The Future of Retail
The retail industry is a continuously evolving one and the ongoing digitization is driving a new breed of retail that will offer newer experiences to its customers. Disruptions in the form of retail price inflation, customization, and digital disruptions are key factors that define the future of retail. These factors have further leveraged the need to examine the industry from every possible angle and develop a precise marketing plan template that acts as a roadmap to retail success.
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Retail Industry Challenges
- Emerging Tech: Getting to grip with sophisticated technologies such as voice search, AR, VR, 3D printing, and IoT is a major challenge for retail industry players. The use of IoT beacons is a new trend that is set to transform the future of retail, as it enabled customers to finds items in a store and also notifies them of discounts.
- Personalized In-Store Experiences: The use of mobile applications, IoT, and similar technologies will empower retailers to understand their customers at a personal level, which, in turn, will facilitate more personalized experiences. The rise in the incorporation of such factors is, in turn, reshaping the future of retail.
About the Client
A leading player in the retail industry.
The client wanted to leverage Quantzig ’s marketing analytics solution to develop a precise marketing plan template. The template was to be used as a roadmap to enhance customer reach and improve the organization’s profits. Additionally, the client wanted to devise the right marketing plan to identify target groups, devise strategies to reach them, and study the future of retail to retain maximum customers.
Quantzig’s marketing analytics solution helped the retail firm to devise and keep track of their marketing plan by analyzing the future of retail and its impact on their marketing tactics; thereby, saving a huge portion of their marking dollars. The development of a marketing plan template also enabled them to align their marketing goals with their business plans to get the best return on marketing spend.
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Marketing Plan Template Insights
In today’s highly competitive retail market, one of the most essential, yet often overlooked areas for retail companies revolves around the development of a marketing plan template. An effective marketing plan will act as a reference document to help you gauge and execute your marketing strategy.
The devised marketing plan template enabled the client to clearly define their marketing objectives and set aside plans to achieve them. A good marketing plan template is one that sets realistic and measurable objectives to thrive in the future of retail, it includes – action plans, marketing spend, and allocates responsibilities.