In a recent Radiocentre webinar they discussed how high street retail has experienced the biggest fall in sales since records began with many retailers being forced to close temporarily, or in some cases permanently, since the COVID-19 outbreak.
With consumers avoiding public places over the last few months there has been a sharp uplift in online sales in the UK with a record high 33% increase in May 2020. Amazon has hired an additional 100,000 warehouse workers to meet their online demand.
The retailers that have weathered this COVID storm and want to invest in their brand should give some thought to these areas for long term success:
It’s an obvious one but extremely important! Digital is key in a pandemic, because when shops and businesses close, all trade can still be done online.
Be prepared to rethink and restructure if needed, but also create a culture where innovation and creativity thrive. Agile working is key.
Lockdown has caused us all to change our habits especially around travel and consumption of goods. Retailers that allow customers to have great products, but that minimise the impact to the environment will achieve great commercial success.
This is all about taking tough cost decisions and thinking about what is no longer needed in your business. For many retailers this might be reducing the amount of physical retail space they have and diverting investment into their digital operations.
The brands that succeed now will think more creatively about who they partner with in order to deliver their propositions. That could be through product collaborations that take the best of two brands, changing supply chain or creating customer propositions and experiences for their customers.
Consumers will actively choose brands with a purpose and that reinforce what they stand for. According to PWC in the last five months one in five of us have bought brands supporting healthcare or the vulnerable with almost the same again buying from brands that look after their employees.
Investing in brand building will drive commercial benefit and businesses will come out the other side stronger.
Radio is the ideal opportunity for retailers. It offers retail advertisers the opportunity to speak to shoppers on their way to the store, swaying last minute decisions before they enter. From research we’ve conducted, 62% of people went online after hearing a radio ad which highlights the responsive nature of the medium to deliver fast, effective results.
If you would like a more in depth analysis of these points or we can help with your advertising needs please contact us on firstname.lastname@example.org.
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