Retail in India has taken a huge leap from what it was 5 years ago. With the success of Online Retail, marketers have seen an enormous change in the Retail industry. The Offline Retail marketers are also catching up to online trends and using e-Marketing channels for their benefit.
Keeping this in mind, in continuation from last year’s Octane and RAI India e-Marketing Study, the 2014 version of the report put special emphasis on Customer Engagement for Retailers. We talked to 80 Retail marketers from both Online and Offline retail space, which helped us uncover some great insights on how Retail marketers use e-Marketing for their benefit. The report has strategies, goals, budgeting details, trending data and much more that will help retail marketers see how the industry as a whole is using e-Marketing to get better ROI. Some of the highlights of the report are as follows:
1. Marketing Goals: 55% participants said that their Primary Marketing Gal is Customer Acquisition. When we split it into online and offline retail, we see that online retailers want to work more towards Brand Awareness (50% votes) due to a lot of competition in the market. Whereas, offline marketers are aiming to acquire more customers (61% votes) and increase foot fall in their stores.
2. Strategic Plans: Retail marketers today are focusing on Business Expansion/Brand Franchising and New Product Lines/Creating a private label or sub-brand the most amongst all the parameters like last year as well, with a slight increase in more of them doing so. But the biggest change comes in Business model transformation with 29% voting for it as compared to only 11% last year.
3. Importance of Email Marketing: 67% marketers said that they used the Email Marketing channel and think it’s important for their ROI and Customer Engagement. 21% participants said that Email Marketing is important for their business and they will start engaging in it soon.
4. Importance of Mobile Devices: 67% respondents said that mobile devices are important for their marketing plans. 21% said that they use it, however it’s not focussed and 12% haven’t yet updated their marketing activities according to mobile platform.
5. Customer Engagement: Compelling and timely Customer Engagement is a challenge for almost every retailer and presents one of the largest opportunities for sales growth and increased Customer Satisfaction. Our research shows that retailers are deploying a good selection of Customer Engagement strategies to maximise their engagement with their customers.Leading by a long margin, discounts on next purchase and reward points were selected by 42% respondents as being responsible for maximum customer engagement. Almost 36% of the respondents shared that giving oﬀers on registration acts as an engagement activity. Feedback surveys and share on social media feature come in at the third and fourth spot with 31% and 33% of the respondents choosing them for Customer Engagement. Share a feature with the friend and special oﬀers on birthdays and anniversaries were the choice of only 25% and 22% of the survey participants respectively.
– Team Octane