Types Of Merchandising Retailer Know To Attract CustomersAima Irfan
Do you know what is the key success factor for retailers?
We’ll tell you! There are many factors which quantify success for the retailers with online shop. However, one of the key success factors for retailers in this line of work is selling as many merchandises as possible but at the highest possible margin. Sounds easy? No! Whether your business is online or has a physical presence in the market, attracting customers, and generating website traffic requires strategic efforts.
What is Merchandising?
Merchandising refers to the process of displaying goods and products. The products and goods are displayed creatively to attract customers to purchase. When a customer enters your store, you do everything to promote and sell your products and services. Merchandising is highly dependent on the 5R’s. Your products and services should be displayed in the stores in the right place and at the right time. Offering discounts, coupons, and gift hampers to your customers also encourage them to buy your products and services.
The merchandising skills of retailers substantially impact customer experience during shopping. Retailers have to work strategically to implement their merchandising skills. This will not only attract customers to your website or retail stores but will also encourage them to purchase.
Types of Merchandising
Many organizations are lacking and falling behind. There are a number of reasons why such as lack of internal organization, poor quality of data, lack of customer analytics and lack of abilities to identify customers.
Let’s talk about types of merchandises which will help boost traffic to your website and will attract customers while enhancing their shopping experience.
Visual merchandising in retailing is concerned with the optimization of products and services display to highlight its features and advantages. The main purpose of visual merchandising is to attract the attention of customers, engage them, and motivate them to purchase. Traditionally, visual merchandising takes place in brick and mortar stores where the retailers make use of color and lighting combination to generate interests of customers. Many e-commerce retailers have also started adopting the same idea.
Visual merchandising is a technique that contributes towards the overall personality of the brand and characteristics associated with the brand. The technique creates an enticing and appealing environment overall which will attract customers subsequently maximizing the profit growth for the company. The significant focus of this strategy is to communicate with the clients with the help of elements that stimulate their senses. For example, lights, colors, or screens. Hence, if you want to add value to your brand, visual merchandising is an important technique.
Various types of activities which contributes towards the sale of the product refers to retail merchandising. Every e-commerce or physical retail store has its own merchandising line to offer to its customers. The retail merchandising technique is subtle. Retail merchandisng is a type of merchandising which is an art. The purpose is to support the retail strategy of the retailers that helps them generate revenue for their stores. It also helps retailers to generate value for their customers.
Retail merchandising strategy has 3 different parts;
- Target Market; a market where the retailer centralizes its resources
- Retail Format; a format that will help in fulfilling the needs of the target market
- Building sustainable and long-term relationships to overcome competition
There are various elements that contributes in the successful execution of retail merchandising. These elements include lighting, decorations, and signage. Signage gets customers in the door and guides them through the store. The display ideas in retail stores can vary by theme (for example, mother’s day theme), price, brand, and target customers.
Digital merchandising is a merchandising type that comprises of all the promotional activities used to sell a product or service to customers online. The number of online purchases has been increasing ever since and it is not surprising at all that digital merchandising has become important. The promotional activities in which businesses engage themselves to attract and motivate customers to purchase products has become quite common on online platforms.
Digital merchandising has various elements such as an attractive website, social media presence, product photography, and color schemes. Online e-commerce retailers have to build an attractive website where they can display their items. Your business should also have an online social media presence on popular platforms like Facebook and Instagram. You can also customize your digital merchandising technique by choosing any social media platform and design it according to your own need. Make use of professional photographs, color schemes, display fonts, and different styles for your posts to catch the attention of customers.
Omnichannel merchandising aims at creating a unified customer experience across all touch-points during the entire journey. For retailers with physical and digital stores, the purpose of omnichannel merchandising is to create a customer experience that is seamless. It is a fully integrated approach to commerce, which enhances the experience of customers across all channels.
The process of omnichannel merchandising is unique and consistent. It allows customers to purchase from wherever they are. Hence, the major goal of omnichannel merchandising is personalization in a mass industry.
Product merchandising is all about promoting product by the retailers to generate revenue. All kind of promotional activities undertaken by retailers, either online or offline, is a part of product merchandising. The product that is being promoted can be of any type. All the types of merchandising discussed above are also a part of product merchandising. In short, the goal of all types of merchandising is to promote products through various activities.
To conclude, merchandising is an important technique that will help retailers to attract customers and create an enticing shopping experience for them. But for this to happen, merchandising is supposed to be done the right way.