Kavan Choksi UAE Mentions How Retailers Can Turn Inflation Into an Opportunity
Consumers are generally more concerned about paying off debt and covering daily expenses in an inflationary environment, instead of splurging on discretionary products. As per Kavan Choksi UAE, retailers may transform difficulties into opportunities by making thoughtful and bold decisions. Retailers may secure profit margins amid inflationary pressures by tackling price increases in a smart manner, and reworking marketing strategies.
Kavan Choksi UAE underlines how retailers can turn inflation into opportunity
As higher prices reshape consumer shopping patterns during inflation, retailers may take multiple steps to adjust and provide customers with more reasons to make purchases from them. During such an economic landscape, retailers should make it a point to consider consumers’ all-in costs. The upfront cost of a product does not simply include the actual price on the label. Consumers also have to factor in taxes, shipping costs and other fees. In order to cut down on some of these expenses, retailers must provide incentives like discount codes, free shipping, loyalty program rewards and cash-back offers.
Retailers may consider providing deals like discounts for customers who enrol in a special loyalty program or meet specific purchasing thresholds. They may incentivize shoppers with a discount on a future purchase, which can boost the odds of them shopping at the specific store more than once.
Modern consumers are bombarded with marketing messages all day. This often makes it overwhelming for them to make a buying decision. They may seek expert advice to make sure that their hard-earned money does not go to waste. Retailers may fill this gap by doing much more than simply selling. They may provide consumers with valuable insights that help them to make informed purchasing decisions. Engaging online content or gift guides can be a good way to direct shoppers towards the best deals. It may even assist them in discovering new products. Modern approaches like influencer marketing might also be a good way to engage consumers at the top of the funnel. Such a strategy can elevate the overall awareness of the customers about certain products that they might not have considered previously. Retailers provide value to consumers in multiple ways, educating shoppers being one of them. Following such an approach can help foster better loyalty and trust that drives improved customer lifetime value.
In the highly competitive market of today, promotions play an important role in spurring shoppers to either try new brands or costly brands. As per Kavan Choksi UAE, retailers need to keep this in mind, and subsequently craft compelling promotions. They should provide offers that serve as a gateway for consumers to discover and experience new brands. Using digital channels for such purposes would be a good idea.
Retailers today should depend on first-party data to drive their marketing initiatives. First-party data tends to be collected from sources such as direct-to-consumer (D2C) websites, social media, subscription services, or loyalty programs. It offers valuable insights that retailers can use to send automated, targeted promotional messages aimed at acquiring, engaging, and converting customers both on and off their platforms. Using this data can also help lower customer acquisition costs and reduce customer churn.
