CPR Lecture 3 Jims Oct 2021

CONTEMPORARY PRACTICES
IN RETAILING
Lecture 3
Prof Soumitra Mookherjee

EMERGING TRENDS IN
RETAILING
1. Come 2021 - the retail industry experienced
rapid, large-scale disruption as customers
chose to stay home due to the public health
pandemic
2. Consumers move to more online e-commerce

experiences.
3. Now, retail marketers must determine how

they can take these changes and apply them
to their marketing strategy moving forward.
EMERGING TRENDS IN
RETAILING
1. The strategies, tactics, and initiatives are
crucial for driving brand awareness, sales,
and overall ROI.
2. With the unforeseen changes of the past year,

2021 is poised to introduce a number of
emerging trends in retailing to combat
evolving challenges..
Eliminating Delayed Gratification
Today’s consumers want their demands fulfilled as
quickly as possible.
Consumers are beginning to expect free overnight

shipping from online retailers.
Retailers must be prepared to deliver on

expectations.
Eliminating Delayed Gratification
Retailers need to respond to this trend by creating

processes that allow order fulfillment to be as
agile as possible.
This requires precisely forecasting your

customer’s demand by tracking purchase
cycles within your market, and stocking
products accordingly.
Culture of Immediacy
Consumers want to receive a communication
response in 10 minutes, as compared to 10 days
– improving response time is critical.
Services include the Following:

Presenting and updating inventory in
real-time,
Offering same-day delivery services,
Setting-up delivery-lockers,
Providing scheduled deliveries.
Hyper-Personalization
Retailers take a more holistic look at customer
data.
Instead of using a customer’s data to send them

targeted advertisements and promotions, retailers
use personalized people-based marketing insights
to create simple, streamlined shopping processes.
Many people would prefer to shop online only,

creating a personal experience based on
customer insights can help to fill critical gaps
Retailers use information about a customer’s
needs, and values to provide the most relevant
experiences to customers.
if a customer visits your online storefront, they

should view personalized recommendations based
on their recent search and past purchases, both
online and offline.
There is a clear need for adaptability.

Flexible marketing analytics will be critical to
keeping up with unforeseen changes in the
marketplace.
Retailers use information about a customer’s
needs, and values to provide the most relevant
experiences to customers.
if a customer visits your online storefront, they

should view personalized recommendations based
on their recent search and past purchases, both
online and offline.
There is a clear need for adaptability.

Flexible marketing analytics will be critical to
keeping up with unforeseen changes in the
marketplace.
Leverage Experiences –AI
and Machine Learning
AI marketing and machine learning will be
leveraged to create personalized
recommendations based on the real-time
needs of customers.
Example - a grocery delivery service, can

leverage on a technology that creates
personalized recommendations for online grocery
shoppers.
It creates a smart grocery list by considering a

customer’s past purchases and their
purchase cycles.
Visualized Search
Retailers should ensure they have a presence on
image-based platforms like Instagram or
Pinterest.
For example, fashion brands should constantly

provide new photographs that model their newest
clothing.
Customers can use an application like

Google Lens to identify exactly what piece of the
outfit they’d like to shop for from that photo.
Visualized Search
Image search becomes more sophisticated,
retailers can also use it alongside marketing AI to
create product innovations.
With this technology, customers could link their

Instagram or Pinterest to their customer profile.
Retailers curate a list of recommended items

that suit a shopper’s existing outfits or
general sense of style.
E-Commerce Shopping -
Social Media
Many social media platforms have introduced e-
commerce shopping experiences.
For example, Instagram - which gives users an

opportunity to search for and connect with
brands, creators, and products.
Alternatively, many brands are taking advantage

of influencer-based marketing by partnering
up with popular content creators
E-Commerce Shopping -
Social Media
Digital platforms continue to bring the shopping
experience directly to consumers.
Brands should consider how they can leverage

them to gain actionable insight into their
target audience for even further
personalization.
Transparency and Value
based Branding
Majority of consumers prefer to purchase from
brands that they feel aligned with their
personal values.
People expect transparency from today’s brands -

and now more than ever.
Brands run the risk of incurring reputational

damage that can have long-lasting effects on
brand equity and perception, even for loyal
customers..
Preparing for emerging
trends in Retailing
Retail marketers must be prepared to
continuously adapt to changes and the resulting
trends in the coming year
Important to ensure your organization has good

data intelligence, high data quality, and a
centralized system to store and analyze data.
With the right tools, expertise, and processes,

retailers can ensure they’re staying
competitive in a constantly shifting marketing
landscape.
INNOVATIVE RETAIL
MARKETING TACTICS
OMNICHANNEL MARKETING
Multi-channel approach that allows retailers to
align their messaging, goals and objectives
across every channel and device, and create a
consistent customer experience.
It also provides customers with a deeper level of

personalization, no matter which channel they’re
using, or where they are in their purchase journey.
To build your omni-channel marketing campaign,

you’ll need to work closely with stakeholders from
across your product marketing, sales, and
customer support teams —
Multichannel retailing
• Multi-channel retailing is a marketing strategy that
offers customers a choice of ways to buy
products.
• A true multi-channel strategy covers purchases from
a store, purchases from a website, telephone
ordering, mail orders, interactive television,
catalog ordering and
sites. comparison shopping
• The aim of a multi-channel retailing strategy is to
maximize loyalty by offering customers choice and
convenience.
PPT 1-19 Consumer Behavior Ignacio J. Vázquez E. © 2007
The Multi-Channel Retailer
Retailer Steve Cole/Getty Images
The McGraw-Hill Companies,

Inc./Andrew Resek, photographer
Digital Vision / Getty Images
A retailer that sells merchandise or service through more than one

channel. By using a combination of channels, retailers can
exploit the unique benefits provided by each channel.
PPT 1-20 Consumer Behavior 3-5 1

Ignacio J . Vázquez E. © 2007
Research shows that the average digital consumer
owns several devices and tends to consult these
devices prior to making a purchase.
Consumers may look at an item on their mobile

and complete the purchase on their iPad,
They may search for an item on the web and pick

it up in the store later or vice versa
The connected devices means that consumers

demand a seamless experience across
multiple touch-points.
Customers can navigate through a consistent

journey -from exploring purchasing options
to comparing services and products.
Disney’s omnichannel experience - a great
example.
When booking their trip, visitors can usually

plan their itinerary using My Disney
Experience tool which they access via the
website or app.
There’s also the Magic Band — which works

as a hotel room key and photo storage
device, and enhances the overall omni-
channel user experience.
Cosmetics retailers use omni-channel marketing
to deliver a rich and
seamless customer experience.
1. Opening an account
2. Use of apps and tablets to look up item

details and experiment products virtually
using digital software.
3. They can then add products to their wish

list and purchase items as they go,
Multi-channel
retailing
Multichannel retailing
PPT 1-26 Consumer Behavior

Benefits Provided by Different
Channels
PPT 1-27 Consumer Behavior

OTHER STRATEGIES
1. E – Mail Campaigns - timely, relevant and

creative enough to garner attention
2. Social Media Platforms - stay in touch with

customers, promote new products and events,
and deal with shopper queries
3. Shopping Campaigns – promote online and

physical stores to potential customers
searching online. Creative advertisements –
products, prices, etc
OTHER STRATEGIES
Expanding into emerging markets:
a. Tap new markets and chanels

b. Effective digital strategy to increase
global market access
The Alibaba Group – tapping emerging

markets – where online sales is expected to
touch $ 3.5 trillion

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CONTEMPORARY PRACTICES

Prof Soumitra Mookherjee

2. Consumers move to more online e-commerce

3. Now, retail marketers must determine how

2. With the unforeseen changes of the past year,

Consumers are beginning to expect free overnight

Retailers must be prepared to deliver on

Retailers need to respond to this trend by creating

This requires precisely forecasting your

Services include the Following:

Instead of using a customer’s data to send them

Many people would prefer to shop online only,

if a customer visits your online storefront, they

There is a clear need for adaptability.

if a customer visits your online storefront, they

There is a clear need for adaptability.

Example - a grocery delivery service, can

It creates a smart grocery list by considering a

For example, fashion brands should constantly

Customers can use an application like

With this technology, customers could link their

Retailers curate a list of recommended items

For example, Instagram - which gives users an

Alternatively, many brands are taking advantage

Brands should consider how they can leverage

People expect transparency from today’s brands -

Brands run the risk of incurring reputational

Important to ensure your organization has good

With the right tools, expertise, and processes,

It also provides customers with a deeper level of

To build your omni-channel marketing campaign,

Retailer Steve Cole/Getty Images

The McGraw-Hill Companies,

Digital Vision / Getty Images

A retailer that sells merchandise or service through more than one

PPT 1-20 Consumer Behavior 3-5 1

Consumers may look at an item on their mobile

They may search for an item on the web and pick

The connected devices means that consumers

Customers can navigate through a consistent

When booking their trip, visitors can usually

There’s also the Magic Band — which works

2. Use of apps and tablets to look up item

3. They can then add products to their wish

PPT 1-26 Consumer Behavior

PPT 1-27 Consumer Behavior

1. E – Mail Campaigns - timely, relevant and

2. Social Media Platforms - stay in touch with

3. Shopping Campaigns – promote online and

a. Tap new markets and chanels

The Alibaba Group – tapping emerging

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