The Trend Set To Redefine Retail In T&T By 2019
The retail industry in T&T is undergoing a significant transformation. One that businesses must be prepared for. We just finished Black Friday and Cyber Monday deals and the results point to the importance of businesses adopting a strategy to attract customers online.
Advancements made in digital marketing have breathed new life into the chances of success for most T&T businesses. It’s common knowledge that traditional advertising companies are realising sharp revenue declines as consumers search elsewhere for more options to shop with convenience driving their behaviour.
In 2019, the market will be defined by emerging technologies that give businesses the opportunity to connect customers, brand marketers and retailers across omnichannel platforms. T&T is being slowly acquainted with online commerce. Some local stores shockingly offered online-only deals for Black Friday. Prior to 2018, this was an extreme rarity if not impossible altogether.
As ecommerce platforms continue to secure bigger shares of consumer spending, many retailers are learning to adapt to change and empower the customers who are ushering in this new trend. Any delay to be prepared will make the difference between remaining in business or going out of business. For market leaders, the reluctance to be ready may mean loss of significant market share and a slow painful but sure reduction in revenue and relevance.
Your Customers Spend Time Searching Online Before They Make A Purchase
After conducting a comprehensive research to understand the needs of T&T shoppers, Simple Search Media has worked hard developing a business model to help businesses in every sector (from restaurants to retailers to service providers). We understand and appreciate that the brick-and-mortar and e-commerce transactions or experiences are inextricably linked. For example,
we know that more than 75% of shoppers research a product before they make a purchase, even though the purchase transaction is going to be at a brick-and-mortar location. This is why the omnichannel experience is so critical for businesses to take heed.
The solutions provided by Simple Search Media help solve this problem. With an online search platform directly connected to an Estore created for your business. Simple Search Media is acquiring the online traffic and directing it straight to your store. Therefore, consumers move seamlessly through different channels. Retailers benefit from the convergence of the platforms and are able to make purchases more convenient for consumers.
Rethink The Shopper Journey
Let’s take a moment to think of the shopper’s journey. A shopper may have a desire to purchase a product, then moves to a state of discovery of research on the product, then finally to purchasing the product. Therefore, it’s obvious they’re using multiple channels outside of traditional advertising before getting to the purchasing phase of the journey. A successful omnichannel approach necessitates the ability to reach customers across many environments as they travel along the product purchase journey.
In T&T, it’s critical to give customers options when making purchases online. Based on our research, more than 50% of customers would like the option to order online but pay and pick-up in-store. Some reasons for this were online payment concerns, wanting to view the product before purchase and some customers not owning a credit card.
With this data, the team at Simple Search Media was able to create a solution to help businesses reach every customer online. During our research, some retailers expresses a need to have consumers view their products online but instead request a quote for the items. We have considered this and made it part of our online platform functions to ensure consumer convenience is the upmost priority.
Simple Search Media is the leader in digital retail media throughout T&T. It helps large, medium and small businesses operate in a digital era and pioneering innovative ways for businesses to grow and attract more customers. For more information, visit www.simplesearchtt.com.