Are you ready to level up your game, whether you’re hustling on your personal trade or enticing customers with irresistible mystery boxes? It’s time to break the mold and think outside the box to draw in that crowd!
Join us this week as we dive into a strategies for boosting traffic, uncovering the latest trends in retail, and so much more.
Today’s Rundown
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- Mystery Boxes: The Shopping Trend Rewriting The Retail Sales Playbook.
- Dynamic shoppers: Future trends that will shape consumer behavior and retail operations.
Harnessing the Power of Surrounding Store Traffic
As more and more shoppers return to stores, understanding customer preferences isn’t enough anymore.
While all the readers of this newsletter know the importance of tracking in-store traffic (using Trakwell of course), what about the shoppers who haven’t yet entered the store?
The concept of “surrounding store traffic,” which is gaining momentum among top-performing retailers, entails examining foot traffic around your store premises. This analysis enables you to assess your store’s share of foot traffic compared to neighboring establishments, offering invaluable insights into your competitive positioning.
Despite the prevalence of online research before in-store purchases, a third of shoppers still visit physical stores solely for shopping purposes. This presents a substantial opportunity for retailers to capitalize on these shoppers’ discretionary spending.
When combined with existing in-store foot traffic data, you get a birdseye view of the entire shopper journey and store performance.
Click HERE to learn more about harnessing the power of surrounding store traffic to boost your bottom line.
The Principles to Building Personal Trade
During our webinar with Karen Berry from the Friedman Group, Karen broke down how to make personal connections with each opportunity.
Personal trade clients are much more likely to buy, and when they do, their average sale is higher than the store’s average sale.
When it comes to developing your personal trade business, the most important factor isn’t technique or even strategy. It is simply your understanding of the value of personal trade and your commitment to fully realizing that value.
Throughout the selling process look for opportunities to gather some personal information such as:
- Family details
- Work
- Personal tastes for future recommendations
For example, your store is having a sale on leather loveseats. You know you have spoken to several people in the last month about their need for ‘a new loveseat’. Thanks to the information you collected, now you can search and filter everyone that has expressed an interest and use that as an opportunity to build personal trade with them.
Click HERE to learn more tips about building personal trade.
Mystery Boxes: The Shopping Trend Rewriting The Retail Sales Playbook
In 2024, brands are finding that mystery boxes, while not a new marketing tactic in the retail world, are a helpful way to move products, build online buzz, and offer a sense of novelty to buyers.
Studies show that when our brains encounter a pleasant surprise, it triggers a dopamine release. Dopamine is the neurotransmitter that plays a role in how we experience feelings of pleasure and motivation. When consumers purchase a mystery box (the contents of which they do not know), they activate a dopamine response that produces positive feelings and spurs desire.
Ecommerce expert and brand owner Nik Sharma shared a few additional benefits to this sales tactic as well.
“Brands can include SKUs that historically have had a slower pace to sell-through, mix-and-match customer favorite SKUs with new SKUs to drive sampling, and also just create a fun content creation moment for customers,” he said.
With each unboxing, customers become not just consumers, but active participants in a thrilling experience orchestrated by your brand.
Retail Trends
Connected traffic Harnessing the power of surrounding store traffic to boost your bottom line.
Macy’s restructure: Macy’s announces closure of 150 stores in major restructuring effort.
Dynamic shoppers: Future trends that will shape consumer behavior and retail operations.
Random Irrelevance
Wendy’s dynamic pricing: Is Uber-style surge pricing coming to fast food?
AI bait and switch: ‘Nightmare’ Willy Wonka Experience leaves children in tears.
Can’t miss: Where & when to witness the 2024 total lunar eclipse.
