Whether it’s a trip to the grocery store or receiving an email that your favorite brand is raising its prices, we are all experiencing inflation costs throughout our day. According to Trading Economics, the US annual inflation rate is +8.5%, the highest it’s been in 40 years. Reality hits harder when we hear large corporations discussing layoffs and hiring freezes to combat the increased costs.
MasterCard reported that consumers are still spending, with the apparel category +16.6% in the past year, despite the rise of inflation costs. What’s the catch? Customers are savvier about their transactions. To sell to a customer thinking about where to invest their money, you need to be several steps ahead with an intelligent selling strategy that will speak their language. To do that, you need the right tools to get insights into opportunities.
How can you reduce the pains of inflation with the right tools?
Tools can help you make smart decisions to leverage your inventory and sell more products. Optimizing your Inventory Management, Reporting, and marketing tools can give you better insights into analyzing buying trends and planning an intelligent selling strategy for your retailers. Get ahead with a smart strategy, by creating custom assortments to sell your products and reduce the pains your brand may be experiencing with the rising inflation costs.
Six strategies you can implement this week.
Enable Pre-Bookingto estimate demand, optimize inventory levels and avoid over-ordering or having to mark down your product later.
Pull reports on top customers and build a custom merchandise assortment that pairs top-booked products with coordinating items in the mix.
Use the Whiteboard tool to showcase the outfit opportunities with a custom assortment.
Promote high inventory products to retailers to book for upcoming busy seasons using shoppable Digital Catalogs to market your merchandise.
Adjust your marketing messaging to focus on the value you are offering customers and incorporate strong emotional messaging to the right targeted audience. Once you develop your messaging, you can send emails via the Customer Communication Hub and track the return on your efforts immediately to see which strategy is most effective with your audience.
With rising costs, consider partnerships and collaborations with brands, organizations, and new retail accounts to build awareness and help drive sales. Promote the collaboration with select products using RepSpark’s Event Microsites.
If you want to learn more about these tools and discover how RepSpark can be a strategic partner to help your brand thrive during inflation, schedule a demo with us today.