Today’s competitive environment offers many purchasing options for customers and many challenges for retailers. Customers expect to shop wherever, whenever, and however they choose and they demand that retailers meet these expectations. Retailers constantly strive to attract new customers and retain loyal customers, at the same time competing against a myriad of other retailers who are also trying to gain and maintain many of these same customers. So how does a retailer meet the customers’ expectations and gain a competitive advantage?
The key to success for retailers is to look at the shopping experience from the customer’s point of view. The customer has a number of preferences, expectations, wants, and needs that drive the purchasing decision.
These can include:
Product – This includes the specific item the customer needs, the overall assortment, and the in-stock position.
Services – The overall customer service that is offered, which could also mean self-service offerings, plus any additional services such as loyalty programs, special order capabilities, personal shoppers, home delivery, and more.
Location – Not only the location of the physical store but other points of accessibility such as a website or kiosk.
Pricing – This refers to the regular price of the item plus promotions, coupons, or other deal pricing.
These drivers guide the customer’s purchasing decision and when the customer finds the retailer whose customer value proposition matches the customer’s expectations, the first step is taken towards establishing a valuable customer relationship. So it is up to the retailer to discover what the customer’s expectations are and then meet and exceed those expectations.
By understanding the customers; identifying the customers’ current needs, including their preferred channel or touch points; and forecasting their future demand; the retailer can build a successful organization around this customer value proposition. Retailers can then align the organization’s people, processes, and technology to fulfill their customer strategy and gain loyal customers.
For the eighth consecutive year, LakeWest Group conducted its POS Benchmarking Survey of the top retailers in the United States. This year the survey is based on the Hot 100 retailers as identified by STORES magazine . . . continued
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