Digital marketing has been hailed as a game-changer for retailers, and it’s easy to see why. It’s not just about using social media to sell a few more products. Digital marketing is about understanding your customers and what they want from you.
Today, retailers spend a lot of money on digital advertising. In fact, spending on digital advertising of retailers is expected to touch $66.64 billion in 2023, as per Statista. This number shows that retailers are investing heavily in marketing and advertisement, and it’s working for them at present.
How can retailers leverage digital marketing to drive value for their businesses? Let’s explore some areas wherein the application of digital marketing can change the game for retailers:
Acquire New Customers
With the ever-increasing competition and rising costs, retailers have to work hard to acquire new customers. But how can they do it?
Digital marketing is an effective tool for retailers to reach out to potential customers and convert them into loyal customers. Digital marketing helps retailers to target their audience and deliver their message in a personalized way.
According to a Digital Commerce 360 survey conducted in 2022, more than 50% of retailers dedicate over 30% of their marketing budget to acquiring new customers. The figures indicate that the retail industry is in a constant fight for new customers, which is why digital marketing has become an essential part of their business strategy.
You can also use your digital marketing plan to offer special deals and promotions that encourage new customers to buy from you. And then once they buy from you, you can use your customer relationship management system (CRM) to follow up with them after the sale.
Grow Revenue
The retail industry is constantly evolving, and as new trends emerge, it can be difficult to keep up.
Digital marketing can help retailers unlock new revenue streams by providing them with the ability to track consumer behavior and make informed decisions about how to best tailor their offerings in order to meet customer demands.
As technology becomes more sophisticated, so does retailers’ ability to gather data about how consumers are using your products and services, what they like about them, and what they don’t like about them. This data can then be used to inform improvements in your offerings that will help you stay ahead of the competition while also helping you drive sales.
However, with this increased focus on digital marketing, retailers often find themselves struggling to effectively manage other aspects like warehouses, shipments and others. However, a warehouse service provider can assist them in overcoming these challenges.
A warehouse service provider is a company that specializes in providing warehousing services for retailers. These providers offer access to warehouses that are specifically designed for storing goods and products, which helps retailers reduce the costs associated with managing their own warehouses.
Boost Sales
Digital marketing is a powerful tool for retailers, especially when it comes to boosting sales.
That’s the conclusion of a recent survey that found that 58% of retailers agree that their objective of investing in digital marketing is to drive sales. It’s a clear indication that retailers are optimistic about digital marketing investments when it comes to increased sales.
With the growth of social media platforms and mobile devices, customers expect instant access to information about your brand and products. They don’t have time to wait around for you to get back in touch with them after they’ve made an inquiry through email or phone calls. They want answers now.
That’s where digital marketing comes in. The right kind of digital marketing can help retailers increase sales by reaching out directly and personally to customers who have been shopping around for what they’re selling online. It also gives you an opportunity to build relationships with them by answering questions before they even ask them, which can help build brand loyalty and trust over time as well.
Build Brand Awareness
It’s no wonder that brand awareness is a top priority for all businesses, including retailers. And why not? When consumers are aware of your brand, they know what to expect when they visit your store.
Brand awareness has been a major priority for retailers, with 55% of retailers saying they wanted to reap their digital marketing efforts in the form of increased brand awareness. This is a great goal for any retailer, as it means that more people will recognize your company and its products.
But what does this mean? And how can digital marketers help retailers achieve it?
The answer is simple: through SEO and PPC campaigns, which allow retailers to become more visible on search engines like Google and Bing and drive more traffic back to their website or store.
When people search online, they generally want to find something specific: a product, an article about a topic they’re interested in, etc. If you’re not there when they do search for something like that, then you’ve lost out on an opportunity to capture someone’s attention and maybe even sell them something.
Summing Up
Digital marketing is an invaluable tool for retailers. It helps them connect better with their customers and make more money from each interaction. It allows them to create a positive brand image, get more people through the door, and retain customers for life.
