There are many elements that contribute to the purchasing decisions made by consumers. What factors do you think are currently impacting your business? We would love to hear from you.
We have heard it all; increasing costs of living, the mining tax, the carbon tax, fear factor caused by the media, increased competition in Australia and from international brands, the strong Australian dollar leading to offshore online purchasing, high retail labour and retail rental costs as well as the constant pricing wars amongst retailers.
All of these factors impact consumer confidence. What should a brand do to overcome these issues?
Well some of these factors are out of the retailer's control but that is no reason to downsize and remain stagnant. There are still things you can do to improve rather than sitting back and hoping for the best, while complaining about the worst.
Turn around your consumer's mindset. Make their shopping experience with you in store and online a memorable one. Invest in in-store improvements and don't get caught up in the price war. It's all about your brand and encouraging customers to relate to your product and service offering not who has the cheapest prices in the market.
So look at your brand now... does its in-store message relate to your online one? Have you sacrificed your in-store merchandising and displays to focus purely online? Create an experience with your shoppers in-store with effective displays and service. Talk to SI Retail today about customising in-store fittings to suit your brand message. Each month we are working towards introducing new and impacting products so keep an eye out for new shopfittings that can enhance your brand's strategy.
What does a continual ‘sale' campaign without purpose say to your customer? That you are just another one of them - trying to outdo the competition purely on price. Consumers become immune to these messages and are even less likely to purchase when they see a sale sign if that is all you are offering. It is tarnishing your brand and isn't helping consumers make a purchase decision. Turn this scenario around and make your business distinctive from the rest and don't focus purely on price.
What is the best thing about consumers saving their money? You know they have money to spend. It's just a matter of offering something appealing to them that will encourage them to invest in you. Try not to be another brand with a ‘me too' focus but rather an ‘I'm different' strategy. You know what your strengths are, flaunt them.