Every year, we see a lot of new products and brands trying to fit in the market and make their place in retail stores and on customers’ shopping lists. In the dynamic world of retail, merchandising is a powerful tool that aims to create a captivating and seamless shopping experience for customers while maximizing sales for the brands. Merchandising is a crucial tactic of product marketing and is much more than just displaying products on shelves.
Merchandising is a strategic practice of placing products on the shelves that attract eyeballs of the consumers and influence purchases at the point of sale. This practice contributes to the marketing of brands and products through displaying, promotions, advertising, etc. It is an amalgamation of product placement, visual merchandising displays, and effective communication to create a fascinating narrative around the brand and its offerings.
Merchandising is a multifaceted discipline with various categories that cater to the different aspects of retail and marketing.
Here are five types of merchandising:
Product Merchandising- Product merchandising revolves around individual products or product lines. It involves showcasing products in a way that highlights their features, benefits, and unique selling points. Activities like banners describing product features and their specialty written on them come under this category.
Visual Merchandising- Visual merchandising focuses on the visual appeal of products within a retail space. It includes the strategic arrangement of the products to create a visually appealing shopping experience. The goal of Visual Merchandising display is to capture the attention of customers and encourage purchases.
Retail Merchandising- Retail merchandising is specific to retail products, where the products are promoted and sold in an actual physical store. It involves selecting the right mix of products, determining pricing strategies, managing inventory, and creating a conducive environment for sales.
Digital Merchandising- Digital merchandising involves the online presentation of products, optimizing product listings, enhancing the user interface and experience, and strategically promoting products on various digital platforms.
Omnichannel Merchandising- Omnichannel merchandising includes selling products through online platforms and offline stores. This type of merchandising involves strategically promoting products via shops, mobile apps, and websites.
For successful merchandising, one should understand the dynamic framework that empowers retailers to captivate their audience, drive sales, and foster brand loyalty. Here are the 4Ps that form the structure of merchandising.
Product- The core of any merchandising strategy is the product itself. The product here refers to the item or service that a brand sells to its customers. It includes the physical product and its packaging, branding, design, quality, features, and benefits that meet the needs and wants of the target market.
Placement- Proper visibility is crucial for any product to sell. The Placement refers to the location where the product is easily accessible. One critical requirement of Placement is to ensure that the product is available at the right place, at the right time, and for the right target customers.
Promotion- To create awareness and persuade customers to buy the product, the brand uses various promotional marketing tactics that promote its products or services. Effective promotion attracts customers, communicates the unique selling propositions of products, and encourages impulse purchases.
Pricing- Pricing is the amount of money a customer has to pay while buying a product. It comprehends the cost of goods, profit margins, pricing strategy, discounts, and promotional offers. A brand needs to strike a balance between offering value to customers and ensuring profitability for the business.
In the ever-evolving world of retail, merchandising plays a vital role in the growth of the business. Merchandising is a powerful tool that shapes brand identity, influences consumer behavior, and ultimately drives business success.
Let’s delve into the importance of merchandising-
As much as Merchandising is important for the brands, it can be equally difficult to manage such a diversified staff across multiple locations. At Love in Store, our professionals are well-learned and trained in merchandising to get the maximum returns. If you are looking for an efficient guide, and services for merchandising, reach out to us @ email@example.com.