The changing face of retail is a topic that seems to be getting a great deal of attention these days – and for good reason. Many significant changes have taken place over the last few months, and many of these changes have made adaptation a necessity. These are two of the biggest – how do they impact you and how can you compete?
The entrance of Target on the retail scene. People love a deal, and Target boasts about its low prices, continually drawing in customers. And other big box stores are still going strong so how do you compete? Your marketing strategy needs to take this change in stride, making use of current product marketing trends like design and sustainability to keep customers coming back for your product versus something from the competition.
The growth of e-commerce – with millions of dollars a year being done through online sales, this is a big change that presents challenges for both brands located at mom and pop shops and online retailers. The ability to shop online, at any time, is a very enticing prospect for consumers – something that can be detrimental to brands. So how do you compete? Much like you would to deal with those bog box stores, you need to ramp up your product marketing strategy. Once that customer enters a store, your product packaging needs to influence them to purchase, and having enticing and interesting packaging is one of the best ways to do this.
What if you are an online retailer – how do you compete? Sure, the fact that online sales continue to rise is great for online retailers, but this also means more competition. Even more challenging – for those retailers that only sell online, your chance for recognition decreases because you don’t have a store on the ground. A good way to deal with this is by shipping out your products in branded packaging, rather than just a plain, brown box. Thanks to the number of people who handle your package en route to the customer, there are many great opportunities for recognition here.
With the major changes taking place in the retail industry in Canada, it is only smart to change and adapt with the times. Trying to ignore this evolution will only work to your disadvantage in the end, leading to extra time and money to catch up. If your product marketing strategy can’t compete, it might be time to consider making some changes of your own.
For more about intelligent product marketing that meets the needs of today’s ever-evolving economy please contact Packaging Technologies Inc. at 1-800-303-5883 or visit us online at www.ptibox.com.
