Retail has transformed significantly in recent years, with retailers aggressively adopting online and offline marketing strategies to reach consumers whose expectations have soared. During the holy month of Ramadan, retailers must gain a deeper understanding of consumer behaviour during this period and tailor their strategies accordingly to capitalise on the unique opportunities it presents.
With 64 per cent of Muslims spending more in Ramadan in 2023, this period presents a significant opportunity for retailers.
Experts from GMG, a global well-being company with a portfolio of leading international and home-grown brands, shared strategies for retailers during this unique cultural and religious month-long experience.
Don’t forget about the consumer
Retailers should invest in comprehensive market research and in-depth consumer behaviour analysis. This foundational step is pivotal for crafting a successful marketing strategy, as it provides invaluable insights into consumers’ evolving needs, preferences, and purchasing patterns during the holy month. By leveraging data-driven insights, retailers can anticipate emerging trends, identify potential pain points, and develop targeted solutions that resonate with their target audience.
Align product offerings with needs
Retailers should meticulously evaluate their product offerings and ensure they are aligned with consumers’ specific needs and expectations during Ramadan. For instance, retailers may consider highlighting products that facilitate fasting, promote community gatherings, or enhance the overall Ramadan experience. Data shows that consumers’ interest in iftar special recipes grows by 19x during this period, highlighting relevant cooking products becomes essential.
Retailers can offering attractive Ramadan-themed deals and promotions, as 86 per cent of regional consumers think Ramadan is the ideal time to find the best deals. Additionally, consumers are more open to trying new products and supporting local businesses during Ramadan.
New brands
In fact, 78 per cent of respondents in the Middle East expressed interest in exploring new brands during their Ramadan shopping. Finally, businesses can use this time to show appreciation to customers, fostering connections and a sense of community.
With 3 in 10 regional consumers switching to cheaper brands or retailers this year, particularly in the food and groceries sector due to increasing inflation and global uncertainty, having insights on price sensitivity becomes vital.
During Ramadan customers prioritise health and wellness, leading to increased purchases of health supplements and fitness products.
Engage Customers Across Channels
To truly captivate consumers during Ramadan, retailers should leverage a multi-channel approach, seamlessly integrating online and offline marketing channels. In-store activations, such as festive decorations and iftar box giveaways, can create an immersive and celebratory atmosphere, fostering a sense of community and shared experiences.
Leveraging online channels, including social media platforms, e-commerce platforms, and messaging apps, can facilitate convenient shopping experiences and promote engagement through educational content, influencer collaborations, and interactive campaigns. This aligns with 83 per cent of consumers searching for spiritual inspiration, while 78 per cent watching cooking content, gift ideas, and how-to videos during this period.
Seize opportunities
With 46 per cent of consumers increasing their gifting budget for Ramadan in 2023 compared to 2022, offering attractive gifting options becomes essential. Additionally, 50 per cent of Muslims plan to travel to their hometown during Ramadan, providing retailers opportunities to cater to travel-related needs.
In summary, connecting with consumers on a deeper level, respecting cultural traditions, and promoting overall well-being can help retailers foster positive shopping experiences that resonate with the spirit of the holy month. This can drive customer loyalty and business growth.
