Print and Digital Marketing Challenges for Retailers
Experian found that, in a given month, 8 percent of all smartphone owners report having shopped from their phones, whereas nearly 40 percent of tablet owners say they shopped from their tablets.
3. Innovate. Retailers that implement new talent strategies (e.g., position team members as brand ambassadors and empower them to use social media to connect with customers), evolve the physical space (from a primary point of brand contact to one of many points of contact) and adopt emerging solutions early (for example, using real-time data to provide relevant promotions and personalize shopping experiences) will pull ahead of the rest to become category leaders.
Walmart is preparing an enhanced "Print Plus" program that pairs digital "liquid content" from brands with its 80-million-circulation weekly circular. Brands will supply content such as recipes and how-to videos customers will see as they pass their smart phones over print ads. As Senior Director Marketing Communications Client McClain commented, "I'd be surprised if 15 percent of the content comes from us." Suppliers will furnish at least 90 percent.
4. Evaluate performance continually. Change is the new normal for retailers in their operating models and this means constant measurement of performance. Information is king and predictive analytics can help retailers get deeper insight into the value they are providing to customers.
One success story is Lowe's. In 2011, the retailer introduced the loyalty program MyLowe's. It allows online shoppers to set up profiles that keep track of shopping lists, organizes owner's manuals and warranties and consolidates inspirational pictures for upcoming project. All online and in-store orders are tracked and nearly seven million customers have registered for the program. The home improvement retailer boosted e-commerce sales more than 50 percent in 2012, which is estimated to be about 1.5 percent of its total sales in 2012 or $757.5 million.
