Retailers must continually evolve to meet changing consumer demands. From the introduction of new technologies to the shifting landscape of inflation and pandemic pressures, the underlying need to provide excellent customer service will continue to challenge retailers in 2023.
Here are 5 tips from retail leaders on what it takes to be successful and stay relevant with your customers:
1) Create a seamless, unified consumer experience
Customers expect to be able to have the same product choices either in-store or online. So it’s up to retailers to connect these experiences in a way that links inventory behind the scenes.
“One order management system, one database, one inventory. Without these, you will never seem seamless to your customer,” explained Andy Laudato, COO of The Vitamin Shoppe in a recent LS Retail article.
2) Make physical shopping engaging
Ensure that your brand’s in-store shopping adds value to the customer experience and gives your patrons a reason to visit.
“You walk into a retail store, whatever it is, and if there’s a sense of entertainment and excitement and electricity, you wanna be there,” said Howard Schultz, former CEO of Starbucks.
Brick-and-mortar stores offer an atmosphere and product experiences that even the best ecommerce sites can’t match. So be sure to capitalize on all aspects of your brand’s unique qualities.
3) Offer buyers added confidence with extended service agreements
During uncertain times with inflation and the pandemic fresh on consumers’ minds, shoppers seek avoidance of risk and unexpected costs. Give your customers peace of mind with product protection that will encourage the buying journey.
In fact, 48% of consumers say they would buy more products if they had access to extended service contracts at the time of checkout.
To nurture brand loyalty and customer satisfaction, retailers need to offer worry-free product protection in-store and on e-commerce sites.
4) Keep your employees motivated
Don’t forget that engaged team members that understand the benefits of your products and protecting them are more likely to offer extended service contracts confidently to their customers.
The CEO of Lego, Niels B. Christiansen explained it like this, “We always aim to generate an environment of creativity and innovation. To do this, I believe that it is important to give employees ownership of how they work and to build the optimal environment to complete each task.”
Your team will give their best when clear expectations are set and recognition is part of your culture. Attach rates for extended service contracts will rise when the sales team believes in the benefits of product protection.
5) Embrace Change
You can’t stop change. The current pace of change is unprecedented but retailers that thrive in this era are proving their resiliency and building customer loyalty.
“One thing you never want to do in retail, and I want to be really careful of this, is you never say, ‘We have the answer. We’ve figured it out.’ Because our customers are always changing. Regardless of how well you think you’re doing, a week from now, a month from now, there will be much more to do,” John Furner, CEO, Walmart US, recently told LS Retail.
If you’d like to reduce your customers’ stress and build customer loyalty by offering hassle-free product protection, contact us today for more information!