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When compared to shopping at a physical store, many consumers find online shopping to be more convenient and satisfying. Many customers prefer to purchase online since it allows them to compare prices with only a few clicks on their mobile devices. Physical retail stores still account for a significant portion of customer purchases, although they occasionally find it difficult to compete with online retailers. This competition, I believe, will be a part of the future of retail.
Here are some techniques to effectively compete with e-commerce retailers to market your retail business.
This is one of the best ways to attract more buyers to your store. Matching prices with your competitors will enable customers to purchase the product they want when they want it. The customer is happy because they have what they need, and you just made money. With this, it is important to take into account your profit margins. For a smaller store, it may not be the most feasible to price match with Wal-Mart or Amazon, as these retailers most certainly have a much higher profit margin per product because they have a cheaper wholesale price. Do your research and find ways to price match that will also benefit you.
Better Customer Service
When it comes to online shopping, customer service can take a bit longer as there is no one immediately available to help them. Even if they have 24-hour customer service, at times shipping out new products and the refund process can take much longer than an in-person visit. As a store owner, you can take advantage of this by ensuring that every customer that visits your store receives the best shopping experience and better support than anywhere else. If you want to have more loyal and returning customers you must provide the best experience in your store by eliminating the time constraint and building a relationship with the customer.
Train Your Staffs and Sales Reps
Online stores don’t have any in-person sales rep to persuade customers to buy their products or offer more upsells. Consider learning how to recruit millennials. You have the advantage of physical people in your store — take hold of this — and train them. Teach them your product line and how to communicate effectively with people.
Order Online and Pick Up In-Store
If you hate the idea of shipping products to customers you should still set up an online store where customers can place an order and then pick it up at your store. This is a great way to boost your sales and you’re making it convenient for customers to shop from the comfort of their homes. Retailers like Wal-Mart already employ this strategy. It allows customers to place an order and have products brought to their car — without needing to spend time in a store.
Deliver Products Fast
One downside of online shopping is that it takes time before products are delivered. If retail stores want to compete, they should deliver products faster and, in many cases, they can achieve that. Retailers offer two-day shipping for orders above a certain amount and there are event services with 24-hour delivery time — at a cost. Whatever the case might be from your side, you should aim to deliver products fast. If it’s within the same city, you can even aim to deliver within hours to expand the types of consumers who use your services and thus grow your business.
Optimize Your Business in Search Engines
Just because you don’t sell online doesn’t mean you should not promote your business online. Search engines are powerful tools for delivering customers to your store. The higher rank you have, the more visitors you will have. To increase your rank, you can consider hiring an SEO expert or research the field yourself to make the necessary optimizations. If you haven't already, you should also claim your Google Business listing, because they’re the first results that show up when a user makes a query.
Make The Order Process Easier
Make your website user-friendly, with a few steps to completing a purchase as possible. You do not want your customers filling out pages and pages of information when websites like Amazon allow you to checkout with just one click. Work on the UX and UI of your site as this is critical to improving your conversion rate.
Build A Better Relationship with Customers
This is something online stores can’t provide and retail store owners can take advantage of it. Sales reps consistently report that building good relationships with customers will play a great role in growing your business. Many customers prefer human interaction when making purchases, and while online chats and speedy email services are beneficial if you operate online, they do not wholly replace physical store associates. Have ample staff in your store that is educated in your products and your company — and make sure each staff member is also committed to your customers. This will help strengthen the consumer's image of your company.
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