|All that Glitters is Not Gold – But Some is|
|October 20,2020 [ by Larry Chao ]||118 Read and 0 Comment|
For one Thai retailer, this pandemic has been a blessing in disguise. When studying their consumers’ shopping habits one day last July, someone noticed the sharp influx of a new wave of consumers, who might never have shopped in their stores, had it not been for the crushing weight of the economic crisis.
This was not altogether surprising. Even before this year, this retailer had a hunch that this new consumer segment would be a good target to pursue. They experimented with new products and promotions and were successful in methodically luring more of them into their stores, when the pandemic hit.
The pandemic confirmed this opportunity. Now, this retailer has developed a more aggressive strategy and has gobbled up market share. None of this would have happened if someone had not noticed the obvious “gold” right in front of them.
The business model they used is tried and true: Offer your target consumers exclusive products that they want at a great price. When they shop in your stores, they will purchase other items they like, as well as impulse items they never knew existed. Pretty soon you have them hooked and gradually you can expand how much they spend in your stores but understanding more about what they want.
As the pandemic ebbs and flows, opportunities like this are everywhere, as people experiment with new products, brands and shopping venues. We need to be alert so that we notice and capture them. They emerge when the needs of consumers are the greatest. They are here now.
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