What Do Retail Consumers Want?

Posted by Karen Erdelac on May 20, 2019

What Do Retail Consumers Want?The retail industry has changed perhaps more than any other over the last decade. Amazon, as well as an endless number of online retailers have made it necessary for traditional retailers to adapt in a number of different ways. In most cases, the solution has been to become more customer centric.

Personalized Customer Service

A recent report shows 66 percent of consumers believe customer service is the biggest spending motivator. That same report states that companies that prioritize the customer experience generate 60 percent higher profits than their competition.”

Consumers have many different options to fulfill their retail needs. Online giants such as Amazon have made the customer experience the one true way for smaller retailers to stand out from the competition. Placing customer satisfaction at the top of your list of priorities is a must. Listening to your customers and observing how your competition treats their customer base will give you a baseline on how to create a more customer centric business model. The personal touch has long been the key to small business success and has become even more important given the number of options consumers have these days.

Loyalty Rewards Programs

Increasing retention by just 5% through customer loyalty programs can boost revenue by 25 to 95%.”

As with most small businesses, repeat business is the lifeblood of the retail industry. Loyalty rewards programs that are personalized and offer true value to the consumer increase customer satisfaction.  As a result, they are more likely to frequent your store. It is important that your rewards programs are easy to sign up for and that the rewards given fit the customer based on prior purchases. Too many rewards programs offer benefits that have nothing to do with the customer’s interests. This lack of attention to detail can have an adverse effect and actually hurt your chances of gaining a loyal customer.

Digital And In Store Purchasing Options

Online retail is continuing to grow at an astounding rate, yet the majority of people still actually prefer to shop in-store, so there are still great opportunities for retailers to take advantage of both.”

Convenience is the name of the game in today’s retail world. Having a variety of purchase and ordering options will allow your small business to compete with the retail giants. Having an online store to complement your brick and mortar location can provide an entirely new customer base.  Additionally, allowing customers to pick up online orders in store is an important option as it helps them to save on shipping. Having an omnichannel approach when it comes to ordering and purchasing will ensure your company doesn’t lose business simply on the basis of convenience.

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Topics: specialty retail