The art of retail merchandising is brilliant illusory. The conscious mind of customers stepping into the store does not prioritize sensory experience. They come to buy their targeted products. But colours, tastes, smells, temperature, and the ambience of the store can give the consumer an adventitious experience. Instore merchandising is both an art and a science. Decades of consumer analysis, fueled by the retail industry’s enormous economic significance and growth, have provided retailers with actionable data for merchandising strategies and best practices. And, retail merchandisers must determine which types of instore merchandising approaches would be most appropriate for their target audience.
Strategizing merchandising solutions to decide the best action plan can increase the chances of success. In this blog, we will be discussing the trendiest pointers for successful merchandising. We hope that it helps you in coming up with new retail store ideas.
NeuroMarketing- The New Age Approach
Neuromarketing is about gaining an insight into the behaviour, preferences, and expectations of the customers based on predictive analytics. It capitalizes the human sensory cues such as visual, smell, light, and colour to establish pricing, innovative ads, product creation, and other marketing functions. Neuromarketing has a vast potential for furthering the digital transformation of business and elevating what it means to conduct lucrative in-store merchandising.
POP Displays- The Visual Attention Approach
POP (Point of Purchase) Displays maximizes sales to the general public across physical retail locations. Retail merchandisers utilize POP materials on the shop floor to convey sales marketing and communication campaigns, such as product releases, inventions, promotions, activations, and more. The customer is made aware of an advertisement message transmitted through POP mediums. It captures the customers’ attention almost immediately and consciously or subconsciously attracts them towards the product. When it comes to preparing the merchandising solutions, consider the POP display approach to arouse customer interest and boost sales.
Cross Merchandising- The Juxtaposition Approach
Cross merchandising is a promotional technique that involves positioning complementary products in stores next to one another. The approach is popular in gourmet stores, but any retail merchandiser looking to increase revenue with careful planning can also use it. It’s critical to study consumer tastes, consider seasonal patterns, and, most importantly, pair frequently used products to optimize sales. Working with other brands for exclusive visual merchandising displays can be an extensive choice for businesses.
There’s no place for uninspired and lacklustre retail displays in today’s retail environment, which is becoming ever competitive. Establishing successful merchandising solutions boils down to being constantly creative with in-store visuals that can catch the customers’ eyes and inspire them to buy, share, and return. Any kind of in-store merchandising display will be ineffective unless it features products that the customers want to purchase. It is why data-driven strategy is highly essential when it comes to successful marketing. Use an inventory management system to decide which products should go for centre display in the store, create sales and stock reports, and consider the ideas mentioned above to increase the chance of maximum capitalization.