Retail Strategies For Creating Buyer Personas
Retail is the organized process of selling consumer products or services directly to consumers through multiple physical channels of distribution in order to make a profit. Retailers meet demand identified by a sales system. There are three types of retail-physical-supply, digital-supply and electronic-supply. There are advantages and disadvantages for each type. Retailers who use one or more of these three methods to sell their products will be called retail sellers.
A physical retailer offers a service to its customers. This includes product inventory, part inventory and the provision of service such as technical support. Some examples include a grocery store, retail business, pharmacy or a clothing store. Physical retailers have a large volume of product in stock, usually arriving on the same day from the manufacturer, and may have to meet high inventory requirements for particular items.
The largest concentration of retail stores is in the traditional brick-and-mortar retail industry. The retail store may be run by a local business, a franchisee or an individual. The majority of retail stores have a store front on busy street corners or parking lots, with smaller numbers in the suburban shopping malls and small-town shopping centers. Most online retail stores are standalone websites that bring customers to a specific retailer website where they can purchase a specific product or service and the retailer handles the order fulfillment and customer service from the retailer website.
Digital Retailers, also known as Web Retailers, create products available to the public on the Internet. Online retailers operate similar to physical retail stores except they do not have a physical location. They use their Web site and various Web marketing tools to promote the product or service. Most Web retailers have very similar product offerings to large national chains, but some offer a variety of personalized services such as shipping direct from the company or providing gift cards or gift certificates. Many of the most successful online retail stores include shopping carts, customer information management systems, and secure websites that encrypt customer credit card information.
The most important element of any retail business is its inventory management. In this competitive society, it is imperative for retailers to manage their inventory to remain competitive. Inventory management helps track sales trends and determine which products are best sellers. It also helps determine where new inventory should be placed when it is received by the retailer. A sound inventory management strategy includes keeping adequate inventories of basic products and keeping inventories of products that are quickly moving.
Every retail business has an opportunity to create buyer personas and attract new customers. A strong marketing strategy including a strong advertising campaign can create these personas. The advertising plan should include a mix of traditional marketing methods such as print, television, radio, outdoor, and Internet advertising. It should also include an effort to create “retail opportunities” where consumers will be able to look at, touch, and experience the products prior to purchasing them.