Collaboration is the name of the game for successful brands and retailers. In this post, check out the ways these collaborations are yielding positive results.
Changes in shopper behavior during the pandemic have garnered a large number of conversations and new research.
But an area that is less discussed is the new-normal changes for lucrative collaborations, including:
This article covers how to successfully collaborate with other brands, retailers, and B2B platforms in the post-pandemic world.
Two heads are better than one. Brand partnerships are helpful because it helps attract new customers and maximize profit.
There are many ways to collaborate with another brand. You can come up with a new product together, give each other a shoutout on socials, or practice collaborative marketing.
But the most crucial piece is identifying the right brand partner. It shouldn’t be your direct competitor, but a company with the same target markets and buyer personas.
Your brand can also search for value alignment and partner with a non-profit which shares similar missions.
Is traditional retail making a comeback? Yes, but not without some changes.
Seventy-one percent of global consumers feel comfortable going back to physical stores as lockdowns ease in their countries. Ninety-one percent of shoppers even said they missed shopping in stores during the pandemic.
While foot traffic is undoubtedly rising, the physical retail space is no longer the primary battleground for brands.
Sixty-three percent of consumers still start their purchasing journey online. And, 43% of Millennial and Gen Z shoppers would cut in-store shopping completely if issues with online shopping (e.g., delivery speed, hassle-free returns) get resolved.
So, what are shoppers expecting from physical stores today?
Experiences.
Consumers no longer want to travel long distances, find a busy crowd, and go home disappointed because their size is out of stock.
For retailers in the post-pandemic world, creating a memorable shopping experience is essential now, more than ever.
One way to do this is by forming an exclusive brand and retail relationship to enhance customer experience, increase awareness, and boost loyalty.
An omnichannel strategy is essential for a successful brand and retail collaboration since it helps generate around 80% in-store visits.
The global B2B eCommerce market has an estimated value of $12.2 trillion. No matter whether you’re looking to expand your B2C store into a B2B/B2C hybrid or if you want to scale your B2B store, you need to collaborate with B2B platforms.
Your best bet here is to find tools that can help you expand into new markets and/or have automation capabilities that can save you time.
But many B2B platforms go the extra mile—helping you provide a top-notch customer experience to your shoppers through virtual showrooms, hassle-free returns, and seamless shipping.
In the hyper-connected world that we live in, the line between online and offline is blurring. The traditional retail expectations are evolving rapidly. Brick-and-mortar success is possible in the age of e-commerce—but brands have to keep up with the expectations of the new buyer.
Collaboration is a strategy that can only help if done thoughtfully. Consumers love it, it gets the word out about your brand, you reach new customers, and increase retail sales.
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