It seems like only yesterday that, led by magazines such as “Martha Stewart Living” and TV shows such as “Trading Spaces,” DIY was all the rage. But according to a new study by market research firm Retail Forward, the do-it-yourself buyer is evolving into the do-it-for-me (DIFM) consumer. And that means marketers would do well to emphasize services, such as installation, auto-replenishment, and delivery, as key differentiators.
That’s just one of the potential marketing opportunities discussed in the report, entitled “Retail Innovation: 10 Opportunities for 2010” and sponsored by American Express. Among the others:
· Help consumers edit their choices. “Information overload, too many choices, more complex products, and a lack of knowledgeable sales assistance create opportunities for retailers to develop innovative solutions for consumers,” notes the report. “Allowing shoppers to sample the merchandise before buying, utilizing on-demand information kiosks, partnering with celebrities to provide a seal of approval, and creating online communities provide consumers the help they need.”
· Don’t overlook the importance of experience. Merchants with destination stores such as sporting-goods behemoth Cabela’s and dolls purveyor American Girl already understand this. They don’t have stores on every third corner of every town, but the few stores they do have are as much about entertainment as they are about selling. The former’s stores include indoor archery ranges, aquariums, and firearm museums; the latter offers tea parties and live stage shows.
· Go for personalization. “In addition to mass customization and personalization,” according to the report, “retailers are offering opportunities for customers to participate in the development of new products and services.”
· Only connect. As the buzz regarding blogging makes clear, even in this highly technological age, people want to connect with other people. If you can promote some sort of networking opportunity—say, sewing circles if you sell crafts products, or online chat rooms or forums—you can boost brand loyalty and get a boost from viral marketing to boot.
Network
