Reaching Customers In a Sluggish Economy
The current uncertain economic climate is putting a damper on consumer confidence. A shaky job market economy coupled with inflation is affecting daily life everywhere from the gas pump to the grocery store.
As a result, many shoppers are focused on getting more value for their money by seeking lower pricing on everyday purchases.
Often, that means frequenting discount stores rather than higher-end retailers as well as shopping using less-traditional channels, such as retailer loyalty rewards and cashback offers. In combination with reports to help analyze potentially advantageous adjustments to price levels, Retail Pro Prism offers loyalty and rewards programs with it’s software out of box, which come in handy in these times.
However, retailers that can strengthen the bond between online and in-store will find that success with one channel will positively influence the other.
Retailers and brands that provide a true omnichannel experience deliver consistent product information, customer service and account information using all their sales channels: online, in store and on the phone.
As a result, they build better customer relationships and inspire more brand advocates.
Shoppers’ purchase histories differ as widely as the ways they want to make purchases. Some prefer to shop online from start to finish.
However, according to Harvard Business Review customers who do use all channels in their journey tend to spend more – on average 10% more, so offering omnichannel services is important.
Retail Pro Prism is a full retail management and POS platform for omnichannel retailers, with integrated data and view of all channels.
Different Strategies Suit Different Customer Journeys
A solid self-service site should show customer-specific pricing, provide account information including order history and delivery status, give access to reference materials, and integrate in-store inventory information.
Others rely on customer service representatives to help place their order, or to provide more personal assistance with transactions.
Full-service requires expert salespeople or customer service reps who can answer questions, provide recommendations, develop personalized solutions and place orders for buyers.
A hybrid approach is aimed at those looking to make a purchase by themselves, but who want the opportunity to speak with someone in case a question arises.
Shoppers can communicate with a salesperson or representative by using online chat, e-mail messaging or “click-to-call.”
Combining round-the-clock customer service assistance with self-service ordering provides buyers the freedom they want with the support they need to make their purchases.
A solid hybrid methodology showcases an online approach that supports in-store shopping – which, in turn, encourages online purchasing.
By regularly evaluating your customers’ online search and purchasing history, a more personalized online experience can be created.
Streamline checkout, make special pricing easy to understand and find, and reduce friction both online and in-store.
Whether a retailer embraces online, in-store or a hybrid approach, web analytics defines the products customers have been researching and offers insights regarding buying patterns.
That information can inform loyalty program profiles and help provide a personalized omnichannel experience. Such personalization illustrates to customers that a company has taken the time to know them and their preferences.
Another way to build trust and, as a result, loyalty, is to invest in secure, accurate technology that protects customer data.
Retailers collect a variety of information, with an enormous responsibility to keep it safe. Firewalls, private networks, encryption and multi-factor authentication can all be part of your security portfolio.
Be sure to communicate what security measures are in place with your customers, because the more customers see retailers working on securing their data, the more likely they are to trust you. Economic stutter steps are unavoidable. Retailers that are prepared with solid omnichannel solutions backed by secure technology will be well equipped to face the challenge of such slowdowns.
Retail Pro Prism is PCI compliant and has functions to prevent errors from being executed by employees that cost your business, such as limits on certain actions or transaction sizes, so that when mistakes happen they don’t have consequences.