A report published in the year 2016 by Boston Consulting Group in collaboration with the Retailers Association of India depicted a whopping fact that the contemporary Indian retail industry evaluated to $600 Billion. The same figure will be doubled to more than $1 Trillion by the end of 2020. The steady growth of the e-commerce platforms in this market will not hamper sales of the brick and mortar stores. The big retail magnates will stronghold the market with their innovations and inclusions of remarkable visual merchandising strategies.
The compound annual growth rate (CAGR) of the Indian retail industry clearly depicts an overwhelming growth of 10% every year. If every piece falls in the right place then India will surpass the capabilities of China by the end of 2025. The e-commerce market will take a huge leap to grow and touch the $70 Billion mark within 5 years. Taking this figure as a threat, the brick and mortar brands will have to change their merchandising strategies likewise to dominate the game. Here is the list of 5 best retail visual merchandising strategies adopted by the big players to keep the customers coming in the store.
- Empowering customers
The best way to make sure that a customer will visit your shop repeatedly is to involve him or her in the process as much as possible. The engagement and inspiration availed to the shoppers will surely impact the buying decisions positively.
Omar Pallante, Chief Executive Officer, Arte Vetrina Project, said, “Visual merchandising has assumed a more strategic role, not only linked to an attractive way of distributing the product but also to the selling logic. The sales monitoring in relation to the distribution of the product, let you define the consumers’ behavior, giving out important information about the product and its presentation into the store.”
This is where the experiential store comes into the picture. The ideal way to cut through a tough competition and making your own mark is via an experiential strategy engaging the customers.
Eric Feigenbaum, President, Embrace Design, depicted “When designing a store, we’re not merely designing a selling center, but rather an experience. Great visual merchandising will tell stories while transporting viewers to new places, new times, and new states of mind. Additionally, great visual merchandising will create moments, landmarks, and points of view.”
- Presenting your product
The word ‘visual merchandising’ means you will have to engage the vision of the customers. Nearly 83% of the brain thoughts are processed using visual data. Tracy Flynn Downing, Ace Designs, suggested “It’s all about creating something visually stimulating to take the consumer from standing in your store to having an emotional connection with who they are, who they want to be, how they want to feel. Something as simple as rolling the cuff of a shirt can change your perspective and really help you visualize that this isn't a shirt on a bust form, this is the shirt I am going to buy, roll up the sleeves and go for a breezy stroll on the beach."
Anything appealing in a unique way will surely intrigue the thought process of the buyer.
- Technological applications
The customers like to take charge of the shopping experience by choosing their preferred channels and using their favorite devices. The use of technology towards informing, educating and engaging the customers can be a good step towards future.
Eric Feigenbaum said, “The store is a tool of communication, and it’s the successful retailer who will strategically curate the deployment of technology into the store to expand the dialogue with the targeted customer. It’s the visionary retailers and visual merchandisers who are nimble and forward thinking who will succeed.”
- Window of opportunity
The windows for display are the key to attract the footfall towards your store. You will have a few seconds to create an impression as the majority of the population is possessed by smartphones. The shop windows are the first sales pitch for the onlookers. A proper makeover is mandatory that perfectly displays the products and messages you want to cater.
- New merchandise
Everyone loves a surprise. In this case, a customer, especially a repeat customer always expects something new in the store. Designing and merchandising are necessary to stay ahead of the curve. Innovate your products, prepare new designs, and find the contemporary needs via analyzing the pain points of the customers to innovate your shop.