The marketing world today revolves around the four pillars or the ” 4 P’s ” of the business world that refer to Price, Product, Promotion, and Place. One of the most important thing is the act of advertising a product or service. This can be done through quite a number of methods, each with its own pros and cons regarding its effectiveness. Other than the common techniques of improving quality and increasing awareness about the product, the act of visual merchandising goes out an extra mile in achieving the sales targets set by the company.
Business owners or other professionals who might be wondering what visual merchandising is, it must be mentioned that it refers to the act of attracting the public into acquiring the products of a firm, by using decorative displays at physical outlets along with various colorful and creative ways to present the products to boost up the sales activity. Typically, the product is advertised physically or through the various mediums such as the display stores and social media network which is displayed in such a way that it clearly shows off its best features and all the benefits that the customer might achieve by consuming it.
This type of merchandising effectively increases customer satisfaction in moving around the outlet which is proven to result in immediate purchases. It might start from the basic level which is the exterior representation of the outlets yet the interior display is just as important. The display criteria are set according to the merchandising technique upon how to decorate the interior using either mannequins or several other objects in order for them to be clearly visible and to attract more and more customers on a minimum time basis. Similarly, appealing advertisements comprise up to a huge part of this technique that might use out of the box ideas to gain the attention of the audience and then lead them on to whatever the firm has to offer.
Increasing Customer Engagement
The act of merchandising over visual matter is one of the most important aspects of the retail strategy of any firm to increase its sales. Not only does this increase the customer engagement with the outlet and its workers, it can also be used as a tool to increase product awareness and most of all, increase brand loyalty among the stakeholders. Overall the basic prospect is to inspire the shoppers to buy more of your products which are broken down into several factors. The store’s representation is of dire importance in this sales strategy as the lighting of the store, the packaging of the products, product presentation and it’s unique selling point, all these factors matter to affect the sales.
The expansion of Visual Merchandising
India has been growing at a drastic rate in every sector of the business world and similarly, it can be clearly seen that the retail sector and hence the act of Visual Merchandising in India has gone on to increase at a very lucrative rate. The statistics of the last decade in India show that previously all the retailers especially in the fashion world preferred all the other methods in attracting their customers because of various limitations such as capital problems and the standard budget for visual merchandising in India by any firm was only up to 2% of the total budget. Yet over the last few years, the demand by the general population for a better standard of shopping and state of the art facilities has led to this budget increasing by twice the rate. Although relatively new to the market, Geo-fencing apps have made their mark in the business world and have already proved their effectiveness as they are used to access a random customer’s location as soon as he/she enters a geo-fenced area and a push notification is sent to the person on their phone regarding all the new products and discounts on offer. Geo-fencing apps although effective worldwide are still waiting to achieve widespread recognition in the Indian market.