"The worst bankrupt in the world is the person who has lost his enthusiasm. "
- H. W. Arnold
Have you ever stepped inside a store because you got impressed by the outdoor decoration?
Then when you get inside, you see a beautiful display of products with exciting offers. So, you go ahead and start looking for products.
Well, that’s merchandising. It’s the process of getting a customer inside a store and then enticing them with beautifully placed products. It boosts the sales of certain products.
What is Merchandising?
Merchandising is the technique of displaying products to customers in an attractive way. The products are to be displayed with proper planning as the timing, location, quantity, and price matters. It has to be displayed at the right place and at the right time. Additionally, offering discounts or hampers for certain products also helps to make the customers buy the product.
Merchandising is effective in driving the sales of the products. Whether it’s an online store or retail store, the right merchandising strategy influences the customer to make a buying decision thereby increasing sales.
5 Types of Merchandising You Should Know
There are various types of merchandising techniques that can be used depending upon the type of product. However, the five main types of merchandise that are widely used are as follows
- Visual Merchandising
- Retail Merchandising
- Digital Merchandising
- Product Merchandising
- Omnichannel Merchandising
Visual merchandising is used to highlight the products and its features through certain display techniques. It could be proper product placement, lighting, design or spacing between the products.
Visual merchandising entices the customers visually, be it offline or online.
Think of it this way, when you shop online, you see certain videos or images that make you check out the product. At times, the features and benefits of the products are put in an appealing manner. This is visual merchandising done online.
In an offline store, however, various aspects like banners, floor layout, grouping of products, 3D displays and many other ways are used to enhance a customer’s offline buying experience.
Retail merchandising is used to sell products to customers through promotional and marketing activities. The products are sold only in physical stores like malls, events, or brick and mortar stores.
Remember the last time you visited a mall and there was an event happening? The sponsors were openly displaying and promoting the products to the audience. Well, that’s retail merchandising.
Digital merchandising is the online version of retail merchandising, it is used to sell products online. Also known as ecommerce or online merchandising, it is a technique of promoting products online through ads, email marketing, social media marketing, or affiliate marketing.
More and more people are shopping online which makes digital merchandising all the more important in today’s time.
Digital merchandising is not limited to online stores. For a better shopping experience, offline stores are providing digital alternative to the customers. Lenskart is one of the stores that allows customers to try products at the store and place the order online.
Omnichannel merchandising is used to create a better experience for the customer throughout their buying journey. All kinds of tactics or activities are covered at all the points.
Whether the customer is buying online or at a retail store, he’s targeted at every stage. For example, if a customer lands on your e-commerce store through a search engine and leaves the page without buying anything. Then he’ll be targeted through email or social media marketing with exclusive offers. It not only increases sales but also satisfies the customer.
Product merchandising is all about promoting the products to generate revenue. The product can be of any type like a digital product or physical product that is available in retail stores.
The promotional activities occur online or offline depending upon the kind of product and its availability. Not to mention, the target customer is also a deciding factor for the activities.
For example, if it’s an online course, then the promotions would mainly happen online through email marketing or social media marketing. However, if the same thing was to be promoted offline, then it would be in the form of banners.
Merchandising can attract a lot of customers if it’s done the right way. These were the types of merchandise that is used by every retail store. A mix and match one or more techniques can do wonders for a few products.