Customer satisfaction is at the forefront of every modern retail store. Effective inventory management, sales management, and employee management are all critical for the smooth functioning of a retail business. In addition to that, making certain that customers are happy shopping with you is integral for ramping up sales and beating the competition.
Key customer experience statistics and how they help you offer a better customer experience
Customers seldom complain
According to Esteban Kolsky, only 1 out of 26 customers take the effort to convey their negative experience to businesses. The others don’t bother.
Getting a pulse of what customers feel about your service is critical. It unveils optimization opportunities. An effective way to understand your buyers’ views is to encourage and request them for feedback. Gathering reviews from customers is a simple task with a POS system.
Ineffective customer service
Lack of effectiveness is the leading cause of customer frustration shows a survey on Statista.
Letting customers know you are listening to them and working towards resolution improves customer satisfaction. Some way in which you can do that is by responding to all the feedback shoppers provide. And thereafter, optimize retail areas of concern to customers.
Rigid communication channels
According to a study by Zendesk regarding the communication channels customers prefer, reports reveal that 27% of customers report bad experiences when the store doesn’t facilitate the channel they want to communicate through.
Implementing an omnichannel customer support system addresses this issue. Consequently, customers will be able to reach your business through email, social media, text, etc.
Loyal customer value
A study on loyal relationships by Bain & Company reports that a mere 5% increase in repeat customers translates to more than a 25% bump in profit margins.
You can embrace this stat and boost customer retention in your store by:
- Providing incentives
- Offering exclusive memberships
- Bundle up products with discounts
Leading POS software systems provide powerful tools to create incentives, award loyalty points, and more.
Customer experience and profits
In another study by Bain & Company, the consulting firm arrives at a conclusion that offering customers better experiences improves revenue between 4 to 8%.
There are various ways to heighten customer experience in your store. Most popularly:
- Arrange products in the store according to demand
- Have adequate inventory at all times
- Have inventory that customers want
Convey store updates to customers
Microsoft’s state of global customer service report divulges that 68% of customers regard brands contacting them proactively as favorable.
You can take advantage of this report by informing your customers about the latest deals in your store. Announce sales, new arrivals, and more through email, SMS, and in-app notifications.
Effect of resolution speed
Dimensional Research’s survey of customer service from mid-size companies shows that 69% of customers reported high satisfaction levels when businesses quickly resolved their problems.
In case of a discrepancy, be it a wrong product, damaged item, or anything else, make it up to customers by offering replacements or coupons.
A study on mobile marketing indicates that 57% of users online claim they are less likely to recommend a business that has a poorly optimized mobile website.
Besides tweaking your website to be responsive across various smartphone screens, it is also a good idea to launch your own retail smartphone application. The convenience of using it significantly boosts customer experience.
McKinsey & Company discovered that 85% of customers with a positive shopping experience showed an uptrend in purchasing more products from a store.
Offering customers personalized product suggestions helps elevate the customer shopping experience. Two effective ways are upselling and cross-selling.
Customers report higher satisfaction and affinity towards a store when it has a good range of amenities. Take payments for example. Shoppers prefer purchasing products from retailers that facilitate their mode of payment. So, ensure your store accepts multiple modes of payments – including cash, debit/credit cards, cheques, and mobile wallet payments.
Offering exceptional customer experience requires a sound strategy. And to execute that strategy, it calls for an effective tool. SmartPOS is a top-notch POS billing software containing world-class customer experience-boosting features. Create discounts, track promotions, upsell products, and more. Reach out to us to book a demo session of the software. Boost the customer experience in your store and generate higher profits today.