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BLOG | OCT 16, 2020
4 Ways for Your Business to Win in Retail Consumer Electronics

Author

Joan Puyol
Joan Puyol

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Industry trends & insights
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If you’re a consumer electronics retailer, you know how hard it can be to stand out. With a few tech manufacturers dominating the market, it’s challenging to break out ahead of the pack when you’re selling the same products at similar prices. However, there are four areas you can focus on to achieve greater success in retail consumer electronics:

1.    Offer your customers maximum convenience
2.    Increase your customer’s loyalty
3.    Increment your customer’s average order value
4.    Expand your catalog

Offer your customers maximum convenience
Your company can better compete in the consumer electronics retail market by going above and beyond to take care of your customers. One way to do this is by focusing on providing fast delivery times. In addition, there are many options to choose from and implement in your business that can make your customer’s experience easier than ever, including physical and digital resources, picking points and apps.

Today, the omni-channel experience is a reality—and both traditional and digital channels can be leveraged to deliver solutions and products in ways that best meet your customer’s needs.  

How leading retailers are making transactions easier for customers 

Looking at the actions taken by some of the world’s top retailers reveals strategies you can use to elevate your own success. First, they digitized their own businesses with platforms capable of offering true omni-channel experiences on the customer side and delivered maximum convenience—and minimum delivery times—on the logistics side.

This automation and digitization of processes allows today’s retailers to offer click and collect, drive-up pickup, in-store online ordering—and every other imaginable combination of physical and digital resources—along the purchase journey.

Examples of success from top retailers are showing the way  
Successful retailers  can quickly serve demanding, 24/7-connected buyers who expect same-day delivery, sometimes even within an hour, to wherever they choose. Here are just a few examples of how  retailers are currently stepping up their “convenience game”:

  • Target opened 100 new small-format stores in 2019. In 2020, they’ll open 36 micro-stores and add “drive up” to dozens more small-format stores.
  • Walmart China invested in a crowd-sourced delivery platform, and customers now receive their merchandise within an hour.
  • With the Sam’s Club Scan & Go app, customers bypass the checkout line and pay for items on their mobile device.
  • Best Buy allows customers to pick up their orders at any UPS Access Point, including UPS stores, CVS pharmacies, Michaels arts and crafts stores, Advance Auto Parts and other stores.

Explore three other ways you can win in retail
For more examples of how retailers today are providing more convenience for their customers—and to learn about the three other ways to win in consumer electronics retail—you’re invited to read our new white paper, The Battle for Growth in Consumer Electronics.

In addition to learning more about convenience, you’ll explore how the most successful retailers are using customer loyalty, average order value and catalog expansion to move ahead of the competition. And you’ll find an analysis of the strategies, offerings, innovations, acquisitions and relevant news from the top 24 consumer electronics retailers in EMEA and North America. Download the white paper today and keep reading.

If you have any questions or would like to find out more about how CloudBlue can help you power what’s next in your business, contact us at together@cloudblue.com.

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