Predominantly spurred on by the digital revolution, retail continues to evolve at a rapid rate. Online retail, for example, exploded from making up a mere five per cent of sales in 2007 to having a near-20 per cent share at the start of this decade. With an increased focus on retail via the internet, more and more digital solutions and options have become available for vendors to utilise for that additional competitive edge.
Here, we’re examining some diverse industries beyond retail that have already made great gains with new strategies, particularly in the digital landscape. From these, retail businesses can take the core concept and tweak them to suit their customer bases.
Handheld that’s better than desktop
It cannot be stressed enough how much having a mobile-optimised website or app can and will boost sales. Not only does just about everyone have a smartphone by default, but they’re increasingly spending time on the small screens. Convenience is king, and mobile is the ultimate form of convenience out there right now. However, just having a mobile presence isn’t enough. You need to capitalise on the desire for convenient use that customers have.
The site and, preferably, the app, need to be perfectly suited to touch-screen interactions, navigation, and come with everything that the regular website has. There are various well-executed examples of this, the first being online casinos on mobile devices. While running games that are even as hefty as live-streamed table games, each mobile casino with a good review score has a user-friendly interface, optimised games, fast loading times, and all of the same variety found on the website.
Another industry that’s been able to refine and even make the experience better through apps and mobile sites is health and fitness. Dedicated websites and social media platforms were long used to host premium fitness video sessions, for example. Now, thanks to refining the product to an app, these sessions are far more accessible and can be taken on the go. Naturally, running apps have been the primary beneficiaries, but just about anyone who goes to the gym or even has a home gym will turn to their mobiles for feeds, information, classes, timers, and more.
This next example is unique and interesting because they essentially skipped the website step and went straight to mobile. As Uber began to spread across the world through a combination of undercutting prices, leveraging the gig economy and convenience, taxis found that they were predominantly being outdone by an app. Long tied to streetside hails and telephone numbers, even small and independent taxi companies quickly had to embrace apps to compete with Uber, and now, many of them have done so. Now it’s quicker and easier to get a non-Uber taxi, buoying the industry.
Individualisation options for the masses
Source: Pexels
Wherever possible, customers increasingly want an experience that at least feels tailored to them in some way. This can come about through personalisation options like wish lists, tailored alerts, or being able to change the colour scheme of the site or mobile app. Importantly, off-the-shelf goods and services are increasingly being overlooked in favour of tailor-made or more unique offerings.
The finance industry, particularly since the invasion of fintech, has grown into this idea of individualisation. Not only was offering more services for banking and payments important for reaching financial inclusion goals, but it also enhanced digital financial services as a whole, making way for embedded finance companies. Expanding on the success of these, it’s seen that product breadth, product depth, and program management support are key ways to build into further individualisation and increase the appeal of a finance business.
An informed customer is a happy customer
Source: Pixabay
For many, before making a purchase, the default action is to search online to find out what the best price is, the best materials available, where money can be saved on better alternatives, and the like. We can swiftly become near-experts on any product thanks to the online browsing capacity of smartphones. Businesses have found that they can become an information authority in their area, inform customers, and guide them to their products.
Travel businesses have embraced this for quite some time, stacking out landing pages and even creating dedicated blogs to inform customers and those who are browsing the internet. Some will treat the travel recommendation posts as enjoyable reads to get informed after booking. Others will be looking at them for inspiration, and as the platform itself offers the travel connections to get to the scenic places discussed, the shift from reader to paying customer is eased.
Get the edge in retail by becoming mobile-optimised, expanding your offering to allow for more individualisation, and inform potential customers with insightful and informative posts.
