How we shop has seen dramatic changes in a short space of time. As recently as the early 1990s, most stores still closed on a Sunday and 24-hour opening was unheard of.
The changing face of retail
Retail has changed significantly over the last couple of decades. Gone are the halcyon days of half-day closing on Wednesdays and ordering Christmas goods from catalogues months in advance that would be delivered two weeks before the big day. Today, we can access – and indeed expect – next-day delivery as a minimum, along with the option of same-day and even specific time slot delivery. We can now shop 24 hours a day from smartphones and tablets without having to leaving the house.
According to Commercial News Media, the majority of groceries in the next decade will come from dark stores – those with no physical store, such as Ocado and Amazon. The range of goods we can order online and have delivered is limitless.
It is easy to see why it is difficult for retailers, and in particular those with physical stores, to keep up to date with consumer demand and the competition.
Staying ahead of the curve
One way in which physical stores still have an advantage over online stores is the experience they can create through the use of in store media; however, this must be current and relevant to today’s market. Stores need to understand the demographics of their target audience and be able to develop their media strategy accordingly.
Experts such as https://moodmedia.co.uk/in-store-music-for-business/ have been providing media solutions for retailers for a number of years and can provide guidance and products that will help retailers to stay up to date with the latest technologies available.
While price will continue to be a deciding factor in the buying process, how it is delivered to consumers must keep pace with your audience. While baby boomers might be happy with a well-delivered price promotion message, millennials are more likely to want to see products reviews from their peers along with comparisons with similar products. In these cases, you might want to consider more interactive solutions.
In addition to being a great way to promote price messaging, in-store media can be used to promote impulse and linked purchases.