PangoCDP understands the challenges retailers face in adapting to the pandemic. Below are some strategies for retailers to return after Covid-19 pandemic.
Some strategies PangoCDP wants to share with businesses
Flexible transition and adaptation
For chain retailers, the Covid pandemic continues to be a critical variable. This requires the operation model to be able to shift between Online and Offline to adapt to situations.
In areas with complex pandemic situations, the focus should shift to online operations.
Conversely, in “green zones,” offline stores play a crucial role in optimizing customer experience and driving sales.
Reality proves that businesses will have to switch between these two models depending on the location and individual store conditions.
Don’t forget to retain existing customers
Customers who remain loyal during this period are valuable assets and require a strategic approach to retention.
Additionally, “Increasing customer retention by just 5% can boost profits by up to 95%” – Harvard School of Business. Meanwhile, “Acquiring a new customer costs 5 times more than retaining an existing one” – Gartner Group.
So, there is no reason for retailers to neglect these important customers.
Increase satisfaction with team division and specialized care
Businesses should segment their existing customer base into groups based on criteria such as:
- Sales volume
- Average order value
- Purchase frequency
- Favorite product
- Favorite interaction channel
- Favorite promotions, etc.
This will form the basis for developing specific, personalized care strategies for each customer group, bringing tangible results in terms of numbers:
- Increase conversion rates from online to offline stores
- Increase customer retention rates
- Increase revenue
- Reduce customer conversion costs
- Reduced wasted advertising and promotional costs by targeting the right customer segments
Conclusion
If your business is ready to “bounce back,” don’t hesitate to connect with PangoCDP. We can discuss targeted strategies for retailers and explore how PangoCDP can assist your business in making this critical transition.
