How Retailers Can Avoid Being The Festive Grinch. (via Passle)

• Updated on: 2023-05-05
• Read original article here

We all know that physical retail as was is no more, because the world around it and the enforced habits of consumers due to Covid and even tighter fiscal controls are impacting everyone, and everything has already changed.

We see it it daily in our news feeds and social interactions, especially following that 'pandemic'.

Prior to this pandemic physical retail has been going through an enforced review around how (or even if) they have a future in today's always on, digitally connected, socially savvy and 'I want it now' impatient consumer.

One thing we have witnessed is how retail brand after retail brand is either folding forever, or being reinvented by it's new owners in a way that we always considered 'incremental change' with a protectionist legacy mindset by the previous owners.

So It's great to see that some of have risen to the challenges and looked to really consider the customer experience before the transaction.

However, is simply setting up or energising an eCommerce website for that recently acquired heritage brand really transformation for the future of commerce - or is being online more than just a website?

Access to the consumer has never been easier, it's cost is at the lowest in marketing history mainly thanks to the phenomenal explosion of social networks around the globe. 

So if a brand/company wanted to reinvent itself it must first take a serious note of those changing behaviours and recognise that inertia is firmly in the hands of today's consumer. 

Daily there are more brands/companies (your current suppliers) electing to go where they never went before which is to build a direct relationship with 'your' customer' and look to cut you out.

And the rocket fuel that's helping them get there is the prolific use of social media to help educate, inform, listen, learn, and most likely transact.

Social commerce doesn't require a consumer to be 'driven' to your website, it doesn't require a consumer to spend an age going through your funnel today, that was yesterday!!

The reality is you could be buying your next car from social platforms like 'TikTok', Instagram, Weibo, WeChat, Alibaba or others that are constantly evolving the commerce landscape. Social platforms like 'TikTok' might seem yet another millennial or Gen Z fad to you but for brands that think 'experience' and engagement, not just the transaction magic starts to happen.

I've been banging on about this for sometime but the 'live streaming' opportunity is one area where brands can deliver a whole lot more than just the transaction.

However, most of the live-streaming campaigns today are simply sales pitches. Content quality is not too different from the most traditional TV infomercial. 

Even for brands with the largest live-streaming audience, such as Xiaomi, Adidas and Kiehl’s. This used to make sense since traditionally live-streaming target particular audiences who are price-sensitive and have lots of free time. 

It's going to be an extremely different festive season than one retail has seen for sometime - TV adverts are great but what about 'Live Streaming'?