Since the world is making a fast change in consumer behavior which again continues to be a big task to face by traditional retailers, were as legacy retailers have maintained stagnant with their old guard ways are struggling to maintain sales and stay relevant with today’s consumer. The successful brands don’t fear a change and remain same.
For example: popular companies like Zara, H&M and Nike has adopted a mentality of changing themselves with the time & come up with newer ideas. They have a simple formula of shedding their old skin and stimulate sales, providing customers with expediency, and convenience with high satisfaction.
If Companies starts of thinking like startups in this competitive world they can do much better to keep up their brands. This can be done through leveraging their data to understand what customers want and altering their modeling approach to sustain sales. Traditional brands need to stop competing with themselves and move ahead with technology.
Mobile the best Medium- Going digital or face to face communication can fetch more income with mobile commerce to reach million customers by helping them online. Companies that have executed their mobile strategies have shown great effect in boosting margins on their entire e-commerce business. It’s a relatively low cost way to drive traffic and drive top-line sales.
Targeting customers and creating online shopping experiences with integrated shopping solutions helps in declining in-store shopping. To imitate the speed and efficiency of online shopping, in-store digitization will help put old brands in a better position to serve customers.
Consumer demands are changing at a pace that’s impossible to match without new technology and digital resources. Making stores exciting for shoppers in a multi-channel marketplace remains difficult as in-store purchasing decisions are the declining minority. Instead of harboring overstocked inventory and pushing markdowns to move product, stores can engage their brick and mortar arm with an online store. By making stores more like a showroom, customers can try on clothing and then order from a company website.
Audiences are changing, and communicating properly with different demographics is more important now than ever, so brands need to take this into account when speaking, or face dwindling sales. Social media isn’t something that needs to be done, it needs to be done right. Speaking to customers correctly relies heavily on social media, and traditional brands will fare better if they focus their attention on social media.
Finding new avenues to connect with customers, whether it is with a Snapchat or Instagram branding. Social selling is a chain reaction brands become interesting on social sites if enough for users to pick up on the products. As customers improve their engagement and loyalty, company shopping experiences can be figured through social medium.