{"id":150317,"date":"2023-09-15T16:00:00","date_gmt":"2023-09-15T15:00:00","guid":{"rendered":"https:\/\/www.smartinsights.com\/?p=150317"},"modified":"2023-09-15T07:41:50","modified_gmt":"2023-09-15T06:41:50","slug":"creating-effective-retail-strategy","status":"publish","type":"post","link":"https:\/\/www.smartinsights.com\/ecommerce\/multichannel-retail-strategy\/creating-effective-retail-strategy\/","title":{"rendered":"A framework for creating an effective retail strategy in 2024"},"content":{"rendered":"

A three-step approach for your retail strategy: stand out and win more retail sales in 2024<\/h2>\n

It\u2019s no secret that the last few years have caused chaos for retailers globally. To survive you need a robust retail strategy that focuses on long-term and short-term profit for your business.<\/p>\n

According to the Centre for Retail Research<\/span><\/a> forecast in July 2021, total retail sales in 2020 will fall overall by -4.6% compared to 2019 (or a reduction of \u00a317,281m). The level of retail sales will not regain last year\u2019s level (2019) until 2022.<\/p>\n

With reduced consumer spending, competition for retail marketers converting customers is tougher than ever. Marketers need the right tools, and skills, to optimize a winning digital marketing strategy and cut through the noise to convert even more customers online.
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Of course, the rise of online is another major factor that has influenced the way consumers shop. Amazon, in particular, has single-handedly changed the way we think about and experience shopping. We now expect products at low prices, delivered quickly, and at a convenient time and place.<\/p>\n

So, with changes in customer sentiment for shopping in-person, and increased martech retail ability, online retail has rocketed<\/a>, as can be seen in the chart below US e-commerce as a percentage of all retail.<\/p>\n

\"ecommerce-growth-2020-US\"<\/p>\n

Although Amazon, Apple, and other online-only retailers are impacting physical retail stores, this by no means explains the overall decline (note that John Lewis, Tesco, and Marks & Spencer are three of the largest online stores in Europe<\/span><\/a>). The conversation should be less about how you compete online with Amazon and more about how to build a strategy to complete with retailing as a whole.<\/p>\n

Stand out and make a difference<\/h3>\n

In 2018, Forbes\u2019s Steve Dennis declared<\/span><\/a> that it isn\u2019t physical retailing but boring retail that\u2019s dead and that this is a result of brands getting stuck in the middle<\/span>. Whilst this was once an area of strength (consider British Home Stores or Woolworths, selling a huge range of products all under one roof), being something to a lot of people but ultimately not much to any of them is now a recipe for a broken retail strategy.<\/p>\n

The key to success in retail today is to build into your strategy something to add value in ways that others simply can\u2019t. If you want to attract prospective customers into your store (online or offline) you simply have to provide a differentiating advantage and a unique retail experience. Brands such as made.com and Fartech are now opening physical stores, and Joules, Pets at Home and Screwfix are all retail winners in the UK.<\/p>\n

Is your E-commerce or Retail business competing online?<\/h3>

With so much competition, you need to stand out. Use the RACE Growth Process to win more customers<\/p>Get started now<\/a><\/div>\"\"<\/div>
\nIn January, I blogged about research conducted by McCann that revealed the new \u2018truths\u2019 of commerce<\/span><\/a> against the backdrop of three fundamentals that have remained consistent over the last four years:<\/span><\/p>\n