) creating a high level of engagement can be highly effectual. Consumers want to be entertained, but they also want to be informed – this can mean major gains when it comes to ROI.
3.      Social Buzz. The importance of social media has become well known over the last few years, as has the impact of ignoring this growing trend. Giving consumers the chance to both voice concerns and endorse your business means opportunities to grow and build brand loyalty and recognition. Maintaining a strong hold on your social media continues to be crucial.
4.      Resizing. Another growing trend this year seems to be “rightsizing,” which means tailoring your stores to the ideal size and number of locations that is right.  This has changed largely as a result of the growth of online/mobile shopping.  If this is a trend you are considering, keep in mind that it needs to be done properly – keeping customers satisfied and maintaining a high level of customer service is paramount when it comes to staying competitive.
5.      Reinvented Loyalty Programs. Shoppers require more incentive than ever when it comes to making a purchase, and loyalty programs can go a long way in achieving this. Take a look at your loyalty program (if you have one), and think about ways of improving it.
Staying up to date with the most recent changes in the retail world is really the only way that you can compete. For more about the latest and greatest retail trends for this year, as well as advice on how to implement them most effectively, Storesupport can help. Contact us today by calling 1-877-421-5081.

Wednesday, 23 April 2014

Your Thoughts: The Minimum Advertised Pricing Debate


The Globe and Mail released a very interesting article recently regarding the minimum advertised pricing debate, and we thought we’d give it a share. The article, titled “Canadian grocery suppliers strike back against heavy discounting,” takes a look at the often controversial issue of brands setting minimum prices for their products in the face of retailers’ decisions to use certain products as loss leaders, or to increase sales in various areas.
We all know how competitive the retail CPG market is, and how difficult it can be to remain at the top. How you maintain a high level of sales depends on a number of important factors, not least of which is the price point at which your product is sold.
We want to know what you think. This is a hotly debated issue – one that is highly relevant for all of us within the CPG market. What are your strategies for dealing with this issue? Visit our social media to weigh in and give us your thoughts!
Storesupport has years of experience helping both brands and retailers realize their full potential at the shelf. Contact us today for more: 1-877-421-5081.

Tuesday, 15 April 2014

Brand Loyalty and Recognition in the Retail Arena


In today’s retail world it has become increasingly difficult to keep customers loyal to a brand. With the plethora of online retailers offering price comparisons and the ease with which an individual can obtain information about the products they want, it is easy, now more than ever, to switch brands without an afterthought. Does this knowledge then make the challenge of building brand loyalty and recognition a lost cause? Is there any real hope to keeping customers coming back time after time?
To keep brand loyalty and brand recognition high, here are some points to consider.
Keep customer service levels high. This is common knowledge in the CPG industry, but it is often a common complaint – one that can have major impacts when it comes to maintaining a hold on your loyalty and recognition statistics. If line-ups in your store get too long, or it is difficult for a customer to receive the help or assistance they want/need, their first response may be to switch stores. This is big for brands too – if a customer can’t find your product on the shelf at their local retailer, they may just switch to the next best thing.
Provide value – and make that value visible. Nowadays consumers want both quality and quantity – the numbers continue to show that correlations with regard to generational differences mean that you need to focus on both of these elements in order to reach the greatest number of buyers. And, you need to make sure that the current cost is always reflected on the shelf – even a small window of time between a price change on paper and a price change on the shelf can mean lost sales.
Stay relevant. This can mean so many different things – but in the CPG industry it is especially important. Here you may think about our previous point regarding quality and quantity, but you may also want to consider things like customer engagement in-store, or providing wants with things like eco-friendly or sustainable options. This is good advice for brands too – those looking to get a leg-up on the competition. Keep track of the latest trends – falling behind here can often spell disaster.
For retailers and brands in the CPG industry, brand recognition and brand loyalty continue to plague us as challenges that need constant attention. Strategies seem to need overhauling on a regular basis, and things that seemed to work as recent as even a year ago have now lost their luster. In the end, all you can do is provide what the customer wants – great customer service, high value, and the feeling that their needs are being taken seriously.
For more about effectively building brand loyalty and recognition, please contact Storesupport today for more information: 1-877-421-5081.

Tuesday, 8 April 2014

Retail Symbiosis: Why Marketing Needs Retail Merchandising


Any retailer in the CPG industry knows the importance of a smart marketing strategy. Doing business without one will likely lead to lackluster sales and can quickly mean falling prey to the competition. And what about merchandising – can you operate without that? Going without can mean the difference between success and disappointment when it comes to that year-end audit.  Even further – can you do one without the other? 
Check out this great infographic from Content26 that explains how important a constant strategy employing both retail merchandising and marketing is. You need both to close a sale.

Using headphones as a specific test case, the infographic traces the consumer buying process, highlighting the role played both marketing and merchandising.

 



For more about a retail merchandising strategy to match your marketing strategy, please contact Storesupport by calling 1-877-421-5081.