Winning With Hyper-Local Retailing
Hyper-local retailing is one big advantage that brick-and-mortar stores still have over ecommerce. It gives you the ability to provide the best experience to customers by tailoring a store to your community’s specific needs. Think of it as another “P” to add to the infamous “Four P’s of Retail” (product, price, promotion and placement). That all-important fifth P is proximity – matching the right location to the consumer for immediate gratification. Hyper-local retailing can encompass everything from tailoring the store layout, visual merchandising, marketing and product mix to using beacon technology to push personalized offers to customers’ smartphones in a particular store. The benefits can be considerable.
Hyper-local retailing improves the customer experience and generates higher ROI by deepening the connection and encouraging customer loyalty. Something else worth mentioning: Google reports that the number of searches with the words “near me,” “nearby” or “closest” has doubled in the past year. Just more proof that consumers are looking for local businesses to support.
One retailer who embraces this concept is customer favorite, Lululemon. The successful athleisure brand is opening a hyper-local New York store/lab in March. It will feature limited-edition accessories and apparel – about 50 pieces per style – made just for that location. The retailer’s head designer will be creating and sewing samples on the spot, in an area behind the fitting rooms. Lululemon is encouraging him to interact with customers and the local creative community in order to reflect their lifestyle in his designs.
It’s not difficult to start incorporating hyper-local retailing methods in your business strategy. To help, we’ve made a list of some ideas to try, which have already proved successful. (Target makes an excellent case study in this regard.)
A professional survey provides you with accurate insight into every location’s unique attributes and helps you increase efficiency, reduce costs, and enhance the customer experience by tailoring your advertising by store. Plus, AccuStore’s mobile data capture technology and site profile management software keeps your data current and up to date.
Check out the ultimate guide to surveys to learn everything you need to know.