What is a Marketing Strategy? Every business' main aim is to generate profits. In a retail setting, companies create a plan to reach out to prospective consumers and convert them into customers that buy more products or services. Many promotional and advertising ideas are there for retail stores to employ, resulting in improved sales figures. [...]
The retail business was critically affected during the pandemic. Companies stepped up to create a strong presence on online platforms as the world became digital. Although online spaces have been thoroughly optimised in recent times to enhance customers’ shopping experiences, the feeling of shopping in a brick-and-mortar store is incomparable. Therefore, since the situation [...]
Market research has always been the key to developing a successful marketing strategy. The importance of good market research doesn't end here. For your products and services to be well-accepted by your consumers, you must know the choices and preferences of your target audience. Market research gives you crucial information about your competitors and current [...]
Have you ever noticed customers walk into your retail store, take a look at some products, and then walk right out? Alas! The store's conversion rate just dropped down. That's a sign for a retail promoter to scale up and boost the effectiveness of any sale strategy! You can now solve your low conversion rate [...]
Introduction Every market system operates on certain pricing strategies which the retailers are bound to follow. These strategies set definite guidelines and price limits for the products and services sold so that the retailers do not sell them below or beyond the prescribed level. These include MOP, SRP, or MRP. Therefore, it is imperative [...]
Stock audits are an essential tool to monitor the performance of your retail organization. The practice is akin to a 360° appraisal regarding the effectiveness of your retail operations in generating sales. Stock auditing involves evaluating everything from your inventory management system, ensuring that you are neither overstocked nor understocked. It also involves assessing the [...]
What does POSM mean? POSM is an acronym for Point of Sale Marketing or Point of Sale Materials and is used by brands to convey their message or communicate information to the consumers at the point of sale. It is usually adopted by the 'Below the Line' or BTL marketing campaigns. BTL marketing focuses and targets a specific [...]
What is Product Distribution? To answer this question, first, you must understand what distribution is. And so, what is distribution? If retail promotion is not a new concept to you, you must be familiar with the 4P's of marketing. That is Product, Price, Promotion, and Place, which refers to distribution. You have a product you [...]
Data-Driven Retail Execution As a wise retailer, you do know how important it is to beat your competitors to acquire a larger market share through your promotion display. That means using creative ideas store management to entice buyers into choosing your brand and not your rival. Some businesses will succeed in their efforts, and others [...]
Retail promotion is a strategy to increase consumer demands and sales. The idea behind offering effective retail promotion services is to engage directly with the end consumer and influence their purchase decision. The challenge today, however, is a string of available retail strategies to reach the customer. There are reward points, membership cards, buy-one-get-one offers; [...]
