Magazine: Stay on your feet! – Eight future-proof trends for traditional stores to gain a market advantage

Revolutionary changes – winners and losers

Guest author:
Dr. Norbert Katona
lecturer
Budapesti Metropolitan
Egyetem

Global value chains and classic retailers had been unprepared for the effects of the COVID-19 pandemic that broke out last spring. Consumer demand dropped due to the resulting economic recession, and there was no retailer that didn’t make the biggest efforts in 2020 – either to survive or in certain segments to satisfy the skyrocketing demand, e.g. online shops were the big winners of the situation. However, it doesn’t really matter what the best online retailers in the western world did to stay on their feet, as the trends of the future are coming more from the east. The Chinese online market is already bigger than the European and the North American combined, and the integrated online services of market players there show what the future can be like here.

Stay on your feet! Opportunities for retailers to gain a market advantage

The following eight key areas illustrate where traditional retailers can keep up with the challenges and how they can serve consumer needs.

Safety

Make shoppers feel safe and reduce queuing time

Since consumers are worried about the pandemic, retailers must develop health and safety measures and implement them. Such tools and methods need to be introduced that can make the queuing time shorter.

Online development

Optimise your store for various online searches, be there on Google Maps and make your product selection visible in real time

You can improve the search engine optimisation (SEO) level of your store by developing different business listings for Google or Facebook. Provide as many details as possible and update them regularly.

Focus on logistics

Guarantee the right stock level, create pick-up points and develop a mobile app

Monitor and manage your stock efficiently, develop an ordering app and position your store as a pick-up point too.

Customer experience

Work with shop assistants that understand and contribute to the shopping experience

If you would like to increase sales, invest in your personnel. In the future you will need shop assistants that know a lot about the given product or service, and can share this knowledge with the customers.

Local causes

Be an active member of your community and join CSR missions

Large companies know very well that doing good things for the community is good for the business too. This is the reason why they organise more and more corporate social responsibility (CSR) programmes.

Design and product presentation

Improve and modernise the design of the store interior and how products are presented

Modern technology such as interactive tools can help in presenting products to customers in a more exciting fashion. Always be up-to-date and relevant.

Reward loyalty

Develop and operate a tailor-made loyalty programme

Reward the best customers and create a loyalty programme – or join an existing one. Keep communicating with regular customers via a loyalty scheme that is simple.

Communicate

Tell your own story and use social media actively

Credibility sells everything, so tell your story interestingly and credibly. Find those communication channels that are guaranteed to reach your customers. Create your own content for this and have a strong presence in social media. //

Norbert Katona fills a leading position in the Hungarian Marketing Association and teaches at the Budapest Metropolitan University. He manages various marketing communication and retail development projects, and is a founder and president of the Marketing Decision-makers’ Club.