Fighting for retail space is an ongoing and frustrating battle. Not only is it difficult to corner a sizable market share with retail, but retail also comes with associated costs that can be prohibitive for many brands. Fortunately, the online retail space brings some democratization to the sales process. But more than anything, the consumer experience is king, and meeting customer demands is what will make a company successful. The rise of the internet and eCommerce have fundamentally changed the way people shop. And with the increase in online shopping, consumer expectations have also changed. Brands should forget about retail altogether and focus on the online shopping experience if they want to stay competitive. Here are three reasons why:
Reason #1: People want instant gratification.
With the rise in internet shopping and smartphone technology, people have a ‘need it now’ mentality. It’s true that consumers aren’t as patient as they were a generation ago. Consumers expect that they should be able to find a product, buy the product, and have it shipped to their house within a few minutes. They don’t want to drive to a store. They don’t want to fight crowds or deal with the usual hassles associated with a traditional retail shopping experience. If brands want to stay competitive, then they will need to meet the customer’s need for instant gratification.
Reason #2: Brands need to shift their dollars to online marketing techniques.
With the rise in online shopping, brands would be well served to switch up their marketing techniques. Going forward, brands will need to devote more of their marketing dollars to online advertising. Online advertising, if done properly, will give brands some of the best ROI available. For example, the average Google AdWords campaign will give a business a 200% ROI.
Reason #3: Amazon has set consumer expectations high.
Amazon is one of the biggest reasons why consumer tastes have changed so drastically in recent years. More and more, consumers want the type of online shopping experience that Amazon can give them:
Instant gratification
Fast shipping
The ability to quickly and easily comparison shop via reviews
A variety of choices
Amazon is a multi-billion dollar company, so how can smaller brands even hope to compete with the online retail giant? It’s not as hard as some may think. It’s now easier and more affordable than ever for smaller companies to leverage effective digital marketing strategies.
Amazon has forever changed the retail experience for consumers. In the future, it’s going to be harder and harder to fight for a dwindling amount of retail space. Businesses will need to craft digital marketing strategies to stay competitive. By leveraging the power of Facebook, Instagram, Google, and other online advertising strategies, companies will be able to capture more market share in their industries.
It’s never too late to get started with an effective online marketing strategy. If you’re ready to ditch retail and rebrand your business for the future of online shopping, then you’ll need to consider digital marketing techniques to reach your ideal customer.