Challenges In The Retail Market – Shamayun Miah
Retail marketing is evolving, yet there are many challenges that need to be overcome. When a customer purchases anything at a physical store, they are creating data points – what did they buy? When did they go shopping? When the same consumer purchases online, they generate a whole new set of data points – what device did they use, for example? Did they look at any goods that they didn’t end up purchasing? What was the average amount of time they spent on each page? There is an inexhaustible supply of data. So much so that merchants are having trouble deciding which data to pay attention to. The first step is to define the problem you’re attempting to resolve. Knowing what your problem is can assist you in determining what data is appropriate and you can understand customer demands- Shamayun Miah.
Small merchants frequently have a difficult time competing with larger retailers since many customers believe that smaller stores offer fewer options. One of the difficulties that small merchants confront is figuring out how to establish marketing strategies that make the store appear more diverse. This may need the engagement of expert marketers or graphic designers to develop print or web marketing for many small businesses. The advertisements should emphasize the store’s diversity and capacity to deliver what larger name-brand stores can, but at a lower cost and closer to home- Shamayun Miah.
The success of a retail shop is frequently determined by trends. Fashionistas prefer to purchase the most recent trends. Electronic experts are always on the lookout for the most up-to-date smartphone or computer. Consumers frequently associate fashionable shops with greater prices. Marketing these higher-end items is difficult, but countering this notion with targeted marketing informs customers that the store sells the most up-to-date products at reasonable costs.
The data-driven marketing world of today has brought with it new opportunities and difficulties. If retail marketers want to prosper in the future, they must modify their mindset. They must sift through mountains of information to choose what to utilize and how to make the most of it. They must be able to recognize their consumers regardless of where they are or what device they are using. They must also be able to establish trust for consumers to feel comfortable providing personal information, as well as develop client loyalty by figuring out how to transform that data into better judgments.