Have you ever heard of the term “product merchandising”? For those who are unfamiliar with the concept, product merchandising is the process and the practice of a business displaying their products either in-store or online to customers. Whilst this seems like an obvious step for a business to take, there are many factors that contribute to successful product placement and merchandising. In fact, retailers can use specific merchandising strategies to influence a customer’s purchasing habits and boost sales and revenue.
Establishing the ideal merchandising strategy for your business will vary on a number of factors that include the needs of your target audience, product sector and whether you are displaying your items in a brick and mortar store or on a retail website. Depending on the industry your business in, strategies will also vary based off what is the most effective means of reaching your particular target audience and customer base. Let’s have a look at a few various types of merchandising that are most used in the market today.
As the name suggests, retail product merchandising encompasses the display and promotion of products in a physical retail store. This can include pop up stores, booths at flea markets or festivals and brick and mortar stores. Merchandising in a physical retail store takes some creativity as business owners need to come up with attractive and displays that not just look good, but also speak to the consumer and influence their purchasing habits. This can be done in a variety of ways ranging from innovative window displays to interactive signs and adverts that are strategically placed around the store.
Visual merchandising is rather similar to retail merchandising but encompasses a larger number of components such as lighting and design to highlight the appearance of products and services that are offered in a shop. Visual merchandising looks into floor plan layout, colour schemes and three-dimensional displays that boost the attractiveness of a business’ products and services.
In regards to the digital aspect of visual merchandising, this consists of ensuring that your website is designed in the most efficient and effective way possible. What colour schemes are you using on your website? Is your website easy to navigate and user-friendly? The use of videos and GIFs are also becoming increasingly popular in retail websites these days and are all considered aspects of digital visual merchandising for businesses.
Last but not least, let’s have a look at digital merchandising. With the ever-increasing numbers when it comes to online purchases being made in 2019, it is no surprise that digital merchandising is now more important than ever. Digital merchandising consists of all promotional activities a business engages in to promote their products and services online. This includes having a professional website to showcase items on, digital marketing, social media presence and even email marketing strategies. Many businesses choose to focus on achieving a particular signature look on social media platforms such as Instagram and Facebook, often utilising similar colour schemes, fonts and photography style for all posts.
Digital merchandising is by far one of the most successful avenues of product merchandising in today’s digi-centric world, which is why it is always recommended that businesses pay close attention to their online presence.
In 2019, most businesses use a combination of various product merchandising strategies to further propel their business into a success. When it comes to product merchandising, there is no such thing as one size fits all. Depending on your products, services and target audience, you may wish to utilise one type of merchandising over another. Regardless of your choice, you can be sure that product merchandising is truly one of the best ways a business can not just increase sales and revenue but also attract new customers to your business.
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