Changing trends, and buying behaviors of customers are compelling retail owners to focus on every little demand of their customers.
In the past-paced life of the 21st century, trends have been replaced by fads. Retailers need to focus on each and every request of the customer, and address concerns immediately so as not lose their customers.
When we talk about the size of retail outlets, we will see that the ‘big fish’ of retail, the likes of Walmart, Best Buy, and Target, are gradually developing hyper-targeted mini stores or mini-marts, to reach those customers who only want to purchase specific necessities.
The first issue they face opening these smaller stores, is their geographical location. Retailing considers such problems under the category known as Retail Location Mapping. Location mapping means to understand all the demographics while determining the site of a new retail store. This store must be convenient and easily accessible to the target market. Mainly the concept has been developed for those customers who don’t want to waste their time and energy wandering through large retail stores. These customers prefer going to a relatively smaller outlet where they can find their required products without wasting much time.
One thing which has revolutionized and affected Retail Location Mapping is the introduction of e-commerce websites. Such sites are readily available to the customer, and they can buy the product at any time. Furthermore, free home delivery and such promotional strategies have added to the problems for the brick and mortar retailers. Physical stores keep on tracking ways to attract customers to come and buy at their retail outlets. The current trend in retail is to convert and move towards the smaller store concept where fast, local delivery, and even faster customer service is the name of the game for customer acquisition and retention.
Giants of the retail sector are also launching smartphone applications, to inform their customers about the geographical locations of their stores. With the help of these apps, the customer will be able to track the location of the nearest retail outlet, place an order, and monitor their overall shopping experience. This system is all about reducing customer friction for those not willing to drive farther to shop for what they are looking for.
Reducing the number of large outlets and the introduction of small ones has its benefits for the customer. One negative aspect which bothers the retailers is that they lose “impulse purchase” customers – those customers who would buy additional products as a result of a promotion or just seeing a product in the store as they walked past it.
The trend of splitting into small outlets and abrogation of larger ones is prevailing in the retail sector, because of those customers who don’t want to waste their precious time searching for items. Modernization and information technology has affected this concept too. The buying behavior of people and trends are changing rapidly. All of these changes are creating a paradoxical situation for the retailers where they don’t want to lose their customers while targeting multiple segments.
If your retail store is considered expanding, schedule a demo of GeoMetrx Retail Location Mapping software and see how we can help you select your next location.