Emerging Marketing Trends In The Real-Estate/Retail Sector
Marketing is regarded as one of the most important aspects across businesses which is growing at the speed of light just like several other functions. Not only does marketing build brand awareness but it also helps in customer engagement, business growth, and sales increment.
Tech-Driven Marketing
Every marketer is starting to view technology as a crucial factor when it comes to development and growth. The evolution of marketing from the past years found that technology started as a minor role player, but eventually has evolved into the star of the show. There are several aspects of tech-driven marketing techniques contributing to the progress of retail space at the moment.
● Artificial Intelligence
Artificial Intelligence (AI) is changing the way you shop. Specifically, it’s acting as a driving force in two areas – search and customer service. Retail companies are using a combination of analytics, machine learning, deep learning, computer vision and facial recognition to compete in the retail business.
Just like most industries, it’s necessary to have loyal customers over new entrants for the shopping malls too. The retail malls have moved ahead from the concept of being just shopping centres and are now transformed into entire experiential zones. Various AI tools help retailers, store owners and developers to understand their customers’ behaviours and habits whilst their mall visits. Technology also aids the people associated with the mall to know the frequency of their visitors through various applications and software.
● Augmented Reality (AR) and Virtual Reality
Augmented Reality (AR) is the use of computer-based technology to create a simulated environment. Unlike traditional user interfaces, AR places the user inside an experience. Marquee brands have already started using this technology to give their users a better experience. Shopping malls’ software’s functionalities address the top challenges shoppers and store owners face while adopting technology in commerce.
Virtual Reality (VR) in retail can be used to plan, design, research, and even enhance the customer experience. VR offers several benefits while considering how to appeal to consumers’ wants and needs, especially when they’re ever-changing. VR offers a competitive advantage in retail by keeping up to date with current patterns and trends.
Statistics show that around two-thirds of customers would be interested in virtual reality, and 63% believed such technologies would change the way they shop. In fact, according to Goldman Sachs, the market for AR and VR in retail will reach $1.6 billion by 2025.
360-Degree Customer Experience In Real Estate Marketing
The real estate market goes through several ups and downs and is dependent on various factors such as interest rates, economic conditions, and job growth to name a few. Conversations are almost invincible without offering a 360-degree marketing experience to potential real estate customers.
The journey of purchase begins with an online search in most urban areas. This makes a mandate for all developers and constructors to be present at all the right aggregators prevailing in the market. A digital query is followed by traditional means of advertisements including the likes of print, radio and outdoor hoarding. This omnipresent channel helps to build credibility in the eyes of the buyers.
This ubiquity is also essential as buying a home or any commercial space is always a decision of several entities. The buyers try seeking advice and ideas from their family members and friends before making the purchase. Considering any investment in real estate is considered as a long-term investment and building of assets that would reap benefits down the line, most people take this process very seriously. For the majority of people, this is a 1 to 2-time experience only in a lifetime, hence no stone is left unturned to ensure the right decision for themselves. This makes it a necessity for the realtors to be in front of the eyes of their customers to build top of mind recall and constantly engage with them for confidence building.
Personalised Marketing In The Luxury Retail Industry
Most of the businesses dealing in the luxury space have started personalised marketing where they connected with their existing and potential customers over video calls. This has helped them build a one-on-one connection, resulting in better conversions. Having said that, these techniques are helpful to some extent as people looking for luxurious and premium articles love to have the touch and feel of the product. While some have adopted this as an accepted option (especially in trying times like now), the mindset of having an experience of the product before making an expensive purchase is far from fading in India at the moment.
The author is Abhishek Trehan, Executive Director, Trehan IRIS
