Retail is growing exponentially and merchandising has become more crucial than ever before, and is especially important in the world of online retail, as the customers are able to go to another store with a single click. Merchandising refers to any activity that helps in the selling of goods to the retail buyer. It’s the broad range of products that are available and the way in which they are displayed items in a manner that it draws attention and encourages customers to make purchases.
Due to the growth of online retail during the aftermath of COVID-19 the demand for online retail merchandising has become significantly greater. It is the 2nd time that there has been a boom for the eCommerce industry.
This includes strategies such as:
Discounting
Physical presentation of the product (UIUX)
The choices about what products should be shown to whom at the right time.
What are the most important advantages of deciding which products should be offered to whom? Let’s see.
1. Improved control over display of products to enhance visual appeal and the user experience.
Imagine your users as guests. If we have guests to our homes, shouldn’t we dress up and tidy to ensure that our home looks nice? This makes guests feel comfortable. In the same way, online retail merchandising draws attention of users and generates excitement.
It gives you control over your user experience. It lets you also customize the page to meet your customers prefer, and maximize the customer engagement as well as the revenue and performance of your online store.
2. Enhance the top of the funnel engagement
Retailers are spending a lot of money on SEM, Social Media, and other avenues to boost the amount of traffic they receive from their website. The goal is to boost the number of visitors who come to the top of the funnel however, these customers aren’t always fully engaged. In the absence of engagement visitors are more likely go away in a split second which increases the cost of acquiring customers and decreasing your profit.
To keep customers interested It all begins with providing them with an item of interest quickly and then giving them the ability to look at the product. This is the first step in encouraging your visitor to the final sale. Growing the number of views on your products is the primary purpose of online merchandising. This can be achieved by placing the appropriate products in the appropriate positions on your website, e.g., site search and product listing pages. This boosts click-through rates from the page’s impressions to product views which increases the chance of converting the final product.
3. Retention of visitors is increased.
Perhaps you’ve been reading on various blogs on the fact that online stores need just 30 seconds or less to capture the attention of customers. You’re competing with other online retailers as well as any other mobile application which wants to capture the attention of your customers. Most likely, your customers may not purchase something on the first visit, so they’re less likely to come back without having been engaged for the first time. In the end, data-driven marketing can help to increase the number of product views per user.
Each time a product is that a customer sees makes them more enthused about your store’s online presence, increasing the likelihood that they’ll return. It’s true that with the influx of information on the internet, remembering what you purchased within 24 hours of the past is a daunting task, and in the absence of grabbing interest of your customers who is likely to revisit their experience in your shop. Shopping online is convenient, however retailers are easily overlooked if you haven’t captured the attention of your customers.
4. Reduce the bounce rate for visitors who are first time visitors.
Through online retail merchandising, you can stop first-time visitors from leaving your website and visiting the competitor’s website because they aren’t finding the information they’re seeking. It increases your Click-Through-Rate (CTR) and enhances your chances of obtaining an increase in your Average Order Value (AOV).
It is also possible to increase your product’s visibility by letting people explore your site further, and make sure they do not “bounce-off” your site.
5. Make store conversions more efficient
Online merchandising isn’t only used to enhance the experience of visitors It is also done to achieve the goal of increasing sales. The effort is low when you utilize an automated system that is based on data like Tagalys since it is inefficient and unproductive when executed by hand. The online store can become an addition to your offline store.
Similar to sales representatives who present your product to potential customers online merchandising may assist in automating sales processes within your online store and boost your profits by relying on the data. Analytics lets you immediately discern the patterns of your customers and let them know what they are looking for. In contrast to the offline environment which requires you to rely on humans to analyze and predict consumer behaviour by analyzing the store’s data this will increase the chances of achieving higher conversions to your store.
Engaging visitors at the top of the funnel will result in an improvement at the bottom the funnel even though there are nothing towards the lower end part of it. In contrast to improving the low-end of your funnel with metrics such as “abandoned cart” that requires many touchpoints that are off-site marketing improves the engagement on your website when the customer is in your website and has the best chance to make an impression. Since, in the final analysis, the first impressions are those that are the most lasting!
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