4 Areas That Would Benefit From A Retail-Centric Strategy
No two consumers are alike. We know this is true and of critical importance to marketers. Yet when it comes to search, retailers are often still focusing on certain keywords performing well rather than gleaning insights on distinct consumer journeys and aligning their search campaigns to larger business objectives. For example, did you know that online flower shoppers who buy sympathy flowers are more loyal and have a 20 percent higher lifetime value? Have you ever compared the return rates for new customers acquired through different channels (search, social, etc.) to gain a better understanding of the real value of new customers? Does your search marketing campaign factor in the shipping margins while you set campaign-level CPO (cost-per-order) goals? These types of analyses are critical to retailers, who are competing in a data-driven landscape. We see the changes happening in the headlines. Just a few weeks ago, H&M’s new data-driven merchandise strategy was reported in the Wall Street Journal. To beat sagging sales, the retailer is relying on artificial intelligence algorithms to stock store merchandise based on the purchase behaviors of consumers in specific stores. Store locations are also being equipped with custom offerings like coffee, flower shops and kitchen appliances. This is a smart move, considering in-store shoppers are increasingly looking for custom experiences. Other retailers like Zara and Gap are also deploying consumer-focused technology solutions to enhance the shopping experience and drive up sales. Read more at Adweek.
