InMarket Launches its Lift Conversion Index (LCI) for the Automotive Industry.
As retailers have similarly adapted to the new normal of social distancing — foot traffic to big box retailers has sunk by 25.2% and department stores have similarly fallen by 91.5%. Specialty retail locations have been hard hit as well, tumbling 69% since earlier in the year. Fluctuations across all sectors of retail have occurred as the number of COVD-19 cases across the U.S. have increased. As a result, many specialty retailers have closed brick and mortar locations, while still offering e-commerce solutions. Big box retailers such as Walmart and Target have shifted their hours of operations, including reserving early morning shopping exclusively for the elderly and vulnerable populations. This has been accompanied by the rise in usage for new services such as curbside pickup and online commerce for many non-essential retailers affected by stay-at-home orders. For many retailers, the shift of business entirely online will take a careful, strategic response with their pivot to digital.
Source: Foot Traffic by Category, InMarket InSights (2/1/2020 – 3/30/2020)
Targeting Strategies
- Audience targeting – Past customers, Competitive shoppers, Psychographic and Lifestyle targets (Health & Fitness, Fashion, or DIY Enthusiasts)
- Location targeting – Target by radius and current location down to the block level to reach stay at home consumers
- Loyalty targeting – Based on frequency of visit and engagement to your brand as well as competitive brands online and offline.
- Predictive targeting – Target based on past history including visitation and purchasing patterns
- Contextual targeting – Users of eCommerce, specialized content and brand apps
Channel Strategies
- Consider reallocating media spend based on changing consumer behavior and reduced consumer movement caused by stay-at-home orders.
- Decrease Budgets on: Out of Home (OOH)
- Increase Budgets on: InHome Digital (online/mobile/apps), Radio and TV including streaming services, direct mail and email.
Content Strategies - Product/Services offerings
- Promote e-commerce solutions, discounted/free delivery, or new hours
- Highlight enhanced functionality and service updates – such as extended return and new subscription policies, create reordering ease
- Introduce new programs and leverage new technologies aligned to your brand – keep customers engaged and purchasing with branded content (short-form DIY or craft projects), and enhance site functionality with virtual try-on, augmented reality technologies and more.
Messaging
- Keep customers informed and engaged on the efforts your company is taking around improving processes, and protecting the safety of employees and customers. Remain positive, hopeful and informative, these are key elements of messaging that will help to keep customers reassured and connected to brands.
Download the Covid-19 Retail Playbook Below!
For more information and strategies specific to your brand, please contact your InMarket representative, or contact us today and we’ll get back to you promptly.