Retail Observer

RETAILOBSERVER.COM APRIL 2020 52 I 've had the wonderful opportunity to work with many retailers over the years, and I always ask them the same question: What's the one thing you want to know more about that could help increase your business? The answers are varied, but one of the most popular is: "How can I get more traffic?" Increasing your foot traffic begins by maximizing your opportunities, from your website to your front door. Michael Kirby, director of in-store experience at Tempur Sealy International, says the keys to winning in 2020 will be culture, in-store experience, driving traffic, maximizing ticket and long-term financing. Kirby says retail will change more in the next five years than it has in the last fifty. And the coming changes will not be driven solely by economic, product or industry trends. Rather, they'll be shaped by the behaviors, needs and demands of shoppers. Let's not forget that today's shopper is tech-dependent and mobile-savvy. While 85% of U.S. retail sales still take place in physical stores, 53% of purchasing decisions are now "digitally influenced." With that in mind, retailers need to ask an incredibly important question: How does your website look? Is it informative, and does it show pricing, sizes and models? Many retailers question if they should put prices on their websites. I think it's important to mirror your website to your store, and that means you should have prices online. Today's customers don't want to have to call your store to get a price. Keep the process simple and streamline the shopping experience for them. Customers need to be able to navigate and compare products as if they were in your showroom. Will they feel as comfortable navigating your website as your store? Is your website e-commerce friendly? Can your customers apply for financing online? I ask these questions because it's important to know that everything you do and offer in your store needs to be duplicated on your website. Your website will most likely be the first interaction you'll have with a potential customer, and it needs to provide that "wow" moment and convince them to come to the store. It was simpler in the past, when online shopping didn't exist. You would place traditional print ads, and shoppers would come into your store after seeing your ads in the Sunday paper. That strategy is certainly still being used and is even effective in some markets. But digital media consumption continues to grow and now exceeds even traditional ads in reach and impact. The average shopper is exposed to around 5,000 ads per day. The average person scrolls through 300 feet of Facebook content daily – the height of the Statue of Liberty! How can you adjust your advertising strategy to thrive and capture more foot traffic? It all starts with getting three things right: 1. Right media 2. Right time 3. Right message It's important to buy the right AdWords so your business shows up in your customers' Google searches. Google states that in the last two years there has been a 500% growth in "near me" mobile searches that contain a variant of "buy." Retargeting campaigns are a must so you don't waste the interest you've already created. Stay top-of-mind with your customers by having your ads follow them around their internet browsing experience. And keep leveraging print if it's working for you, particularly during high-awareness events and over the major holidays. Additionally, discussing long-term financing will drive traffic and convert shoppers to buyers. When financing options are explained at the outset it's easier to use them as a closing tool. It moves the focus off the sticker price toward a more affordable price and better product. According to Synchrony, 87% of cardholders feel that promotional financing makes their large purchases more affordable, and 41% say that financing allows them to purchase higher-quality products. No matter the strategy you use, you must always provide value to your customer and give them a reason to buy from you. And it starts at your website and continues when they walk into your store. Chad Fischer, Director of Bedding, Nationwide Marketing Group ARE YOU GETTING YOUR FAIR SHARE OF TRAFFIC? Chad Fischer Furniture Trends RO

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