What physical stores can learn from their digital counterparts after the pandemic

The Drum 01 Feb 2021 11:39
By Kieran Sheridan-Lawler-01 February 2021 11:39am

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As many office workers across the country continue to work from home for the foreseeable future, their spending power is not fueling our city centre economies as it once did. Instead, purchasing power is being used online from the comfort of their own home from any device of their choosing. This has resulted in the death of the high street, but can it be resurrected post-pandemic?

It’s becoming clear that many of the work from home folk, me included, will likely want to keep some of this flexibility when offices open up again. Companies that don’t offer a flexible working policy or incentive of some kind will not be able to attract the best talent, nor keep it.

As many organisations have had to digitise quickly and evolve to meet new customer expectations in 2020, their boardroom meetings have also evolved, and not just through the use of Zoom. The conversations happening at the C-suite level of the biggest retailers in the UK have gone from asking about the monthly figures and local footfall statistics to website visitors, click-through rates and online conversions.

So, what can we expect to report on in the future, and how can these metrics make stores more money?

Many physical stores currently report on footfall, however, often only analysing this data in terms of what it means for their revenue, and not what impact local brand awareness campaigns have on this figure.

Conversion rate optimisation equals sales conversions

Often studied under consumer psychology, a shopper’s surroundings can make a huge impact on making a purchase. Whether that be the music the store is playing in the background, the colour of the wall a customer is looking at, the scent chosen for the store, or the more obvious one: where you decide to place key products.

Click-through rate equals in-store promotions

By offering prospective customers in-store promotions through the use of redeemable codes before their visit, store owners can track how effective that marketing activity was, and not just from a profitable point of view.

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