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How will you stand out against competitors in 2024?

Hey everyone,

 

ICYMI: Square recently released the Future of Commerce 2024 report. This report will give you inspiration, tactics, and tools to future-proof your business. Make sure to download your copy here.

 

As stated in the Future of Commerce 2024 report, in order to compete in today's retail marketplace, retailers are focused on improving their customer relationships through faster and easier communication channels, providing Buy Now, Pay Later options like Afterpay, offering more in-store experiences, and engaging customers through marketing initiatives such as loyalty and rewards programs.

 

In the report, it is also mentioned that over half (56%) will be taking a closer look at their marketing tactics for Gen Z as the younger generations’ purchasing power continues to grow — a substantial increase from just 43% of retailers who focused on marketing to Gen Z in 2022.

 

Which of these practices are you looking to improve this year to better compete in today's retail marketplace?

 

We're looking forward to seeing your replies and be sure to check out the 2024 Future Of Commerce report to view more insights!

Max Pete
Community Engagement Program Manager, Square
Seller Community
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Super Seller

Our retail business is an in-store experience, and we send out a square marketing newsletter every Tuesday morning, we offer Square loyalty that is highly accepted by our customer base, and we try to provide a variety of ways our guests to pay.  We also have automated campaigns to give discounts to customers who haven't come back for a while, first time customers automatically get a discount coupon, and everybody gets a discount coupon for their birthday automatically.

~Cheryl!
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Cheryl! Tisland
Burst Of Butterflies Create & Paint Studio

BurstOfButterflies.com
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@BofBArtStudio appreciate you sharing! This all sounds awesome and great that you're on top of communication to get customers back in to shop and also reward them too. Nicely done 😊

Max Pete
Community Engagement Program Manager, Square
Seller Community
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Admin

Let's see your in-store experience! (if you are ok to share of course) 

️ Hailey
Seller Community Marketing Manager
Square Seller Community
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Interested in also hearing from @TCSlaguna@theemercantile & @TeamBSTS!

Max Pete
Community Engagement Program Manager, Square
Seller Community
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Super Seller

Competitive Analysis is my JAM! I am always keeping an eye on what's happening with both regional and national retailers in our space. I am literally watching what they are buying, how they are selling it, what their social media is pushing, etc.. it isn't to copy, but to make sure we are aways differentiating. 

 

Because we are seen as a leader in our space- we are often imitated. In light of that, it's critical that we are constantly pursuing new offerings, products, and events. 

 

I am obsessed with Multihyphenate Strategies (didn't know what word- great Jeopardy question)- and hope that Square's subscription service will offer what we need to make it work for us (customer accounts with ability to change their address, pause subscription, and change CC in their own). With these changes, it would be an excellent addition to our sales strategy. 

 

We are already taking advantage of Square marketing (email/text) and Square loyalty.. they are fully integrated into our business. We also offer AfterPay which, even though expensive, has driven our total per transaction up.

 

Dina
Co-Owner Amityville Apothecary
www.shopamityvilleapothecary.com
Instagram | TikTok @AmityvilleApothecary

Podcast: Apothecary After Dark (YouTube & Spotify)
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Appreciate you sharing this and so cool to hear how you are performing competitive analysis to stay ahead. Cool to see how you are utilizing subscriptions, marketing, loyalty as well! 

Max Pete
Community Engagement Program Manager, Square
Seller Community
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Super Seller

We have spent the last year building up our email marketing, newsletters, monthly coupon codes, and loyalty program. We have been very pleased with the results from Square marketing. 

 

Social media is not our strength. I really have no interest in it. I think you have to love what you do for it to be successful, so I think we may hire someone to take over our social media strategy. 

 

We are planning to focus our attention on enhancing the in-store customer experience. Redesigning the layout of the store, changing QR code product descriptions to paper descriptions (eliminating one step for customers), and offering new services. 

 

 

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Great to hear about how Square Marketing has been helpful! Totally hear you on having to hire someone to take over social, especially if it is something that you're not very interested in. 

 

Exciting about the in-store customer experience enhancements! 

Max Pete
Community Engagement Program Manager, Square
Seller Community
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Beta Member

Our vision has always been to be "more than a store, it's an experience!" We feature in-store prop replicas that we have built and give the customers a way interacting with our staff that is fun and memorable. We utilize square loyalty but our customers earn XP (experience points) like they would in a video game so they can "Level Up" (earn a reward) it makes it fun and is on brand. We will be stepping up our marketing this year (both via square and other advertising) and upping our social media game with more videos and stories.

Little by little we human beings are confronted with situations that give us more and more clues that we are not perfect.
-Fred Rogers
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@repopgifts love the gamification of having customers earn points to level up! Please feel free to share your learnings here too, excited to follow along!

Max Pete
Community Engagement Program Manager, Square
Seller Community
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Super Seller

Our social media. Other consignment stores in our area are still pretty behind on reels and some don't even post consistently. We'll keep using our social media to stay front and center with our customers and potential customers. 

Our deep dives into our numbers and accepted brands. Most stores in our area aren't communicating to their consignors what customers are buying. We're diving deeper into our numbers than ever before so we can tailor what we accept from consignors, and make sure we're offering our customers even more of the brands they're loving. 

Store improvements such as new displays. We're looking at how our customers shop and which displays may be a little tired. We'll be freshening things up to create a better experience for customers and consignors.

My Girlfriend's Wardrobe est. 2012

Preston & jayne est. 2023


Downtown York Pa


Square user since 2012
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This is such a smart way to stay ahead of the competition while also improving the overall customer experience and finding more ways to reach more customers too. 

Max Pete
Community Engagement Program Manager, Square
Seller Community
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Super Seller

thank you! I always surprised at how little some of the other stores do, and not just in my industry but in general. 

My Girlfriend's Wardrobe est. 2012

Preston & jayne est. 2023


Downtown York Pa


Square user since 2012
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