Onine stores (ecommerce websites) have the luxury of measuring impressions and click-through rates to know how people interact with your digital presence. They can tweak their marketing, organise products and a lot more.
In the same way, businesses use the idea of “foot traffic” to figure out how many people visit their actual stores.
The changes in foot traffic can tell you a lot about how stable your business plan is.
By looking at this data, you can figure out things like how well your marketing strategies are working. Whether or not your retail space costs are reasonable, and whether there is a link between your online presence and the number of people who visit your store.
Let us guide you how these emerging trends in foot traffic can have a big effect on your business and tansform the way you run it.
Three emerging retail foot traffic trends for the future
Although ecommerce is likely to kickoff in NZ retail sales, brick-and-mortar stores continue to have a significant presence, and many consumers still prefer to buy in physical stores.
In order to adjust to this dual retail scenario, many businesses are attempting to leverage the advantages of both traditional retail and online sales.
Here are three trends that are influencing retail foot traffic patterns:
1. Omnichannel retail strategies that combine internet and offline sales.
In the retail industry, a slew of omnichannel trends are emerging. Many large retailers, from Target to IKEA, have begun to develop omnichannel strategies that include all touchpoints of an online presence and physical stores.
The method makes use of the online experience to boost retail foot traffic, which can then be used to promote online sales.
Offering free buy online, pickup in-store (BOPIS) to online web or app shoppers, for example, can lure clients into your physical location. They are more likely to make subsequent purchases once they begin browsing. You can offer sign-up for your points-based loyalty programme at check-out to reward customers with certificate dollars redeemable in-store or online.
You may now send unique promotions to customers via email or mobile devices for in-store events, online exclusives, or other incentives that encourage them to interact on social media and shop across channels.
According to retail statistics, 53% of firms are investing in systems that enable this type of selling to take place anywhere.
Brick-and-mortar retailers can create a rich website that provides detailed product information (including models, images, in-store inventory Management levels, and reviews) to increase consumer confidence before they visit your store.
Meanwhile, historically online-only (or digitally native) companies have a chance to grow offline and capitalise on consumer desires for physical retail.
According to the National Retail Federation, internet native firms are expanding and opening physical locations. Examples include the eyewear company Warby Parker and the home furnishings brand Brooklinen.
Other companies, such as footwear firm Allbirds, are embracing an omnichannel strategy known as “phygital retail,” in which they integrate their digital and physical shops to attract more customers and offer a more seamless encounter between the real and digital experiences.
2. Customer experience personalisation and customization
Many customers seek the human touch during their customer experience—the chance to see the product in operation, speak with customer service representatives, and ask particular questions.
According to a McKinsey & Co. report for 2021, 71% of consumers want companies to provide personalised experiences.
This type of personalised shopping experience has long been a strength of physical stores, so learning how to utilise it for your shop (whether internet or physical) is critical.
If you own a physical store, one approach to further personalise the experience is to deploy location-based marketing campaigns that target local customers and increase in-store sales.
To obtain an advantage over a less competitive ecommerce retailer, local businesses can promote quick pickup, neighbourhood craftsmanship, or knowledge of the community.
3. Experiential retail, which includes one-of-a-kind and immersive in-store experiences.
According to a 2022 MIT Sloan School of Management essay, the future of retail includes retailers embracing in-person encounters to connect with customers.
This is accomplished through the retail strategy known as experiential retail, in which corporations rethink physical storefronts as distinctive, immersive entertainment rather than simple showrooms or sales floors.
As more people purchase online, several firms are reimagining their physical stores using experiential retail ideas.
Offering a one-of-a-kind experience can entice customers to visit your physical site, increasing foot traffic and generating online buzz.
Conclusion
In retail, things change rapidly, so staying ahead of the game is key to success. The top three store foot traffic trends for 2024 are not just guesses; they can be put into action.
Retailers can adapt to changing customer habits and market needs by using data analytics, making the most of personalised shopping experiences, and making the most of omnichannel strategies.
Technology is changing the retail industry all the time, so businesses need to change and follow these trends.
By doing this, stores can make sure that every customer who walks into their store leaves happy and their business grows. Always be one step ahead of the trends in store foot traffic and stay tuned.
