The Covid 19 pandemic brought in numerous challenges for traditional brick and mortar retail stores. Over the past few years, there have been several retail trends and innovations which have helped retail stores to thrive and even compete with online e-commerce platforms. We have also seen retail stores expand on their online marketing and improve on their online sales experience. Here are some of the retail innovations that are proving very beneficial for retail stores.
Influencer content has transitioned from being heavily edited and carefully constructed to more aesthetic and natural content. This is proving to be more popular amongst people on social media. Influencer marketing is an innovative way of social media marketing and utilizes endorsements and product placements from influencers who garner a massive following on social media.
Influencer marketing strategies have thus changed to become more authentic and highlight social issues such as climate change, which is in line with consumers’ concerns and values. By doing so, businesses are better poised to sell their products and influencers can garner more followers and product sponsorships.
Influencer marketing strategies also provide a platform for brands to showcase their products and target customers. It allows brands and retail stores to build upon their digital community and expand their online footprint.
Most retail stores have various social media accounts such as Instagram and Facebook to list and sell their products. In fact, with more people spending time online and on social media due to the pandemic, there is a large increase in the number of products sold via social commerce. More businesses are also leveraging the popularity of social media to engage in social commerce.
More customers are also paying via contactless payment modes such as e-wallets, contactless cards, or even their cell phones. Contactless shopping is very convenient, efficient and saves customers a lot of time at the cash registers.
Moreover, the pandemic has also accelerated contactless payment as it is more hygienic and safer than traditional cash payment. Contactless payment also minimizes interaction between customers and cashiers, as customers can directly pay via scanning a QR code or a card reader. This minimizes the spread of the virus and protects both consumers and the retail staff.
Brands with Ethics and Values
More brands are increasingly prioritizing values, ethics, and transparency in their products and business process. Recent studies have also shown that consumer habits are changing and are seeking to buy products from stores that have social, environmental, or political ideals. This could be due to more people and consumers becoming aware of their environmental footprint or values. Companies that thus prioritize corporate social responsibility and take a stance on ethical issues are viewed more positively by customers and benefit from increased sales.
Why You Should Choose Shogo for Retail Store Accounting Shogo helps to make your accounting process more efficient and less costly through our automated accounting software. This allows your staff and company to focus on retail innovations and more important business aspects that allow you to make an impact on customers. Shogo will take care of your financial and accounting needs by listing your data in a transparent and convenient manner. Our automated accounting software offers seamless integration between different systems and is easy to set up.