Sales Strategy

Innovative Approaches Retailers Are Taking to Boost Sales in a Sluggish Market March 13, 2023 (0 comments)

Washington, WA--Retailers are seeking new ways of attracting consumers, with economists predicting that 2023 will bring weak growth at best or a recession at worst.

[Image via Creative Commons]

According to a report, the country's top retailers hope to offer consumers ways to save money by spotlighting discounts and rewards through loyalty programs, emphasizing value with store brands and resale products. For instance, Saks Off 5th's partnership with Rent the Runway aims to increase luxury resale offerings.

Retailers are also embracing newer delivery approaches and improving their curbside pickup facilities, home delivery options, and in-store appointments, along with better ways to showcase their brands and offerings. The report states that H&M uses a hologram display created by tech firm Proto in the windows of its Williamsburg store in Brooklyn to show images of fitness instructors dancing and exercising in H&M athletic clothing.

The future of retail is heavily influenced by technology. According to a report by Coresight Rendemic, more than two-thirds of US-based retailers plan to increase their technology spending over the next three years. Despite economic uncertainty, retailers understand the importance of being creative and efficient to win over consumers. By investing in the right technology, businesses can pivot faster and offer vital services during challenging times.

Learn more in this article.