Retail stores have traditionally been the go-to places for people’s purchases. Regardless of size, retailers have always had customers visiting their stores albeit the competition. With the advent of the Internet and its meteoric rise in user numbers, brick and mortar (B&M) stores face a new crisis in the form of lost customers. Online shopping offers just about anything a B&M store has to offer, with the added convenience of being able to purchase your desired product within the confines of your home.
However, that does not mean retail stores are going out of business. Even though online shopping is on the rise, as of 2018 it accounts for only 14.3% of total retail sales in the United States. And it would not be far-fetched to assume that number is also the case for the rest of the world, maybe even on the lower side of the spectrum. So it is fair to say that a good margin of customers still prefer physical stores to their online counterparts.
E-commerce, nevertheless, is not the only challenge retail stores are facing. It is not even the biggest one at that. The huge competitiveness of the market means smaller retail stores have to work their hardest to not only break even but also stay afloat. Bigger retail stores, the likes of which include Best Buy and Walmart, can eat up competition like no other can, simply because they have the means and resources to do so. And with so many variables factoring into the success of your retail store—finances, inventory, customer base, etc...—it can be overwhelmingly difficult to sustain your business and keep it operating.
With carefully-designed marketing strategy in place, your retail store may stand a chance and even go as far as being a success. Competition is an annoying obstacle for every party involved but it can help you better your business practices and improve as a company. Therefore, following some of the marketing tips listed below, you can develop a campaign—or a strategy for that matter—that will make sure you attract the right clientele and keep your retail store going.
Marketing boasts a huge diversity in its channels of communication. All of them are effective in their own way and can target different demographics. Though the selection of which channels you want to use largely depends on budget restrictions and how much of an investment you are willing to make in your marketing. With that said, here are some marketing channels best suited for the retail industry.