By Nicole Leinbach
Tips for Optimizing Time and Profit
The start of a new year comes with excitement and, for many, relief. After all, a new calendar year symbolizes the beginning of something new while putting an end to things in the past. But let’s face it, not everything from 2022 can be left behind.
As the new year quickly sneaks up on us, retailers have a lot to look forward to. And yet, there are many concerns that may continue from the current year into the next one.
With recession discussions surrounding us from many angles, lingering pandemic concerns, and supply chain issues still being a challenge across most retail sectors, the new year does not always mean a fresh start. What it does mean, however, is that opportunity is ahead of us despite challenges that still exist.
As retailers look to 2023, there are five ideas they should embrace to truly optimize both their time and their profit. Keeping this in mind, consider these five tips.
Social Commerce Is a Growing Trend Retailers Should Not Ignore
A 2022 report from Square (squareup.com/us/en/townsquare/retail-trends) revealed retailers who sold via social media attributed 43% of their total store sales to these experiences. With nearly half of their revenue coming through social commerce, merchants need to embrace this strategy for their own unique selling goals.
The best part about this, ironically, is you can lean on your in-store merchandising and staff to bring these sales to life — even if these sales are ultimately being collected through digital transactions — since these experiences are often built around visuals of inventory and even videos.
Social commerce is a winning experience that allows brick-and-mortar businesses to expand their store walls through the power of social media while leveraging the reach of digital platforms. Facebook, Instagram, Twitter, and TikTok are reported to be the highest-earning sites for social commerce, but most social media companies incorporate selling into their platforms for businesses to leverage. As you look ahead into 2023, do not overlook how social commerce can enhance your profit goals.
Nurture In-Store Experiences To Boost Sales
Despite social commerce being a growing trend, in-store experiences still fill consumers’ hearts. In fact, an August 2022 study from Harvard Business Review (toolsgroup.com/blog/ omnichannel-retail-trends) revealed that 73% of consumers prefer traditional shopping experiences over digital ones.
In other words, brick-and-mortar stores are still a favorite way to make purchases. This is wonderful news, but how can you truly optimize it?
As you move ahead into the new year, aim to boost your in-store experiences, merchandising, marketing, communications, employee management, and customer care. This includes merging digital with brick-and-mortar to streamline shopping experiences, which may include buy online, pick up in store (BOPIS) and buy online, return in store (BORIS).
In a world where shopping is at our fingertips, you want to be there for your customers, but you want to also make sure they value coming into your store. Collectively, this will strengthen your in-store experiences with customers and employees alike — ultimately leading to heightened engagement, satisfaction, and sales.
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