Sponsored by Swiftly
With supply chain issues still causing lags in inventory, the rising cost of gas and near-record inflation numbers, uncertainty around the holiday season is front-of-mind for most retailers. It’s crucial that you act now to ensure that you are giving your business—and your bottom line—the tools and solutions needed to compete and thrive this holiday season.
Customers will also be feeling this uncertainty and are going to be tightening budgets and relying more on technology to find deals. Consumer behavior has evolved post-pandemic, with customers preferring a hybrid experience of in-store and online options, and retailers need to adapt in time for the holidays.
The season, however, still offers a big opportunity for retailers to boost their bottom line for the year, but you need to move fast to keep up with the competition and the technology already being used by the largest retailers.
To navigate this “new normal” and to create an omnichannel experience that attracts and retains customers, retailers need to adopt these four tech solutions now:
Solution #1: A Robust Mobile App
Today’s hybrid shopper is tech-savvy and, while 90% of purchases are still completed in-store, mobile apps have become a must-have for researching deals and savings. Retailers need to connect with their customers digitally to provide them with the information they expect throughout their purchasing journey.
From offering deals and coupons, to serving up personalized ads and content based on purchasing habits and preferred brands, a mobile app is crucial to building a true omnichannel experience for your customers.
Solution #2: A Personalized Loyalty Program
Your most valuable asset is a loyal customer base. Shoppers want to feel connected to the stores and brands they support while still getting the best deals. A loyalty program that tracks their purchases and preferences, then tailors content and offers to their specific needs, is the best way to make shoppers feel connected throughout their shopping experience. When you offer rewards linked to purchases, you’re increasing the odds that customers will return to your store more frequently, while growing basket size and spending with each visit.
Solution #3: A First-Party-Data-Driven Strategy
By connecting with your customers through your app’s loyalty program, you’re also accessing valuable first-party data that can boost sales and inform your business decisions. Tools are available that can give you real-time access to insights around the customer experience. When done correctly, you can enjoy the benefits of first-party data while successfully navigating the ever-changing privacy laws concerning consumer protection.
Additionally, by generating and using your own first-party data, your customers can be presented sponsored content and advertising without the risk of IDFA blocking, allowing higher engagement with your users.
Solution #4: A Powerful Retail Media Program
It’s crucial you establish a retail media program to get your share of the margin-rich $100B retail media market. While it’s late in the game to grab holiday ad spend, it’s the perfect time to set up a long-term strategy that will boost your revenue in the new year and beyond.
First, you’ll need a platform that lets you own and manage your mobile and web properties. This puts you in the driver’s seat regarding the content your customers receive and fulfills the desire from brands to move shopper and trade dollars to digital channels with transparent results.
This essential revenue stream can help offset your growing operating costs while creating a digital relationship with customers and brands. The ability to create highly-targeted messaging that connects e-commerce and in-store experiences is a game-changer you don’t want to miss out on.
Your Next Move
E-commerce and retail giants already have these tools in place to address the uncertainly of the holiday season and volitional markets, but you can still compete.
Retail technology partners like Swiftly offer the same technology —from app platforms and retail media solutions to plug-and-play tools that connect to your current tech stack—at little cost to you, and with minimal work from your team.
The real challenge this holiday season isn’t how to capture your holiday sales, it’s how quickly you can leverage the technology you need to attract and retain loyal customers. By choosing the right technology partner now, you’re setting your business up for long-term success—you just need to make the first move.