#loyaltyone

Importance Of Reassessing Their Shoppers: With a shifting consumer base, retailers will no longer have an accurate picture of who their potential shoppers are and which consumers and segments present the greatest opportunities. Retailers need to re-assess their shopper base and adjust their strategies to capitalize on where the greatest potential opportunities exist. 

Personalization: Retailers are pursuing increased personalization in their customer communications but due to budget realities are often forced to disproportionately focus these efforts on customers in their largest stores. They need to work out how to cost-effectively scale these personalized communication approaches to reach customers in all stores, many of whom may not have the largest current spend but represent the greatest opportunities to grow.

Assortment Adaptation: With these midsize cities seeing thousands of new citizens (Austin’s population alone saw an influx of 92,812 between 2010-2013), retailers may need to gear their assortment to consumers who want a wider assortment, different pack sizes and more ready-to-eat and fresh options. 

Need To Bolster The Shopping Experience: Retailers in up-and-coming cities may need to re-think the layout of the store and the in-store experiences they offer consumers, with an expansion of fresh and foodservice offerings.

Reconsider Store Operations: Retailers need to adjust the quantity of staff that are working at different time periods — they may need more staff available during lunch-time and just prior to dinner time — and alter store opening hours to cater to later evening shoppers.

By implementing some or all of these tactics, retailers can compete more effectively in the marketplace. Ignore the population trends and retailers run the distinct risk of not only losing market share but of becoming irrelevant, which may be much worse.