11 May consumer electronics brands: is your retail strategy as smart as your products?
With a recent study from Verdict and British Land revealing that a whopping 89% (£278bn) of all UK retail sales touch a store – be it through initial awareness, showrooming, or Click and Collect – it appears that almost everyone is using stores, even if they’re not buying from them. So, with this in mind, how can you enhance your electronics retail offering to maximise sales? Read on for our top tips.
Get the experts in
“Just popping out to get a new TV, be back in two minutes,” said no-one ever. Smartphones, sound systems, games consoles and the like are all high-cost, high-consideration products that deserve the time, research and effort consumers put into making each purchase. Our own experience shows that consumers are willing to pay a premium in return for the reassurance that comes from expert guidance on options and benefits. Take advantage of this fact by ensuring your brand is well-represented in store, with fully-trained staff on hand to give demonstrations and discuss products to meet individual customers’ requirements. In short, providing opportunities for authentic, one-to-one advice will boost your selling power no end.
Make it entertaining
“Shopping is as much about entertainment and engagement as it is about utility,” Devin Wenig, president of eBay Marketplaces, recently told consultancy McKinsey. With almost half (49%) of all electrical purchases made in a physical shop, optimising your in-store experience is an important consideration for marketers in the industry. Elements such as layout, dressing, merchandising and point-of-sale can all be harnessed to create an engaging retail experience. Consider what other successful brands are doing to stand out from the crowd – think along the lines of Oxford Street’s John Lewis, where their ‘Smart Home’ concept invites shoppers to experience the house of the future, today. With four interactive zones, visitors can browse a range of cutting-edge technology in a real-life setting. What’s more, the helpful presence of specially-trained colleagues on hand to demonstrate tomorrow’s electronics certainly helps to get today’s sales conversations off the ground.
It’s been found that some consumers consult up to 14 sources of information before committing to a purchase, and that 66% of all customers prefer using a mix of online and physical stores as part of their research. So, you should always aim to support your winning in-store strategy with additional, cross-platform touchpoints. Luckily, with electricals being one of the most mature online markets, it’s not hard to exploit digital retail opportunities. Aim to ensure visibility across a variety of channels along the shopper journey, from online marketplaces to social media, so you never miss a sales opportunity.
Keen to learn more about making your brand more successful in retail?
We’ll be exploring some more of these trends as well as sharing new strategies for how retailers and brands can succeed in 2017 in our forthcoming Masterclass ‘Using intelligence to win the retail war’. You can find out more information on the agenda and sign up by clicking below.