Without customers, we wouldn’t be in business. That is why it is surprising how easily retail stores drive customers away. And with the onset of online retailing, the competition for the customer has never been greater. The demand for an exceptional shopping experience has never been higher from customers. In a recent study I conducted, we found out that there is only a 50/50 chance that a customer will return to a retail store if that store meets his expectations. That is less than half when you meet their expectations!
Simply put customers want their expectations exceeding not met. But too often, retailers have practices in place that work against an exceptional buying experience.
1 Wrong Product Pricing
Besides cost, some of the things to consider when choosing the best strategy for your retail business are the market, the channels of distribution and the competition. Here are a few of the more popular pricing strategies to consider. read more
2 Terrible Customer Service
It’s inevitable that there will be the occasional disgruntled customer. No matter how wonderful your products are or how committed you are to provide the best customer service, problems do occur. Armed with the right customer service tips, you can diffuse a situation and possibly even save the customer, as well as the sale. read more
3 Poor Store Atmosphere
As retailers, we can’t afford to turn off a single customer and image is everything. Take a look around your retail store. Do any of the following situations exist? Here are ten ways your store may be turning off customers. And here are some thoughts on store design to help you as well. read more
4 Not Knowing Your Competition
It’s important for new businesses to complete a competitive analysis during the business planning stage, but competitive intelligence can also be useful for marketing, pricing, managing and other strategic planning for retailers. Before you can know your competitive edge, you must know your competitor. read more
5 Lack of Product Knowledge
It is difficult to effectively sell to a consumer if we cannot show how a particular product will address a shopper’s needs. Learn some of the benefits of knowing the products you sell. And remember to “feature” the benefit. read more
Source: The Balance