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Retail realities of 2024 – trends to look out for as times become more uncertain


Guest Article | Tyler W Condon,  Head of Partner Success at Stocard

I have used Stocard since it launched in Australia in 2017. I loved it as I could have all my reward cards in one location. As the world evolved it also meant I only had to have one free app instead of downloading every retailers app separately to carry my loyalty credentials No clutter and no extra effort. But the evolution continues with geolocation capability and I use it across countries (AU and NZ but I did also use it in HK). Tyler explores how Stocard can add additional power to your retail offer (even if you don't have a loyalty program).


Why am we at RX excited about Stocard? We can see it super-powering retail media networks in a very individual, in your pocket kind of way. If you want to know what that means, drop Juanita@rxgroup.co.nz an email and she can chat around the relevance to your business.

 

What I have learnt from 2023 is that the retail industry is incredibly resilient and in times of uncertainty, retailers are ready to embrace change. The cost-of-living crisis, coupled with inflation has created a lot of challenges but equally there are opportunities which retailers can capitalise on. I have identified three opportunities that retailers can embrace in 2024.

1. In these challenging times, consumers are savvier than ever and this presents unique opportunities for retailers to offer personalised promotions and content in an effort to target the right consumers at the right times.

Retailers across all categories are facing strong headwinds with rising interest rates and high inflation resulting in a cost-of-living crisis among ANZ households.

The rising cost-of-living pressures are impacting brand loyalty with consumers now more open to product and retailer switching. Shoppers are also becoming savvier. They are spending less and delaying purchases and are also increasingly turning to cashback and loyalty programs for better deals. This is why loyalty programmes continue to grow in popularity amongst retailers and consumers alike throughout the ANZ market. With price and cost of goods becoming more of a focus, offering exciting and tangible benefits tied to a strong loyalty programme will ensure retailers retain loyal customers again and again and increase the Customer Lifetime Value. So whilst there might be a short term investment to build, grow, or enhance your loyalty programme, the idea is that it will pay off in the long term.

Stocard paves the way for brands to increase their visibility, foster genuine connections and build lasting loyalty.

Stocard users are engaged, savvy and are looking for the right products at the right price across a variety of categories. We see interest in wide ranging verticals from grocery to beauty to electronics, and everything in between. This means we can provide brands and retailers with a rich behavioral data set to help them achieve their marketing goals. 

2. Significance of loyalty programs in depressed consumer spending environments

Retailers are revaluating and investing in loyalty programs to ensure that they have differentiated marketing and communications strategies to provide personalised customer experiences that address different consumer needs. Furthermore, the cost of acquiring new customers is getting more and more expensive in an incredibly competitive environment to boot. This means targeting your existing customers with marketing and relevant content drives a greater ROI. The most successful programmes integrate both in-store and online shopping channels and allow a seamless experience regardless of where and how you choose to pay.

3. Closing the attribution loop has never been so important

Retailers that are agile and those that will succeed during times of uncertainty inevitably are the ones who aim to get ahead of the curve and embrace change. Now is the time for retailers to partner with the broader technology ecosystem to help them make this happen. By bridging the gap between online and offline touchpoints, mobile channels such as Stocard are highly effective at driving foot traffic and sales growth in bricks and mortar stores – particularly when combined with location-based personalisation capabilities. Stocard provides brands and retailers with first party data about their customers that purchase in store as a result of seeing promotional campaigns on the Stocard app, thus closing the attribution loop.


In conclusion, we at Stocard are certainly excited for what is to come and how we can support our partners in the ANZ retail landscape and the wider sector in leveraging these trends. If you would like to find out more about Stocard, please visit our website or reach out to me directly via LinkedIn.

 

Tyler W Condonis responsible for developing and executing the commercial strategy for Stocard and Klarna in the ANZ region. Tyler is passionate about creating value for their retail partners, customers, and stakeholders, and always looking for new opportunities to learn, grow, and collaborate. What motivates Tyler? Klarna's mission to accelerate commerce and make shopping simple, safe, and smooth for everyone, and being a part of such a dynamic organisation that is reshaping the future of payments and retail media on a global scale.


If you would like to find out more about Stocard, please visit the website or reach out to Tyler directly via LinkedIn.

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