The ups and downs we’ve witnessed in consumer purchasing behaviors over the past couple of years are expected to level out soon. With e-commerce spending and shopping habits stabilizing, it’s predicted that the retail industry will see growth of up to 8%, reaching more than $4.86 trillion. At the same time, retail is seeing growing turnover rates among employees, including management, as more than half are considering leaving their jobs in the near future. Since it costs an average of 6-9 months of each employee’s salary for their replacement, retailers need to do everything possible to retain them. The time to create a plan to keep these employees is now. Creative Group has the resources and expertise to unleash the potential of your people with an employee engagement and recognition program as you navigate the constant shifts in the industry.
Another rising retail trend is the emergence of unexpected collaborations. These are often inspired by pop culture and include fun mash-ups like fashion retailers and food brands launching merchandise together. Or, all-time favorite snack brands teaming up with fast food retailers to create unique menu offerings. Forming a strong, strategic partnership can help build brand affinity and attract new customers. It can also boost sales and profitability, with more than two in five young consumers having recently purchased a special edition or release item from a brand. To determine if a brand alliance is right for you, Creative Group can help you host corporate that invite potential merchandise suppliers and partners to explore the exciting possibilities.
Experiential marketing strategies are an excellent way to deepen relationships between brands and consumers – and people who attend face-to-face events tend to be more loyal and have a greater brand affinity. Brands, like people, have personalities and stories to tell that are perfectly matched for pop-up events, brand activations, product showcases, product launches, and user conferences.
Attracting and retaining employees continues to be one of the hottest topics in retail today. This comes as no surprise as annual employee turnover among frontline retail workers remains at around 60%. And, retailers are finding that they are replacing more than half of their store staff each year. Overcoming employee retention challenges begins with providing an employee experience that teams will embrace. This includes empowering staff with the tools they need to do their job. Investing in training gives everyone the potential to strengthen their skills and feel successful. This also includes the creation of sales incentive programs with Creative Group that will reward positive performance while keeping your staff excited and motivated on the store floor.
*This number excludes automobile dealers, gasoline stations, and restaurants.