Craig Harris, an industry principal, apparel, footwear and accessories, for Oracle NetSuite, offers up advice and tips to help retailers strengthen the relationship with their customers.
I can state the obvious, but we all know these last few months have been a difficult time for retailers. COVID-19 has thrown a wrench in casual spending, holiday sales predictions, and in-store experiences. Brands are being forced to revise business strategies and forecasts. Revise again, and then again.
However, brands have started to rebound as consumers shift their needs from immediate goods like food, medicine, and paper goods to more regular shopping activity such as furniture for home offices, leisure attire and more. At NetSuite, we've seen sales order volume for our retail customers increase 59% year-over-year in May.
Now more than ever, customer loyalty is an integral part of survival for retailers and has created an opportunity for brands to double down on relationships with shoppers. Before COVID-19 you may have had a strategy on exactly how to do that, but the world has changed. It's easy to get caught up on the downside of the pandemic, but retailers have also been presented with more opportunity to rethink the status quo, engage directly with customers and constantly reinvent to reach shoppers — new and old.
Here are some things to keep in mind as you look to strengthen the relationship with your customers.
Signal you're open for business
Retailers should be reestablishing the vision of the brand and go-to-market identity. It's important to re-engage your customer base and let them know services are still available, whether it's in-store or online. Inform shoppers that you're open using personalized email campaigns, targeted marketing promotions, and intimate messaging. During this period, loyal customers will try to be faithful buyers, especially to smaller businesses who in many circumstances have been impacted the most.
Re-examine market demand and inventory
Many businesses have been forced to close unprofitable locations. It's critical that brands understand shifting customer demands. Retailers should be re-evaluating their inventories to prioritize the sale/marketing of products with the highest return on investment. It's critical to re-assess where key customers are located (demographics) and what metrics best identify audiences. It is also important to overlay this data with regional shutdowns and re-opening. How brands engage with a customer can easily shift depending on where they are located and what phase of re-opening their experiencing in their communities.
Because of this, COVID-19 has left many retailers with unsold Spring and Summer inventory. Targeted marketing to the customer base can help move this inventory at prices higher than liquidation rates. Brands can incentivize shoppers by offering deep discounts, early access and loyalty rewards programs. Demand planners can combat market uncertainty by frequently realigning their plans to changes in consumer shopping patterns. Given the prospect of additional shutdowns and the impact of stay-at-home schooling, a clear view of the Fall season demand is a volatile and fast changing landscape. Many brands are reassessing demand and revising forecasts on a weekly basis at this point.
Always prioritize the customer experience
Discretionary spending is down, and the prospect of new customers looks uncertain. Brands should be taking steps to ensure current customers are satisfied, or the brand risks losing its core profit. Retailers should focus on retaining loyal customers and the value offered by their services. Figure out what those consumer needs are, fulfill them, and add an extra layer of care. Direct-to-consumer and omnichannel sales strategies give customers options to interact with brands in ways that are most convenient.
Think about the taking the following actions:
● Look to invest in omni-channel offerings to overcome purchase barriers created by the pandemic.
● Ensure you have the proper infrastructure to offer flexible retail services such as in-store pickup, curbside pickup, health & safety guidelines for in-store shopping and frequent product sanitation.
● Shift product offerings based on the demands of key customers.
Communicate the right message
Remember, when engaging with both new or existing customers, it's important for brands to consistently reexamine their message to shoppers and be flexible to change as the environment evolves. Retailers will need to demonstrate their awareness of the current environment and align their marketing to the values that matter most to their customers. Research your loyal customers and help them feel as confident as possible about their purchases. Smaller brands also have the opportunity to convey more personal messages to the local communities that rely on them.
Over the coming months, retailers will be forced to continue reinventing themselves and identifying new sales approaches to ensure a satisfying and safe customer experience for consumers.
Long term, slowed consumer spending and other obstacles created by COVID-19 will be challenging to overcome. Just make sure your customers aren't left behind.
Craig Harris is industry principal, apparel, footwear and accessories, for Oracle NetSuite.For more insight from Harris click here.
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How to ace customer loyalty in tough times - Retail Customer Experience
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