Retail Observer

RETAILOBSERVER.COM JUNE 2023 54 3 FRESH IDEAS TO INVIGORATE YOUR DIGITAL STRATEGY A s independent retailers, we're constantly working to improve our business. How can we deliver more value to our customers, boost online and in-store sales, and incentivize our sales associates? What can we do to make our digital strategy better than last year? While it's important to reassess your digital strategy in any given year, the economic uncertainty of 2023 has upped the stakes for savvy retailers who've invested in a smart e-commerce presence. Now it's time to consider a fresh digital ad strategy that shows up where online shoppers are and forges deeper relationships, keeps your store competitive, and amplifies your brand. Here are three tips retailers can implement to make the most of their digital strategy in 2023. 1. Incorporate both Cooperative and Brand advertising: Cooperative advertising comes together when multiple parties form a mutually beneficial promotion, while brand advertising focuses on your store's brand and value proposition. Blending these types of advertising as a strategy can deliver powerful results. The strengths of cooperative advertising lie in its ability to save marketing dollars while casting a wide net to a targeted and engaged audience, while brand ads allow you to showcase your business and the many reasons shoppers should do business with you. As cooperative campaigns run for your store throughout the year – think manufacturers' New Year's, summer, and Black Friday promos – you can incorporate brand advertising campaigns to promote your store's unique brand with custom-created ads tied to special events and brand messaging. 2. Tie Your Content Together: For any online ad strategy, it's imperative to consider all of the platforms where your store's digital presence resides, from your website to the blog and social media. Maintain an active, on-brand presence for your store across all platforms and ad types (e.g., Google Search, Display, Shopping), and consider content the key to tying everything together. When you think of "content," consider these three Cs: cohesive, consistent, compelling messaging tailored to each platform. This "cross-platform" approach meets shoppers where they are and creates a seamless cross-channel experience that exposes shoppers to your store and promotions multiple times. Let's say your key messages include "Free local delivery," "Low price guarantee," or "Presidents' Day Blowout Sale." For the greatest impact, leverage each platform to deliver the message in an impactful, consistent way. Once a prospect clicks an ad, you want them to see the same messaging as your display ad, to reinforce the message and give you the best chance they'll engage with you. 3. Promote Finance Options: Savvy e-commerce retailers know that simplicity and convenience make it easier to purchase from you. With the plethora of finance options, these are a must-have and must-promote in your e-commerce mix: • PayPal – It has since surpassed all e-wallet providers. A recent Nationwide Marketing Group blog post noted: "The share of online payment users who use PayPal greatly outweighed the other major services. In the U.S., 82 percent of consumers report using the service…. Elsewhere around the globe, PayPal was used by at least 90 percent of users." • Apply and Buy – Wells Fargo and Synchrony Financial are available for instant financing as "apply and buy" options that consumers have increasingly come to expect. Shoppers can apply for, get approved, and purchase with a credit card within minutes from your website. The apply and buy option converts more buyers, particularly for big-ticket purchases. It can reduce cart abandonment and increase sales. A survey from e-commerce payment solutions provider Klarna found: "Nearly half of online retailers (46%) confirmed that instant financing reduced cart abandonment; two-thirds (64%) believed that providing financing options at checkout increased overall sales." • Buy Now, Pay Later (BNPL) – BNPL allows shoppers to split their purchases into smaller, interest-free equal installments, paying over time rather than the full price upfront. Zip (formerly Quadpay), a PNPL provider, offers payment plans through its mobile app and can be used to shop at many large retailers, including Amazon and Best Buy, as well as some independent retailers' websites. The global BNPL market accounted for $125 billion in 2021, when North America dominated the market, with more than 30% of worldwide sales. Approximately 56% of Americans had used a BNPL service in 2021, up from 38% the year before. Consider these tips as you refresh your digital strategy. For more insights, or to schedule a demo to see everything you need in an e-commerce web presence to drive additional sales, please visit www.retailerwebservices.com or contact Retailer Web Services at (800) 417-2799. Genna Majuta, CEO, Retailer Web Services Genna Majuta Digital Trends RO

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