Question

What recommendations would you have for traditional retail brands to survive in the increasingly digital and online world?

Answer 1

Traditional retail brands are the stores that sell products in the stores. The stores are usually owned by families and have limited capacity. In the age of digital world, the survival of traditional retail brands is challenging. The online stores offer variety of the products at lower rates. The recommendations for the traditional retail brands are as follows.

1. Offer unique products: As online retailers sell products at lower rates, they sell variety of products that are pretty common. Traditional stores can provide differentiated products to attract more customers.

2. Use customer relationship management tools: Traditional retailers are small stores, so the survival and growth depend upon repeat customers. The stores can use customer relationship management tools to store and analyze customer purchases. This will help the retailers to stock the products that interest customers. Moreover, the brands can design the promotional offers and discount offers based on analysis.

3. Develop online presence: Traditional retailers can develop mobile apps so that the customers can check the availability of the products, place orders, and collect the products from store or get the products delivered at home or office.

4. Different payment options: Traditional retail brands must have different payment options such as cards, cash, gift coupons, and membership cards. The retail brands can offer membership cards as well as subscription plans to ensure fixed amount of purchase in future.