The pandemic impelled the business reality to a standstill, severely affecting both human life and the economy. It posed supply disruptions, triggered labour shortages, and put a halt on the regular production economy. This has led to permanent changes that will alter the course of business for all industries. In particular, the retail sector endured the pandemic in full force and has picked up some evolutions along the way. The industry is expected to witness some changes in the coming future.
While embracing change, retailers today identify the partner channels’ resilience and expect to invest more in the coming years. If you are a retailer looking for prospects to upgrade your partnership efforts in 2021, there are some viable ways –
Max out on Mobile –
After revolutionizing the world of communication, mobiles are becoming a lucrative sales tool. As per a recent report, by 2021, 75% of all digital commerce transactions will be rooted through mobile. To leverage mobile partnerships, one needs to secure a robust and fast-loading mobile site experience. With diminishing attention span and immense competition, consumers have a low tolerance to slower platforms. This could lead to potential revenue loss.
If you want to capitalise on mobile-driven sales partnerships for your business venture, then you can incentivise mobile conversions over its PC or tablet counterparts.
As we embark on a world driven by data, the need for advanced mobile tracking and measurements grow as well. Hence, to partner with an efficient data solutions provider becomes paramount to integrate and measure performance while establishing transparency in operations.
Introducing accountability to influencer partners –
Influencer marketing is becoming an integral part of every promotional strategy. The global influencer marketing market is expected to grow to 24.1 billion by 2025. With the rising digital culture and inception of highly targeted marketing, influencers are becoming a great way to earn direct sales conversion. While 2020 experienced great investments in influencers, brands might look to create influencer partners’ revenue more accountable as we advance.
To check your influencer program’s feasibility and create a consistent direct sales conversion, enterprises need to follow a performance-driven compensation model. This will enable you to navigate a particular conversion to its originating influencer. This will not just give the chance to monitor ROI but also help modify your programs by keeping just the sales drivers, hence reducing cost and risks.
Brand Partnerships –
Brand-to-brand partnerships have been an excellent way for collective marketing and sales. Not just it brings a dual-brand value but it also reduces the risk and cost involved. Previous years witnessed many brand-to-brand collaborations; however, the lack of tools to measure these associations’ value had kept the actual sales numbers hidden.
The introduction of accurate performance-based measurements has added clarity about the effectiveness of partnerships. This can help brands make better decisions on how to choose the right brand partner for their business.
Be smart with Commissioning –
Online shopping is taking the world by storm. With more and more people experiencing online shopping convenience, brands can navigate and commission to incentivise consumers towards click-and-collect purchases.
Many commissioning strategies can be used for various products and different volumes of purchases. Offering incentives to a new buyer over the existing buyer during their initial purchase is an excellent way for new customer acquisition. Other strategies can be based on consumer’s brand loyalty. In this strategy, you give discounts and benefits to the customers who have shown long term association with your brand.
Restructure your current affiliate partnerships –
Reassessing your existing partnership mix and adding new partners is a great way to improve sales. A comprehensive analysis of the last quarter’s partners followed by an extensive assessment and ROI will help you determine the performing partners. It is possible that a partner might not work for one product or solution but is working for the other one. In such cases, enterprises need to strike the right blend of proportions of partnership. On the other hand, you can identify the underperforming assets and remove them from your immediate partner syndicate.
For instance, if a brand’s priority is to boost enormous sales volumes, then they can bring in a coupon partner with a large audience. You can drive great sales on a pay for performance model and acquire new customers. While this is one instance, many depend upon the business objectives, situations, and partnerships.
AR-powered shopping –
Many businesses are using Augmented Reality (AR) to create an immersive experience for their customers. They can see how particular product functions and try it out in a virtual space. Real estate, automobiles, and other industries actively use AR to make their product’s experience readily available for all.
With COVID-19 imposing stringent lockdowns, brands were compelled to adopt other immersive solutions like Virtual Reality to launch their products or even interact with their audience. Going forward, AR application is expected to boost, and many industries will pace up applications for their use. The one factor you need to look out for while choosing the right AR partner is to pick the right equipment since some tools can be expensive and might not do justice to your business’s economic viability.
COVID-19 has sparked a chain reaction in the economy, affecting anything and everything. Though the world has entered into a recovery state, it is still a long way to go. Partnering with other businesses will help your business benefit mutually, revive the economy and attain the normalcy we lost to the pandemic. So follow these tips to become more proactive in selecting the right partner in 2021, optimising your strategy for maximum ROI, and climbing up the growth ladder. For any future queries or for any form of unique partnerships, feel free to contact on our online portal, Trackier.
Who are we?
We are Trackier – SaaS Performance Marketing Software. We offer brands and marketers state-of-the-art marketing tools for real-time solutions and increased ROI. Having collaborated with diverse brands across the globe, we are known to make data-driven decisions easier and more effective. Our Trackier Mobile Marketing Platform will offer you not only attribution solution but will also provide you with real-time analytics and other advanced features.