As the first signs of fall set in this week in the Northeast, I can’t help but wonder how many pairs of shorts hit steep markdown when the weather hardly dipped below 70 degrees for the entire month of October. It’s nobody’s fault, the markdown was planned 12 months or more ago with no significant ability to gauge the ever-volatile fall weather patterns. Without the local data and a method to leverage that data to make an on-the-fly merchandising decision, those shorts languished in the back of every store.
For retail, local opportunities offer tremendous opportunity to sell more effectively and at higher margins, especially as we head into the holiday season. Today’s customers who will head to stores, will do so due to proximity. Stores represent the best opportunity for customers who want to touch and feel products, discover new items that are popular with their friends and fellow shoppers, and receive that ever-important positive reinforcement that happens in store. It’s not magic that over 80% of store visits will result in additional upselling opportunities.
The challenge retailers are facing is connecting these highly valuable in store opportunities with customers.
However, innovative retailers are leveraging ‘shop the store’ experiences to their entire customer base with locally available products driving foot traffic into their stores. Others are leveraging local trends to create dynamic online conversion experiences on the fly that are hyper-relevant to their customers. Still others, will be leveraging local trends to keep visual merchandising and in store conversion opportunities consistent with local shifts in demand and emergent trends as they happen.
These retailers are poised for success this holiday season, because they have the local advantage.
Fortunately, there’s still time to tweak (or start) your local strategy before holiday kicks into high gear. By leveraging a few strategic local data opportunities, Radius8 can help you augment, tweak or begin a local strategy in time for holiday. If you’d like to learn more, reach out, I’ll provide a personal demo to show you how.