Digital engagement is at an all-time high, according to Salesforce's Q1 Shopping Index. In fact, the two year online sales growth rate in Q1 is at 65% globally. This demonstrates that businesses have significant opportunities to engage clients and sell things online, but only if they do so successfully.
Wherever consumers are browsing, collecting data at every touch point will help retailers get to know their clientele better and provide personalised experiences. Being able to share information and offers at the right time, based on previous interactions and tailored to customers’ needs, will keep them invested, and therefore investing.
To achieve this, retailers must rely not only on their own channels, but also harness the personalisation power of social media to drive awareness and sales. According to Statista, in 2020, the number of social media users globally stood at over 3.6 billion - nearly half of the world’s population. This presents a huge opportunity for brands to continue elevating their targeting capabilities and unlocking new audiences in the digital sphere.
In order for businesses to engage customers cross-device, it’s important for them to invest equally in their digital ecosystem. In a digital purchasing landscape, shoppers expect to seamlessly move from app to app, and from one device to another with the same experience.
However with the return of in-store shopping, the physical retail realm should also not be forgotten. Ensuring the transition between physical stores and all digital devices is as seamless as possible is essential, not only to engage customers, but to ensure they follow through to purchase.
By offering simple, transparent, and financially responsible payment tools, retailers can empower and encourage customers to invest in their products without financial stress. Not only does this help to build trust and loyalty amongst existing customers, but it opens them up to new customers who may have overlooked their business before.
Ultimately, this evolving economic landscape must be seen as an opportunity. Only then, will retailers ensure they continue enticing customers and delivering profit during a global purchase decline.