7 Key Elements of Nordstrom Strategy for Success
Nordstrom has been in the market for over 100+ years in the fashion and retail business. It was established in 1901 and is one of the best fashion brands in the industry. It has gone through many difficult times but remained strongest. The latest pandemic of Covid-19 has affected the company a bit, but it survived. Today, we are here to determine the real strength of Nordstrom by evaluating its business tactics.
The company faced some difficulties when the pandemic hits the world. In the first quarter of 2020, its net sales decrease by 40%. However, the company utilized some aggressive initiatives to survive. Want to know how the company has managed to do that? Keep reading to uncover seven major elements of Nordstrom’s strategy for success.
A Robust Combination of Offline and Online Channels:
The ongoing pandemic has taught us how to do business efficiently in disasters. The secret of this is to enhance offline as well as an online presence. Nordstrom’s online sales mounted 141% during the pandemic. They got plenty of orders through online platforms. The company utilized a wonderful combination of offline and online channels in this perspective.
They also made successful partnerships with trending brands to increase online sales. This thinking of Nordstrom has helped the company to survive in the difficult time of Covid-19.
They also functionalize their website and mobile app that enables users to book try-on in-store. Users can choose ten items they want to consider for purchasing. When a user is 0.2 miles away from the Nordstrom store, they place their selected products into a trial room. It gives a massive success to the company and customers love to choose the brand for shopping. They provided better service to their customers without any hassle. The company has taken various similar initiatives to provide convenience to its customers. They also opened a flagship store in New York City. Customers can easily pick up their orders 24/7 from this flagship store.
These tactics have paid off for the company, which results in a 33% increase in its digital sales. According to Nordstrom, more than 30% of its sales are generated from digital platforms. By introducing more innovation in this sector, the company can increase plenty of opportunities for itself.
Unique Nordstrom Store Experience:
The company launched a new store in 2017 called “Nordstrom Local.” They are small (3000 sq. ft.) stores designed to provide users with a better shopping experience. They offered various services like personal stylists, manicures, pick-up orders, wrapping, shoe repair, alterations, returns, etc. This kind of store experience is still very popular among customers, and they love this initiative from Nordstrom. These tactics have helped the company to retain its customers. It forced the customers to spend more on Nordstrom services. They are trying to increase their services in order to make a solid footprint.
Nordstorm Collaborations with Trending Brands:
A famous beauty brand Glossier chooses Nordstrom as its partner in order to promote its perfume “Glossier You.” Glossier opened so many popup shops in the company’s stores around the US. It was a massive success for both the companies as they easily attracted the young demographic through their offerings.
Apart from Glossier, the company has made various successful partnerships and collaborations with several brands like Reformation, Birdies, Everlane, and many more. They also partnered with beverage and luggage brands. This thing multiplied the customers of both brands.
Modification is necessary, especially if you are a global fashion retailer. According to the majority of shoppers, they love to buy those products that possess personalized features. Nordstrom offers various personalized products to users containing a Levi’s Tailor Shop.
You can have your favorite detailing on sneakers, handbags, and other accessories. Through this service, customers can alter their jeans, jackets, and denim products. They can also have their preferred monogram. They also offer such services through their flagship stores.
Nordstrom Compelling Services:
Almost two decades back, the retail space was not as ample as today’s space. You can see Gap and Victoria’s Secret as an example in this regard. Retailers like Nordstrom focus not only on quality but also on the services they provide. They make sure that their identity must be associated with their services or products. Customer experience really matters for these brands. They are trying to make a link between money and happiness. In this regard, Nordstrom has been offering many innovative services to enhance customers’ shopping experiences.
After the impact of the pandemic, the company has altered its services accordingly to satisfy the customers. In its New York Store, they allowed users to enter with a drink because they had acquired a liquor license. On the other hand, they provide other services like shoe polishing, barber; you name it. It enhances the customer’s experience and they love to prefer Nordstrom over any other retailer.
An Ability to Remain Competitive in the Industry:
The fashion retail market is much bigger than our expectations. It has been growing day by day and retailing brands are improving to improve users’ shopping experience. For this reason, the company has launched its own site named See You Tomorrow. You can return your items to Nordstrom and they will refurbish and clean it for resale at the See You Tomorrow site. In short, they make old clothes new and offer them at discounted prices. Through this initiative, the company has achieved bigger status in the competitive market.
Better Customer Service:
Nordstrom is really concerned about its customers, creating better customer service. They enable its employees to make the best possible decisions in different scenarios just for the betterment of customers. They are also allowed to solve consumer issues in the best possible way. Nordstrom always tries to provide better customer service no matter the situation. Its excellence in customer service helps to retain its customers. They also offer other services like personal stylists and other related services to facilitate customers.
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