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Ten Things In Retail To Watch Out

The retail industry has remained one of the largest sectors across the world, in terms of numbers and revenue. As with other sectors, the retail sector has been using a host of strategies and tactics to build long-lasting relationships with their customers too. The blurring between bricks and clicks has led to increased challenges for the retail sector, in terms of marketing and maintaining customer loyalty. However, regardless of the size of the business or the nature, retailers need to keep the following points in mind, to ensure that they serve their customer in the best possible manner.

  • Aim To Align With Your Customer’s Needs: Retail stores should, through their services ensure that the interests of their customers and their interests are mutually rewarding. With this alignment, retailers can ensure that their customers remain loyal, and recommend their products and services too.
  • Maintain A Distinguishable Brand Personality: Consider this, 64% of the customers choose retailers based on the brand name. Most often, companies sell more than products. If you are a distinct and memorable brand, customers will most definitely prefer to return and purchase additional products.
  • Empathize With Customers: Retailers must realize that customers are humans too and expect empathy, courtesy and an apology when something goes wrong.
  • Deliver Quality Customer Service: 93% of customers indicated that quality customer service was vital to maintaining brand loyalty. Dissatisfied customers whose complaints are taken care of, are more likely to remain loyal, and even become advocates, as those that are ‘just' customers.
  • Go Web: Websites are a great means to stay in touch with customers and are increasingly being used by retailers to launch products, offers and other customer-related benefits. According to Forrester Research, more than 70% of consumers do pre-purchase research on the Web.
  • Offer Loyalty Programs: It is estimated that 33% of the customers who participated in loyalty program have purchased additional products from the same retailer. From the first sale, retailers try to repeat business and loyalty reward has proven to be an unmistakable means to repeat business. With the advent of loyalty program management, businesses can now decipher how to set rewards apart from competition too.
  • Make Merchandising Dynamic: Consumer tastes shift constantly. Retailers need to keep up with changing trends, adjust prices and meet real-time demand variables such as fashion styles. The most successful retailers today, are the ones who are agile and react quickly to changing needs of the customer.
  • Manage Multiple Sales Channels: Retailers need to consider the customer’s need to shop through various channels. Research has proved that the availability of merchandise determines where shopping occurs.
  • Delight – Not Just Satisfy: Satisfaction is not the only driving factor for a customer. It is important to delight customers by anticipating their needs, and provide solutions before they ask or even surprise them with rewards. According to a Harvard Business Review study, 65-85% of customers who switched suppliers said they were satisfied or very satisfied with their former supplier.
  • Watch Tech Trends: There are a number of front-office and back-office tools, which you can use to manage the demands of the retail business. Retailers across the globe are restructuring their plans to include means to leverage latest technology for better businesses.


By following these steps, retailers can emerge stronger and redefine themselves to be counted as a market leader.

 

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