The Magic of Retail is in Its Inclusiveness
2017-07-25 | by Smollan
With diversity comes increased trade
July 2017 – There are an increasing number of brands, who, as times have changed have made the choice to embrace consumer differences more so than ever before. By expanding the brands reach, these brands gain not only attention, but cultural currency. Through the implementation of a tailored “all–inclusive” approach, a brands popularity is expected to increase.
Years ago, inclusiveness was merely a myth. Fast forward to today, customer diversity in retail emerges as the “magic of retail”. Exclusivity was once embraced by many retailers as the very definition of their brand, but today, many retailers are cultivating a path towards a more inclusive brand image and promise.
Consumers have different tastes, values, beliefs and lifestyle choices. With such vast differences, retailers need to be aware of their specific target market and construct customised marketing strategies to implement for different cultural groups within the same market.
Case in point, retailers are moving away from the more popular target markets and turning to once-alienated audiences to target. This is a clear indication that the “one size fits all” mentality is outdated…
Here are just three reasons why the true magic of retail lies in its inclusiveness:
- 1. Customers feel better connected to a diverse brand
- 2. Gender diversity leads to higher revenue
- 3. Growth of cross-cultural customer base increases
There are very few brands able to translate the same message to numerous audiences without changing their original formula, but when it comes to retail, diversity, and inclusion should always be a top priority. Brands need to acknowledge cultural differences and expand their cultural knowledge.
Brands that focus more on diversity have a competitive edge in understanding their varied customer base and at the end of the day, more customers are reached, fulfilled, and most are more likely to make a repeat purchase.
At Smollan, we pride ourselves on being the pivot point where the retailer, brand owner and shopper intercept. As an international retail solutions company, we deliver growth for clients across five continents by covering every aspect of how a brand is managed at the point of purchase.
The bottom line is that retailers need to broaden their cultural reach and adapt as their customers grow and advance, while still maintaining their own unique brand. We believe brick–and–mortar retail is here to stay, and as it evolves so should you.
What do you think the secret to talking cross-culturally is