Frank LoBue Explains How the Digital Transformation Affects NJ

Retail businesses in New Jersey must be ready to cope with the digital landscape. From online sales to customer loyalty programs and data analysis, the digital world can be an important asset for even the most traditional retail businesses. No local business in New Jersey should neglect the potential of the Internet and smart technologies to enhance their profitability.

Operational retail professionals like Frank LoBue have been on the front lines of this trend and his insight has shown to be invaluable for various New Jersey businesses.

Social Media

Social media has become a vital part of how customers connect with their favorite businesses. It is dangerous to neglect social media in today’s business strategy. Find an employee who has a good grasp of social media and give him or her the task of creating social media profiles on the major sites.

Keep your demographics in mind when choosing social media sites. Most people use Facebook, but younger people are more likely to turn to Instagram, Twitter, and Snapchat. Being responsive to social media comments is a vital part of the strategy.

If a social media presence is simply set up but not monitored carefully, this may cause customers to think poorly of your business. Make sure that questions and comments are responded to in a timely fashion, and you can make social media work for your New Jersey retail business.

Scheduling posts can be a big help in getting your message out beyond business hours. However, make sure that someone is monitoring these scheduled posts. If a sensitive news event occurs, make sure that these promotional messages can be temporarily turned off. This will keep your company from being perceived as tone-deaf and insensitive.

Customer Loyalty Programs

Instituting customer loyalty programs can be the key to retaining customers and tracking their spending patterns.

Rewards and loyalty programs keep customers happy while attracting new business. For example, a retail business can give special coupons for free or reduced-price products when a customer has reached certain spending milestones. This is similar to the points programs instituted by Starbucks and Dick’s Sporting Goods.

Most modern consumers have accepted that they are turning over some personal shopping data in order to earn rewards in loyalty programs, but you may find that some of your customers are holdouts. The great majority of consumers will not mind giving up their personal information when enough benefit is demonstrated.

Data Analysis

Even the smallest retail businesses can take advantage of data analysis. This digitally native business technique can show where a company is succeeding and where it is failing to create profits. Shopping data, products bought and sold, and customer characteristics can be tracked. This is a simpler process when combined with a customer loyalty program or when used by online businesses.

When retail businesses take advantage of data analysis, they are more likely to be able to respond proactively to challenges in the marketplace. They can focus on better ways of taking care of their existing customers as well as learning how to attract new business.

Help with Inventory

Keeping close track of a retail business’s inventory is another perfect application for digital techniques. Products can be tagged in the system and their movements can be tracked. When a business is able to closely monitor what products are moving and which products are lagging behind, they can make necessary adjustments to their strategy.

Taking Advantage of the Digital World

New Jersey retail businesses need to be ready to incorporate digital strategies in their mode of doing business. The possible costs of being left behind in the digital marketplace far outweigh the cost of keeping up with these changes.

Social media is one of the simplest and least expensive changes that a small retail business can make to their business plan. Customer loyalty programs help businesses track their regular customers and fully understand their buying patterns. Data analysis helps businesses of any size understand their inner workings and create more profits. Digitally keeping track of inventory is a smart move for any retail business.

Frank LoBue is an example of retail professionals who can help New Jersey businesses of any size leverage their digital footprint. Turning to a professional means that any business can get a leg up in the digital world.