Published On Apr 04, 2023
in Areas of Expertise
Running a retail store in the digital age presents both opportunities and challenges. On one hand, digital technology has made it easier to reach customers, process transactions, and manage inventory. On the other hand, increased competition and changing consumer preferences require retailers to stay up to date with the latest digital trends and technologies. Leasing expert and Director of National Accounts Brian Sheehan shared some tips for managing a retail store in the digital age:
- Embrace E-commerce:
E-commerce has become a crucial component of the retail landscape, and retailers who don't have an online presence risk falling behind. Whether you set up your own e-commerce site or sell through a third-party platform like Amazon or Etsy, having an online store can help you reach new customers and expand your sales beyond your physical, brick & mortar location.
- Leverage Social Media:
Social media is a powerful tool for building brand awareness, engaging with customers, and driving sales. Use social media platforms like Facebook, Instagram, and Twitter to share product photos and promotions, respond to customer inquiries, and create a community around your brand.
- Optimize for Mobile:
With most of the internet usage now happening on mobile devices, it's essential that both your online and physical presence is optimized for mobile. Make sure your website and e-commerce store are mobile-friendly and consider using mobile payment options like Apple Pay or Google Pay to streamline transactions, both online and in-store.
- Tap Into the Analytics:
Digital analytics can provide valuable insights into your customers' behavior and preferences in the way that foot traffic data & demographics can be useful for physical storefronts. Use tools like Google Analytics or Facebook Insights to track website traffic, measure engagement on social media postings, and identify opportunities to improve your online presence.
- Stay Up to Date with Technology:
Technology is constantly evolving, and it's important to stay up to date with the latest consumer trends and innovations. Whether it's implementing new point-of-sale systems, adopting augmented reality for product visualization, or using chatbots for customer service, embracing new technologies can help you stay competitive and provide a better customer experience, differentiating you from your competitors.
- Focus on Customer Experience:
In the digital age, the customer experience extends beyond the physical store to online interactions as well. As we mentioned in optimization, make sure your website and e-commerce store are user-friendly, provide fast and reliable customer service, and offer personalized recommendations based on customer data.
- Prioritize Cybersecurity:
As more retail transactions move online, cybersecurity has become a critical concern. Make sure your online store is secure, use strong passwords and encryption, and train employees to recognize and prevent cyber threats. It’s easy to move so quickly that security is forgotten in the process, which can lead to disaster.
By following the suggestions in this list, you will be on your way to effectively manage a retail store in an increasingly digital world.
Phillips Edison
