The Digitization of the Retail Store
It seems like just about everything has gone digital, including coupons, ads, and movies. But make no mistake: The digital revolution is just getting started, and retail stores are next on the list.
The digitization of physical stores involves the collision of in-person experiences and digital content. This metamorphosis will merge the best aspects of brick-and-mortar shopping and e-commerce into a dynamic physical retail environment.
It’s clear that the digitization of retail stores has already begun. The question is, are you ready? If not, it’s time to explore how to prepare for and thrive in the retail store ecosystem of tomorrow.
Preparing for the digitization of stores
Modern retail stores rely on a dynamic assortment of back-end and customer-facing technologies, including automated task management tools, machine learning, AI, personalized experience solutions, live streaming, and shopper analytics.
However, the most frequently used technology among resilient retailers is retail media, with over half of retail executives reporting that they use these solutions in their stores.
While retail media technology can take many forms, the basic premise involves marketing to consumers at or near the point of purchase. Loyalty cards, coupons, vouchers, geotargeting, and in-store digital advertising are a few common examples.
If you want to embrace retail media marketing strategies and meet consumer expectations, you need to actively prepare. Start with the following tips:
1. Capitalize on mobile trends
Smartphones hold the key to digitizing your store. Mobile devices are pivotal points of connection between consumers and your brand. You can use consumers’ growing reliance on mobile devices to create a curated, interactive shopping experience.
There are multiple ways to weave mobile-centric marketing into your strategy. For instance, you can include QR codes next to the labels of your best-selling goods so that consumers can learn more about their favorite products. You can also use partnership marketing to encourage mobile e-commerce transactions and generate more revenue.
2. Focus on relationships
You know that you must build trust with your target audience to grow your business and retain them as customers. Likewise, you must prioritize trust and transparency when building your affiliate network and exploring partnership opportunities.
At Acceleration Partners, we will help forge lasting partnerships with affiliates and influencers, both of which are critical to the digitization of stores. Influencers can generate buzz about your products and drive foot traffic to your brick-and-mortar locations. Affiliates can assist with lead gen, sales, and brand awareness.
3. Get with the program
Do you want to cultivate a more immersive in-store experience for your customers? It’s time to launch your own rewards, loyalty, or discount program. Not sure where to begin? Connecting with a card-linked offer (CLO) affiliate is a great approach.
When working with client F.Hinds, Acceleration Partners devised a strategy for driving in-store traffic and boosting revenue. At the center of this winning strategy was a CLO partnership with Airtime Rewards. The program was an overwhelming success, as F.Hinds increased program revenue by 198% and significantly increased in-store traffic.
4. Leverage affiliates
If you are not already working with affiliates and influencers, it is high time to start. Influencers and affiliates already have a strong online presence and can lend you their reach, multiplying your audience virtually overnight.
Another key advantage of affiliates is that they allow you to create an interconnected customer journey that merges in-store and online experiences. For instance, a customer may learn about your brand by watching their favorite influencer, obtain a coupon code from an affiliate, and then show up to your store to make a purchase.
Ready to rethink the way you generate store traffic?
In the fast-paced and rapidly evolving world of digitized retail, you need a proven marketing strategy that delivers real results. Making the jump from a traditional advertising strategy to outcomes-driven marketing can help you maximize your return on ad spend, drive more traffic, and deliver immersive experiences to your audience.
Whether you are already using affiliates or need some help getting your program off the ground, you can count on Acceleration Partners. We have empowered hundreds of clients by revamping their partnership marketing strategies and delivering powerful results.
To learn more about affiliate marketing, download Affiliate Marketing 101 (our free guide) or connect with the AP team!
Helping brands unlock growth through partnerships.