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Marketing/Retail Industry/Technology

The Expanding Impact Of Digitization On The Retail Sector – Shamayun Miah

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The Expanding Impact Of Digitization On The Retail Sector – Shamayun Miah

Consumers’ traditional ideas of brick-and-mortar purchases have undergone a significant transformation into hybrid experiences throughout time. The adoption of smart technology and business models for the consumer is essential to drive the digital world given the rise of mobile shopping and e-commerce.

Moving quickly and maintaining an advantage over the competition is made possible by digital merchandising, demand sensing, watchful replenishments, and manufacturing online operating platforms. The traditional retail brands have also implemented multichannel methods to affect consumer purchasing patterns to maintain business in the dynamic market environment- Shamayun Miah.

What does the retail industry’s digital transformation entail?

Every industry has adopted digital transformation to enhance its offerings and facilities to stay competitive. In the retail sector, digital transformation is a driving force behind the omnichannel experience that meets customer needs and expectations through instant gratification, personalized push notifications, tailored recommendations based on market trends, strategic analysis, location-based marketing, and anticipatory shipping for fulfillment conveniences with an integrated view of consumer behaviors. All of these, together with the requirement to develop ground-breaking business models and find novel ways to generate revenue, are reasons to integrate emerging technologies into an enterprise’s digital transformation process- Shamayun Miah.

Challenges in the Retail Industry’s Transformation

Digital disruption is the result of the availability of several options at a customer’s fingertips before making a purchase decision, completely altering consumer behavior. In the wellness and personal care categories, Indian e-commerce order volume climbed 36% last year. While e-commerce in India is anticipated to expand by 27 percent and reach $99 billion by 2024.

Technology Solutions: Organizations no longer have the option of moving to the cloud or the internet- Shamayun Miah. Building a solid technical foundation, on the other hand, may enable dynamic business developments by maintaining orders, items, inventory, and customers.

Customer expectations are changing, as was already said by Shamayun Miah. Retailers must therefore keep up with the rapid changes in what customers want and expect, which can be difficult due to factors like changing buying habits and changing seasons. In this situation, analytics is useful. Retailers can employ analytics to comprehend customer needs and expectations so they can tailor their solutions.

Business/Marketing

Best Retail Marketing Strategies That One Must Follow – Shamayun Miah

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Best Retail Marketing Strategies That One Must Follow – Shamayun Miah

Make better use of your current marketing space

Before branching out into other marketing channels, it’s best to make the most of what you already have. Retailers have been using these spaces for a long time, but the way they use them has changed considerably throughout the years. We’ll discuss how to make greater use of your curbside, window display, and product shelves. Curbside and window displays can help you increase foot traffic and improve your business image. Once customers are inside your business, optimizing your merchandising approach will increase basket size- Shamayun Miah.

Displays in windows

Depending on the amount of foot traffic you receive, changing your window display once a month or once every two weeks is an excellent practice to follow. Customers see your window display as an extension of your brand and the type of service you provide. As a result, taking the time to thoroughly consider its design will benefit your retail business.

Limited-time deals might be displayed in large, bold characters to generate a sense of urgency.
Decorating your exhibit according to the seasons and holidays will also help. It will also assist you in forming a bond with a passerby and converting her into a visitor.

Merchandising

It’s an important aspect of every retailer’s in-store marketing strategy. It would be to your advantage to employ attractive and simple-to-navigate stands so that customers can find what they want quickly and enjoy the process of buying at your business. However, these aren’t the only considerations to make while organizing your stuff. In a store, product placement is about much more than what looks nice or fits best in different departments- Shamayun Miah. The shopper’s eye level, elevating items stands, and display shelves are all critical considerations.

Expand your social media following

Because retail is a consumer-driven industry, it’s ideal for being promoted on social media channels to audiences who are large consumers. According to studies, 81% of individuals use social media to help them identify things, and 80% think it helps them make purchasing decisions.

Shopping ads on Google

Google accounts for roughly 40% of all shopping queries, which is a considerable number considering Amazon accounts for about 50%. You should aim to incorporate Google shopping advertising into your retail sales strategy because they are a very efficient way to promote sales online.

Google shopping ads appear above search results and are the first thing that a user notices. They account for 85% of all clicks on Google advertisements and retail efforts. This might be a wonderful advertising technique for your retail store if you want to increase interaction.
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Business/Marketing

How To Master Retail Marketing Strategy – Shamayun Miah

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How To Master Retail Marketing Strategy – Shamayun Miah

So, what are they doing differently, and how are they combining several channels to create such effective marketing campaigns?

Read on to learn about some innovative methods merchants are driving sales with marketing, as well as real-life examples you can learn from and use as inspiration for your next campaign. Integrating client data from in-store with data from online and offline channels

Some merchants have discovered that their in-store customers use mobile devices to check reviews, hunt for more sizes and stock, and peruse products throughout the brick-and-mortar shopping experience.
To take advantage of this, they’re making it easier for mobile-savvy customers to share in-store information across channels and devices and then exploit that data through targeted marketing initiatives- Shamayun Miah.

Making use of user-generated content

Other shops are allowing customers to create branded content through in-store interactions, and then putting that content to use. They’re developing marketing materials that feel more organic as a result of this, and they’re leveraging the sharing component of social media to increase their reach much beyond what internal efforts could achieve.

Using data to personalize experiences across platforms

When it comes to using data acquired across numerous client touchpoints to create more targeted future experiences, some marketers have found out how to implement systems that enable them to do so. They can more efficiently cross-sell and upsell based on robust customer profiles this way- Shamayun Miah.

Using location data to create a variety of purchasing options

Rather than competing with one another in-store or online, some retailers are making it easier for customers to shop in the way that suits them best. What exactly are they doing to do this? Based on the shopper’s location data, they’re displaying the nearest retail location alongside the mobile shopping experience.

To boost in-store purchases, send out email promos

Certain businesses employ a printable offer that can be redeemed for an in-store purchase to improve sales. It’s hardly a groundbreaking idea, but it’s assisting retailers who don’t offer online checkout in improving their email marketing ROI (think restaurants, automotive repair shops, etc).

Because not all marketing approaches will work for you, it’s critical to experiment and be creative when it comes to using or combining different marketing tactics with a personal touch to assist your retail shop to acquire awareness, recognition, and, eventually, profits.

 

Business/Finance/Investments/Marketing/Technology

Commercial Retail Stores Is A Long Term Investment How? – Shamayun Miah

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Commercial Retail Stores Is A Long Term Investment How? – Shamayun Miah

As the economy adapted to quarantines and high COVID-19 transmission rates, several retail and department stores went bankrupt in 2020 and 2021. As more people shop online, experts predict that retail stores will be reduced by up to 25% by 2025. Healthcare, grocery, and other alternative stores are expected to replace retail stores in urban areas such as New York and San Francisco. The appeal of investing in this type of property is multifaceted- Shamayun Miah. Investing in different asset classes or property types allows investors to generate higher investment returns while also benefiting from tax breaks.

Commercial real estate investing entails putting money toward the purchase of commercial real estate property such as office buildings, multifamily apartment buildings, hotels, malls, storage facilities, and shopping centers, among others.

If you want to make this type of investment, you must be committed to keeping the commercial real estate holding invested for the long term.

Because commercial real estate is an illiquid asset, your funds may be locked up for an extended period- Shamayun Miah. Illiquid investments typically generate higher returns over time and are not subject to daily price volatility; however, some opportunities may have a higher barrier to entry. If you want more liquid investments, commercial real estate may not be the best choice.

Real estate can be a profitable asset class to invest in. Beginners, however, should be aware of the investment risks associated with this type of real estate property. Here’s what you should know about commercial real estate investing to see if it’s right for you:

How to Begin Investing in Commercial Real Estate.

Commercial real estate investing, in particular, has a reputation for producing some of the highest income streams. If you’ve been investing in residential real estate for a while and are wondering how to get started in commercial real estate, this guide will teach you everything you need to know.

Trends in Commercial Real Estate Investing in 2021 and 2022

During the COVID-19 pandemic, offices, hotels, retail stores, and other commercial real estate investments suffered greatly. While the pandemic isn’t over, commercial real estate is expected to continue its upward trend in the coming year. Many commercial real estate investors are optimistic as the industry continues to adapt to changing market conditions.

 

 

Business/Marketing

In-Store Marketing Strategies For A Retail Business That You Need To Start Today – Shamayun Miah

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In-Store Marketing Strategies For A Retail Business That You Need To Start Today – Shamayun Miah

To boost the business, numerous in-store marketing strategies can support retail business.

Provide free WiFi

Offering free WiFi to clients at your physical site is one of the simplest methods to sell to them. When customers check-in, they receive your marketing messages, allowing you to advertise the many items and services on offer.

Customers like the branding benefits of WiFi marketing. They will be more patient while waiting for your personnel if they are amused on their phones- Shamayun Miah. This implies customers are more likely to be satisfied and return to your establishment in the future.

Customers Can Be Upsold With Signage

In-store marketing is all about appealing to customers right now. Signage is one of your finest alternatives for increasing sales and getting clients to spend a few dollars extra each time they enter your business. Customers may be upsold by emphasizing bundle packages for further savings, promoting seasonal goods they can try, and outlining the benefits of your lesser-known selections. Digital signage that is displayed and labeled makes it simple to sell to customers and boost sales.

Customers should be given useful information

While entertainment is a vital element of the consumer experience, education is also crucial. Customers trust your brand because they believe it is the most dependable and that you provide something that they cannot obtain anyplace else.

Make sure you’re giving consumers the proper information and establishing yourself as an authority in the industry.

Make Your Entertainment Brand-Related

If you use music, TV, digital trivia, or other forms of entertainment to keep clients entertained while they wait, make sure the material is relevant to your business and supports your overall goal. Setting up a radio or streaming cable TV puts you at the mercy of other content developers. They could play an offensive tune or show a competitor’s advertising.

Customers Should Be Contacted for Surveys

Many businesses rely on customer surveys to get information about their performance and prospective changes- Shamayun Miah. Customers that have survey numbers on their receipts are usually given instructions by the cashier. However, by the time the consumer arrives home, he or she has forgotten about the survey and will not bother to finish it.

Instead, try doing in-store surveys so that clients may provide feedback before leaving your establishment. This might be as simple as placing a few interactive touchscreens at the exit or asking an employee to conduct a poll before visitors leave. You may even give them a discount on future services if they finish it. This demonstrates that you are paying attention while offering incentives to get people to return to your establishment- Shamayun Miah.

Marketing

Challenges In The Retail Market – Shamayun Miah

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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.

Marketing/Technology

Chatbot: A Intuitive Way To Evolving Retail Industry – Shamayun Miah

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Chatbot: A Intuitive Way To Evolving Retail Industry – Shamayun Miah

The retail sector is always changing, and technology is at the forefront of that transition. Physical retail establishments are embracing technology improvements to discover new methods to appeal to a broader audience, compete with other firms, and deliver great customer service, which is not restricted to the advent of eCommerce. The days of chatbots providing binary, basic Q&A-based replies, void of emotional intelligence, cultural knowledge, and cognitive control, are long gone, stated by Shamayun Miah in The Future: Fusing Fintechs and Financial Institutions. Chatbots are becoming more expressive. It offers a wide range of potential uses in the retail business, and it can increase sales while lowering expenses, making them a valuable tool for any store.

Retail bots are accessible to help customers 24 hours a day, seven days a week, and they will always represent your business properly by offering nice helpful service. Chatting with a bot is simple, enjoyable, and, unlike most traditional help channels, does not require any waiting. Customers will notice that your brand emphasizes their convenience and experience because of its consistent availability and consistency. Although most customer inquiries may be answered by a chatbot, there may be moments when a user chooses to talk with a human person. In certain instances, your bot may effortlessly transfer the discussion to another person.

When chatbots are customized to give the same level of customer care that customers expect from your business in-store or online, they’re a terrific way to grow your brand. Because chatbot replies are regulated, bots enable companies to deliver unified, consistent customer care. Chatbots can act as shopping assistants, assisting shoppers in locating the things they want. Retail behemoths like H& M and eBay are employing them to sift customers through massive inventories and deliver exactly what they’re looking for. Many customers come in with only a need in mind and no specific product in mind.

Chatbots may also make suggestions based on color, brand, pricing, and other factors in this scenario. Even if the client is unable to choose at this moment, a chatbot can preserve the whole discussion and remember the customer’s preferences when he or she reconnects. Chatbots are one way that retailers are attempting to utilize technology to their advantage. It can help customers have a better experience. Retail is at the cutting edge of technology innovations and digitization, stated by Shamayun Miah,” Digital Survivors — Death of the Retail Culture”