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Contemporary Retail Marketing Strategies

Feb 23, 2023 | 0 comments

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Feb 23, 2023 | Essays | 0 comments


Retail marketing has been in constant evolution. Previous promotional methods are no longer effective way of marketing products. New technological inventions have changed the way retailers associate with consumers. Consumers have an added advantage since they have many avenues to attain better products at a subsidized price. Producers aim at reaching a wider market without necessarily reducing the prices of their products. Various factors must be put in mind when promoting both new and existing products (Omar 1999). Understanding consumers and the new market trend is important for increasing sales of any product. From time to time companies come up with new promotional and marketing strategies to cater for the needs of the consumers and to attract consumers of the competitors’ products. This paper shall discuss contemporary retail marketing in consideration with consumer behaviour, consumer buying decision and evolution of retail marketing.

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Evolution of Retail marketing.

Retail marketing in constantly evolving and requires more creativity and innovativeness to reach a lager number of consumers. Retail marketing now requires creative approach to sale of both existing and new products. The ways need to be simple and easily achievable. Strategies of selling products differ from one product to another and the target market. Technology has been one of the primary dynamics of retail marketing. Consumers no longer want to travel long distances in such of a product that can be as well delivered within the comfort of their homes. It is for this reasons that retail marketing is embracing the digital innovations.
Several websites have been created, whereby products are sold online and delivered to the buyers wherever they are. An example is Amazon.com, which allows retailers to sell their products both new and existing to a wide range of consumers. A number of stores have also created on;line websites for selling thei products both locally and overseas. Through such a platform retailers can reach more consumers both the loyal ones and the new markets. For instance, through Omni-channel retailing consumers are able to conduct research, interact and purchase goods at their own convenience. Therefore retailers can use digital media to attract consumers into the store. Omni-channel retailing allows consumers to balance between online and mobile shopping experiences.
Another use of technology is through social media retailing. The retailers can use social media to connect with the target audience. An example is pint rest, which displays to the consumers the most viewed products of the week, this makes it is easier for the online consumers to identify and purchase the same products based on the social media trends. The purchasing cycle has also been chosen through payment options like PayPal, Google wallet and other mobile payment applications. Retailers therefore do not have to trade in cash. They can spend their money on products repeatedly giving the retailers a higher chance from their competitors without interfering with the price of their products.

Consumer Behaviour

Various models of consumer behaviour have been designed for several years. The consumer behaviour models provide different buying situations that consumers find themselves in. A retailer can choose to create its model by conduction of a market research. Through such research the retailer can identify consumers who buy or do not buy its products. They will also get accessed to important marketing decisions such as pricing, distribution and promotion strategies. Fortunately, these researches can be tailor-made to fall within the clients preferences. The researches involve finding the problem, finding the records, accessing published data sources and deciding whether one on one feedback is necessary. Various research methods are used such as, surveys (online), consumer observational behaviour, and experiments.
Consume lifestyle changes have affected retail marketing in several ways. Nowadays consumers are driven by their desire to manage their spending, and improvement of their quality of life. In return they expect retailers to consider these factors in marketing and selling of both new and existing products. Retailers who demonstrate social responsible practices are viewed as more trustworthy. For instance retailers who promote health living and conservation of the environment are likely to have for consumers of their products in spite of high prices of the products. A research by Institute of Business Value discovered that retailers who promote environmental conservation are likely o have more consumers buying from them.
Personal characteristic and lifestyle of an individual are not usually affected by price. What such individuals look for is the quality of the product they are investing into. For example, lovers of arts and antique are likely to spend a fortune to get the desired product. In addition people who love wine can pay a large sum of money to get the wine of their desire.
As Keller (2013) explains personal of an individual is defined by their character traits, self confidence, dominance and aggressiveness. People who have high-self confidence would not buy discounted products at the same time investing in highly expensive products for some, leads to attainment of self-esteem and confidence. It is therefore possible for a product to be promoted without price reduction.
Communication is another important aspect in promotion of both new and existing products. Consumers are likely to buy their products from retailers who listen and communicate to them. For instance retailers can communicate with the consumers through, coupons, newsletters, and in-store guides to assist the customers and to also explain to the customer more about the products on sale. Ralph Laurens Kiosk Innovations for example, provided a new twist to window shopping. The retailers allowed consumers to shop buy touching on the window shop touch sensory. Further, retailers that use self service kiosk seem to register higher sales than those who are in store. Consumers value their time and would not queue to purchase a product in spite of its price when the same product is being sold at a self service store perhaps at a higher price.
Simple strategies like branding and packaging of products affect consumer buying patterns. Consumers are more likely to purchase products that have been well branded and packaged at a higher price than cheaply package products.

Consumer Buying decision

Price reduction is a strategy that is used by most retailers to influence consumer buying decisions. It is for this reason that most retailers discount their products to influence consumers to buying their products. However, this is usually not the case especially where consumers do not view price as a factor to hinder them from getting the product of their choice. As Kotler and Armstrong explain price is not always a tool to build a stronger relationship with consumers (2012). They device and state that there are five factors that influence consumer buying decisions. Sometimes however, as Wileman and Jary (1997) explains price reduction cannot be used to sell all the products.
Retails therefore need to have a good promotional plan that will increase awareness of their products to consumers and provide new information for the new products. Promotion of existing products is usually done to get rid of old stock and at the same time promote new products. Retailers may choose to put products they want to sale quickly at the entrance of the store to attract purchase. With all this considerations in mind it is important to remember that promotion of new products can stand alone without price reduction.
Consumer buying behaviour can be categorized into four. First is the routine programmed behaviour, whereby the consumers’ buys low priced items and the buying behaviour is usually spontaneous. The second is limited decision making behaviour, which involves buying of products occasionally, only when it is necessary. Extensive decision making behaviour involves buying of highly expensive products and is common with persons of higher income. Lastly, is impulse buying, which involves buying products without putting much though into the reason for buying.
The incomes of most consumers dictate the need to purchase a particular product. Consumers who earn a high income are likely not to be guided by the price of goods they purchase. Such consumers look for quality and also how other people will look at them when they purchase a particular product (Gilbert 2003). Another factor that influences consumer buying decision is the occupation of the consumer. Mangers, banker, and lawyers are interested in having an expensive pair of suit and shoes. They will therefore not invest in a low- priced suit because they have the money and at the same time want good quality.
Culture is another factor that influences consumer behaviour and buying decisions. Culture constitutes the personal beliefs and attitudes developed by an individual as they grew up. Culture is usually passed from parent to child and from one generation to another. If a child grew up knowing expensive is better, then such Childs buyer behaviour will not be influenced by how much a product is discounted.


From the above discussion it is clear that retail marketing strategies have changed. Retailers need to device new strategies to attract more consumers for both new and existing products. Understanding consumer behaviour is primary in any promotional plan. The price of products does not dictate the promotional plan and consumer buying behaviour. Consumers are guided by their personal beliefs and economic class in buying retail products. Technological inventions can be used by retailers to influence the buying behaviour of consumers. Consumers are striking to have access to comfort and variety and not necessarily discount on products. Retailers need to put the needs of consumers first by conducting various market research to find out the main factors that influence buying in their niche. What most consumers seem to strive for is quality of products and services they receive, availability and the general branding and packaging of the product. It is important for retail stores to embrace and invent new promotional strategies and avoid focusing on price as a promotional strategy. This is because consumers are quikly changing their priorities nd no longer see price as a hindrance to accessing different products.


Gilbert, D., (2003), Retail Marketing Management, Second Edition, Financial Times /Prentice Hall, London.
Kortler, P & Armstrong, G, 2012, Principles of Marketing, Pearson, ISBN.
Kelly, S. B, 2003, Trends and issues for ecotourism & sustainable tourism, United Nations.
Omar, O. (1999) Retail Marketing, Financial Times/Pitman Publishing, London.
Wileman, A. and Jary, M. (1997) Retail Power Plays: From Trading to Brand Leadership, Macmillan Press Ltd, London

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