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Competition in digital marketing is fierce: 81 per cent of retail marketing executives expect it to increase even further this year, and 69 per cent plan to raise their spending accordingly. Economic uncertainty and customer purchasing habits are weighing heavily on marketing leaders’ minds. Explore emerging opportunities.
Be sure to download the 2024 Australian Retail Outlook to discover more. With tightening budgets looming, best-practice retailers will plan to make every dollar count and double down on generating growth from their existing shopper base through increased retention and loyalty. The 2024 Australian Retail Outlook is out now.
The statistics come from the newly released Shopify Australian Retail Report 2024 ( available for download free here ). Create personalisation: When it comes to what customers value, a personalised experience is a differentiating factor not linked to price that retailers can weave into their marketing and engagement activities.
To close this gap, 44 per cent of retail and consumer goods marketers say they are now leading customer experience initiatives across their organisations (versus just 24 per cent in 2017), and metrics are being shared. In this regard, retailers are re-evaluating and revolutionising their value propositions for higher customerretention.
According to the National Retail Association, two thirds of consumers are now planning on reducing discretionary spending, with verticals such as jewellery, home and furniture, and footwear expected to have a difficult few months ahead. Anything a brand can do to facilitate that will go a long way in building customerretention.
At trade shows, you can Get exposure to new markets Showcase innovations and products Directly interact with potential customers Analyze the competition’s offerings Exhibiting at automotive trade shows can significantly contribute to business success by facilitating brand exposure, customer engagement, and competitive analysis.
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