The economy is still fighting to recover from the last market slump and retailers are driving hard to make as many sales as possible. In fact, U.S. retail sales rose in March to their highest level since 2012, but are retailers still seizing every available opportunity?
One of the world’s largest retailers, Walmart, has announced a $3 billion opportunity in refilling out-of-stock items faster. Walmart is selling product faster than they can get it on the shelves, which causes the retailer lost sales in the order of billions of dollars. Shoppers are becoming annoyed with Walmart’s inventory shortages and taking their business elsewhere. Addressing out-of-stocks are a major market opportunity for retailers, big and small.
Mobile technology also presents an extraordinary opportunity for retailers to further engage customers in the shopping experience. Mobile is no longer just another omnichannel tool for customers to shop with, it’s so much more. There are two recent opportunities born out of mobile.
The first helps to redefine the communication between brands, retailers, and customers. SkuRun is launching a mobile app that drives customers into stores with proximity marketing with highly personalized offers. This technology has the potential to increase brand excitement and loyalty while generating a great deal of revenue for brands and retailers.
The second embraces showrooming and converts prospective customers into buyers. Best Buy Canada implemented a new solution late last year to alleviate potential customer concerns surrounding product pricing. “The entire buying process has changed – from where customers do their research, to where they’re influenced, to where, when, and how they ultimately buy,” said Sean Wilson, VP of Merchandising Operations at Best Buy Canada. This tool empowers store associates with real-time price intelligence comparing store prices to those of your competitors, providing the opportunity to price-match directly in-store, ultimately increasing conversions.
How many sales are you losing to unpursued market opportunities? Do something about it. Start here.