The metaverse is a term you’ve most likely noticed being tossed around on the internet in the last year or so. Many predict that the metaverse is the future of the internet. At the moment it is used primarily for entertainment purposes. While the metaverse may seem like a gimmick right now, it will become so much more than that. In the long term, the metaverse has the potential to transform the shopping experience, and create a more engaging and immersive experience for consumers.
You’ve probably heard that Facebook’s parent company changed its name to Meta. Facebook rebranded with the hopes of leading the metaverse’s development. But what is ‘the metaverse’? The term metaverse refers to a shift in how we interact with the digital world‘ The metaverse is the idea that there will be digital worlds that exist alongside the real world.
These digital worlds (where many will work and play) will be the next step in internet use. There have already been a number of concerts and events taking place in the digital space. While it’s still early days for the metaverse, retailers should get involved earlier, because the cost of entry is lower today.
During the early days of the internet, many businesses were quick to dismiss the idea of shoppers buying online. But the first businesses who started online stores ended up with a major advantage versus their competitors. So the question remains, how can retailers take advantage of the metaverse?
You can own a digital space for your business just like you can own a physical space for your brick and mortar store. A digital space allows you to interact with your customer and introduce them to your products.
When saying digital space you may be confusing it with an online website or ecommerce store. In this situation a digital space is a 3D environment on the metaverse where companies can actually create virtual stores. The virtual stores actually allow users to interact with product and see them in a 3D space. Whereas on an ecommerce store the consumer would only be able to see pictures and videos of the product.
The metaverse would allow you to create a new shopping experience for your customers. Forever 21 used the platform *Roblox to allow shoppers to create their own versions of digital Forever 21 stores. In these user-created stores, digital versions of existing merchandise were sold. The products were then actually delivered to the buyers’ real-life homes.
*For those unaware, Roblox is an online gaming platform which allows users to create their own virtual worlds/games. Similar to YouTube, where users create content for others to watch – in Roblox users create games for others to play.
Simply rehashing your existing store on the digital front will not be a successful way to deliver this new shopping experience. Sky Canaves, a senior analyst at Insider Intelligence says that there is no need to be stuck between 4 walls in the metaverse, she continues that metaverse shopping can be so much more experiential. Imagine shopping for a car and being able to drive the car around in the Italian countryside all from your home. This is the type of experience merchants will want to foster for their metaverse customers.
Merchandising’s new boundaries
Metaverse shopping will help push merchandising to new limits. Showcasing your products in the digital world will allow for new and exciting ways for customers to see your offerings. Similarly to the car example in the last paragraph, companies can allow consumers to test merchandise in the virtual world. Besides the virtual world, retailers can leverage the new technology associated with the metaverse to show off their merchandise. Back in 2017, Ikea introduced their app Ikea Placewhich allows customers to use their iPhone cameras to see what Ikea furniture would look like in their own homes before committing to a purchase. This use of AR (augmented reality) has become commonplace for many retailers.
How some companies envisioned early metaverse shopping (source)
The beauty of the metaverse is that unlike a traditional brick & mortar store, a retailer’s merchandising is not confined to the physical space available inside the store. Shopping on the metaverse allows retailers to showcase an unlimited amount of products in a limitless space. For example a hardware store could showcase every single type of cabinet, flooring tile, or whatever other product they have in a virtually infinitely sized warehouse. Furthermore searching for these products on a digital store will be much easier than a physical store. Users could hypothetically type in what they are searching for and have the product magically appear in front of them so they can inspect it before purchasing. For a better idea of what this could look like, check out companies’ early visions of metaverse shopping.
Marketing with the metaverse
25% of people will spend at least one hour a day in the metaverse to work, shop, attend school, socialize or consume entertainment by 2026. This provides a great opportunity for brands to get their foot in the door and build brand awareness with many people. We mentioned previously how Forever 21 is using Roblox to get an entry into metaverse shopping, well this does not only allow them to sell online in a new way but also to get their name out there to a whole new market. Let’s face it, it will be the younger generations who wholeheartedly adopt the metaverse. So metaverse shopping offers an opportunity to connect with a whole new audience.
Other marketing opporturnities
Besides building brand awareness, companies can hold other sorts of promotions in the metaverse. Brands can host special events in the metaverse such as classes, conferences, and workshops. For promoting the film ‘In the Heights’ Warner Brothers held a large block party on the Roblox platform. This made for an accessible way for consumers to partake in a promotional event.
Retailer can even start offering promotional exclusives on the metaverse. For example you could pair the sale of a shoe at a shoe store with a digital version of the shoe for an online game like Fortnite. In fact Nike has already filed patents to begin selling digital versions of their products.
A company who wants to succeed in the metaverse will be paying attention to the different ways big brands are interacting with it already. Take the lessons from the big players and see what you can change in your approach. We understand, the metaverse is still young and nothing is concrete yet. But by paying attention to what is going on in the digital space you may come up with the next big idea which will influence everyone else. There is some investment and technical know how needed to get involved in the digital world. Keep your ears open and your eyes peeled as the metaverse will continue to grow. The new digital front will provide a bunch of new opportunities. You don’t want to end up like the brands who dismissed the internet back in the 90s.
With TAKU Retail you can create an all inclusive and integrated omnichannel strategy that will get you ready to move your physical store to an online platform. Find out how TAKU Retail can help you achieve a seamless and successful omnichannel system for your business below!
If you’ve been keeping up with TAKU blogs we assume you are already offering Buy Online, Pick Up In-Store (BOPIS). If you aren’t, check out how TAKU can help you to easily offer BOPIS with 0 headaches! 85% of shoppers interviewed in this study have admitted to making extra in-store purchases when visiting to pick up their orders. It’s essential to be thinking about how retailers can get shoppers to add more to their store pick up orders since this is the best way to get the most out of your BOPIS offerings.
Let’s go over some strategies YOU can start using today to get more impulse purchases through in-store pick ups.
Start on the online front
Your first opportunity at getting customers to add more to their purchase during a BOPIS order is on the online front. Your customers are already ready to make a purchase when they go onto your website to make an order – this is the perfect time to strike! CNBC mentions that “once you’ve mentally committed to buying an item online, you know you’ll have to go through the required steps such as entering your information… so you may be more open to tossing additional stuff into your cart.” Here are two tactics you can use to upsell online.
The fear of missing out (FOMO) is a very real thing. Finder.com reported that more than half of consumers said they made an impulse purchase because of FOMO. Timed discounts are a perfect way to use this attitude to make more sales. When a consumer is making a pick up order on your website, you can upsell another item to them at a discount. Make sure this discount has a timer on it, so they have to make the decision quick or miss out on the offer forever.
Item recommendations
Lush uses a product recommendation feed at checkout to upsell to customers (Source)
You can upsell products on the checkout screen of your website with ease. You can recommend products that pair well with whatever the customer is buying and have them be easy to add to the customer’s cart right from the checkout screen.
Real-time stock quantities
Showing real-time stock levels for items on your website is a great way to get shoppers to add more to their store pick up order. Shoppers whose purchases are driven by stock availability would be excited to add more to their cart if they know those items are available and can be picked up all at once, in one visit.
On top of that, you can still appeal to a customer’s FOMO with this tactic. If the customer sees that an additional item only has 1 unit left in stock, they will be more likely to reserve the item online so that they do not miss out. Adding a tool such as TAKU’s built-in integration to Google to your own online store makes it easy for you to effortlessly showcase your available store products online.
Amazon’s use of stock quantity to leverage FOMO (Source)
In-store strategy to upsell
Another opportunity to increase additional sales of a pick up order is within the store itself. As BOPIS’ name suggests, your customers will have to come in-store to pick up their products. This provides another avenue to promote extra purchases. Here are some tactics that will get shoppers to add more to their pick up orders.
Transaction building with expert employees
An Apple store employee providing expertise to customers (Source)
A transaction building strategy will motivate consumers to add more to orders. For example let’s pretend you are an hardware store. If a customer comes into buy a bath tub for a washroom renovation they may realize there are some other products they will need. These can include things like caulking, shower heads, and maybe even a shower curtain rod. You can train your employees to bring these subjects up when the customer comes into pick up their order, this will ideally lead to more additions to their purchase. Having well-informed employees is a huge advantage for this strategy. Think about a time where an employee’s expertise in a store has helped you make the right purchase.
Another simple way to get shoppers to add more to their store pick up order is to offer discounts based on their transaction price. Let’s say a customer is coming in to pick up a $180.00 order. You could tell them that if they make a $200.00 purchase they will get an additional 10% off. This will get them to look around your store for a $20 item so that they can get the discount. The urgency of the in-store offer is often enough to get them to purchase an extra item or two.
If the customer has already made the pick up without adding anything to their purchase, you can make a last ditch effort through receipt marketing. You can leave messages on the receipts of transactions which communicate in-store promotions and discounts. This way the customer knows that next time they can take advantage of in-store promotions and add to their basket. Companies like Fobi offer products which can help you make the most out of receipt marketing.
Who doesn’t enjoy a good game? Using the reward system that games use can help your customers feel more enticed to make additional purchases. At the pick up center of your store you could add a spin-to-win wheel that will give customers special promotions with the purchase of an additional item. You could also try to upsell a specific item which will enter the customer into a raffle to win something exciting.
Don’t sleep on food
Canadian Tire sells bags of candy right next to their checkouts
Have you ever been to a hardware store and saw their displays near the cash registers and wondered why? You know, those displays showcasing snacks like chips, candy and nuts. Well there’s a reason to include those items there. Even if you are not in an industry usually related to food, you can easily offer food items as small last minute purchases. When someone is coming in quickly to pick up an item, sometimes the convenience of having a drink or snack be easily grabbable is just what they need. Why would the customer drive to a gas station to buy a water bottle when they can easily grab one right at your store as they are picking up their order?
Make it easy to add more
In order to get the best results with any of these tips, you go to make it easy for the customer and employee. No one is going to want to add to their order if it is made a hassle. Your employees should be easily able to add additional items to the customer’s order with quickness. POS systems like TAKU make this as easy as possible.
TAKU can help your store manage BOPIS and curbside fulfillments efficiently. In addition to running all your in-store and online sales in one system, TAKU’s built-in free Google listings allow you to easily advertise your real stock availability to current customers. Want to get started? Click the button below for a free demo.
Are you wondering what “BOPIS” or “clicks to bricks” mean? Are you looking for a reliable list of the top 100 retail terms?🤔
Success in retail today involves an increasing number of technologies and concepts. But who has the time to keep up with new terms when you’re busy running retail stores?
Don’t worry, TAKU Retail has got you covered. Whether you’re a long-time retailer or a new merchant, we’re here to make things easier for you. Don’t waste time looking at questionable resources online.
As former retailers themselves, our founders have prepared a list of the most used retail terms in a searchable, sortable retail glossary. Click below for the only retail dictionary you’ll ever need.
TAKU Retail continues to be the best go-to tool for your retail needs. Besides our retail glossary, check out our free blog resources to find other ways to improve your business. All of our blog posts are written for retail owners.
After several years of restrictions, shoppers are increasingly looking for opportunities to celebrate their lives. While many retailers make a significant portion of their sales at the end of the year, there are a lot of other seasonal holidays that can help to spread out sales throughout the year.
If you’re looking for merchandising ideas and sales opportunities, consider adding some of the following celebrations this year to your retail holiday marketing calendar.
Note that this holiday follows a lunisolar calendar. Therefore the timing of the holiday changes every year and can start any time from the end of January to mid-February. It is usually a 3 week festive period with the first day being celebrated as the New Year day. For the New Year day in the Gregorian calendar until 2031, you can refer to this website.
Although the word omnichannel is often used in retail, it is a term that is often misunderstood. Here is an explanation of what omnichannel means, how it works, and how it can help you increase your profits.
Sales channels refer to every different method used by retailers to sell their products to customers. Sales channels go beyond brick & mortar stores. Other sales channels could be events, trade shows, resellers, dealers, curbside pickup, and on-the-go pickup. Additionally, sales channels can also include social media (Facebook, Instagram, Twitter, TikTok), SMS, instant messaging, and even Google Ads.
Most retailers start off selling on a single channel. This can be a physical brick and mortar store or an online only webstore. Prior to the pandemic, an increasing number of retailers have started to add new sales channels to their businesses as shoppers now expect to be able to shop and pre-shop in more than one place.
2. What is omnichannel?
Omnichannel is a fully-integrated retail experience for shoppers. So when omnichannel works, it means customers will have the same experience no matter which sales channel they use. A customer who buys products from a brick & mortar store should have the same experience as one who uses social media channels to buy products. This is the ideal outcome for a successful omnichannel retail business.
What many retailers aren’t as familiar with, is that retailers must use a system that can share sales, inventory, and customer information (data) across all sales channels to be able to offer omnichannel retail. This means handling all store sales and fulfillment of online orders under a single login. In particular, omnichannel systems make store-managed e-commerce such as “buy online pickup in-store” a lot more efficient.
A successful system handles data for sales, inventory and customer information across all brick & mortar stores, online storefronts, ecommerce marketplaces, mobile channels/apps (WhatsApp), and social media commerce (Facebook or Instagram Shop). You should be able to sell to your customers no matter where they shop. In the past, omnichannel systems were expensive and only available to very large retailers. However, today’s modern cloud systems have made it possible for small-to-mid-sized retailers to take advantage of the cost-savings and sales boosting benefits of omnichannel retail.
3. What is the difference between multichannel & omnichannel?
It’s important not to confuse omnichannel with multichannel, despite their similarities. Like omnichannel, multichannel refers to retailers selling to customers through different sales channels. Yet, in a multichannel setup, these channels are not integrated.
Unlike omnichannel, multichannel does not unify the customer experience. And more importantly, multichannel retail costs merchants a lot more money because they need to log into separate tools or channels to manage inventory separately, or see sales and customer history. This is a time-consuming process that can lead to lost sales and errors. It also increases the complexity of your sales and tax management. Additionally, multichannel increases the cost of managing inventory if sales are being fulfilled from the store or the same place.
Multichannel retail costs a lot more money to run because a retailer needs to manage her or his business in separate tools or channels.
4. Why is omnichannel retail important?
Omnichannel selling offers a data-driven approach to retail. As stock levels change, you will want to know the product levels in every channel. A good omnichannel system will do this automatically. This means you will never have to manually manage stockouts. A good omnichannel system will also increase sales by highlighting your best customers across all sales channels. It will focus on faster fulfill of every sale, no matter where the sale originates.
Omnichannel systems are increasingly effective at attracting people to brick & mortar locations. They do this by linking to Google to drive foot traffic to stores based on how close nearby shoppers are to available stock. This increases overall profits by increasing in-store and sales conversion rates.
The goal is a memorable and positive experience for your customers. Omnichannel can make this happen.
TAKU Retail can provide you with a comprehensive and integrated omnichannel strategy that will remove friction between channels. Because TAKU is cloud-based, it can function on any device since it’s not tied to any specific type of hardware. This enables you to use any existing web-enabled devices from desktop computers or tablets to smartphones.
TAKU can not only help you increase sales and reduce operational costs, but it can also help you get in front of shoppers before they even leave their homes. Click below to find out about other ways TAKU Retail can help you achieve a successful omnichannel system for your business.
Shoppers now expect the perk of Buy Online Pick Up In-Store to be a given. However, you need to consider the operations of your retail business before you can offer BOPIS. Without support from modern retail software, BOPIS runs the risk of decreasing customer satisfaction.
Being able to find exactly what they want at the price point they need will undoubtedly thrill shoppers. However, if the second half of the process falls short of expectations, it will drive customers to search elsewhere and put the business lower on their list of trusted retailers.
1. Accurate inventory information without extra staff
Retail expert Suzanne Sears notes that more and more consumers are feeling confident about returning to in-person shopping. She says “Pent-up savings among consumers, who have greater access to products than services, are making purchases. This has created a demand for work in warehousing, shipping, supply chain, buying, stores, e-commerce, and right on through the entire operation.” This has significantly impacted the search for qualified new hires. Staffing shortages have become a widespread problem. Businesses across North America are not only struggling to find employees but also struggling to keep them around.
Reduced staff means there are fewer employees available to manually track inventory across multiple systems. Understaffed stores cannot handle these challenges, resulting in inventory accuracy as low as 70%. This means that at any given time, nearly a third of inventory stock can be inaccurate. This is especially true with high-traffic or high-inventory stores, many of which are understaffed today. In order to offer BOPIS successfully, retailers will have to invest in a system with real-time inventory across all sales channels. This will let them provide the type of inventory availability accuracy that today’s shoppers expect.
2. Automatically attract more local customers
The best omnichannel systems today will not only help retailers effectively offer Buy Online Pick Up In-Store, they will help them automatically attract more nearby shoppers. Because real-time omnichannel solutions such as TAKU are able to provide reliable, accurate inventory information and real-time stock availability, they are able to connect to local marketing tools to automatically drive more foot traffic in store.
Omnichannel systems such as TAKU help retailers manage all of their inventory across all sales channels with a single, smart product feed . The feed can then be connected to Google Merchant Center and Google My Business. This integration is a built-in feature of TAKU that automatically helps retailers can be found more easily on Google. By plugging their store inventory into a free product showcase called ‘See What’s In Store’, retailers can easily show real-time stock availability in store. Where before large retailers would need to hire agencies or staff to upload products into Google manually, modern omnichannel systems are able to do this without any data entry and stock levels update instantly as you sell in-store or online.
TAKU Retail helps you automatically showcase your products onGoogle
The retail market is increasingly competitive, retailers need proper inventory management to compete. A system that automatically updates all stock quantity info right away (no matter where or when the sale takes place) is essential. That is why retailers will need to make investments in modern inventory systems. It will allow them to ensure they have properly implemented BOPIS.
See How TAKU Can Help With Seamless BOPIS
TAKU is a single retail platform that will put you in the driver’s seat. It enables you to manage all of your in-store and online operations in a single place. Whether you have 5,000 or 100,000 SKUs, TAKU lets you quickly import customer and inventory data from your current POS, feed file, or e-commerce platform. Unlike other retail cloud platforms, TAKU is customizable and crazy fast in-store and online. With an easy-to-use design and built-in training tools, set-up is faster than many other systems. Never manage products or stock levels in different systems again.
Learn more about how TAKU works by clicking below.
