PILLARS OF RETAIL SUCCESS-POST PANDEMIC
After being in lockdown for almost a year, both Indian consumers and retailers were very optimistic and excited for 2021. Unfortunately, 2021 wasn’t any better but was a scarier nightmare coming true.
With the second wave of Covid-19 hitting India, Suddenly, the country was again in distress. Another lockdown and the mutating virus were no more a nightmare but a harsh reality. With the restrictions still in place, and the vaccination coming into the picture, the Covid-19 cases have finally begun to decrease, but it is still a long journey ahead.
While the pandemic has affected anyone and everyone, the retail business in India is one of its prime victims. With all these restrictions on the gatherings, weddings, guest lists, lack of inbound travelers, and now the International travel restrictions, retail is getting impacted from all corners.
And if these restrictions weren’t enough, the change in consumer behavior due to Covid-19 has become another challenge for retailers to bounce back post-pandemic.
While the retailers were busy advancing themselves to adapt to the new normal, the consumer has grown even smarter. They now understand technology better than ever and expect the unexpected from the merchants. To cater to these changing consumer sentiments and lifestyles, retailers have to invest in more digital technologies.
Now you must be wondering, HOW?
It would not be a cakewalk, but it is also not a run to Everest. Relax! Karnival got you covered.
To understand this better, let’s first discuss the
THE PILLARS OF RETAIL SUCCESS:
1. OMNICHANNEL APPROACH: With the changing consumer behavior, virtual shopping rather, competitive shopping has become more real than ever. People are no longer making impulsive buying decisions, and research, before you buy, is a new trend.
To propagate this changing behavior, prioritizing a seamless and unified customer experience across all platforms has topped the action list. If you want to convert your prospect clients, being digitally present is no longer a winning shot, you have to provide them with a coherent integration across all platforms.
To better understand the benefits of the Omnichannel approach. READ HERE.
2. CONSUMER CENTRIC APPROACH: It is often said, “customer is the king, and the king never bargains.” Well, the joke’s on me!
So let me rephrase this,
The customer is the King, and the King never bargains on his interest.
Customers are demanding a better customer experience and want to be a priority. If you can’t cater to this emotion, they will bury your Brand under the pile of forgotten graves and not care much.
Customer satisfaction is not a myth. It is achieved with the right level of personalization and by prioritizing customer interest. Karnival gives you a platform to engage better with your customers and help you in fixing the post-purchase customer journey.
3. PROVIDE VALUE PROPOSITION: This pandemic has given us a plethora of reasons to be more aware and conscious of the environment and other beings. The value proposition is no longer just a statement of purpose. It represents your Brand’s image and values. The time of mindless shopping is long gone. Consumers believe in being mindful and connect with the brands that resonate with their feelings.
Implemented accurately, your Value Proposition helps you in standing above your competitors and develop customer interest. Once you have an edge over your competitors, the ball is in your court, and then your strategies will further decide whether you hit a six or walk away with a duck.
4. INNOVATION OVER INVENTION: Before understanding this, it is imperative to understand the difference between the two. The invention is a proposal of new technology or idea, whereas Innovation is the commercial exploitation of that idea to earn profit. Thus, being innovative is the key.
To keep your customers interested, you need to keep yourself updated and keep your customers away from the fear of missing out (FOMO).
Now, as we wait for history to repeat and the Batman to bring the post-pandemic boom, it is of utmost importance to stand tall and prepare for it.
As always, the choice lies in your hands.
Do you want to play smart, and upscale your business quickly by grasping the benefits of features like KARNIVAL SUITE, or you still want to keep fighting with the wind and maybe exacerbate the situation.
Tough situations demand smart decisions, choose wisely!