A decade ago, customer service was the key differentiator between brands ahead of the price and the product. Fast forward to 2021-2022, exceptional customer service is the primary agenda for businesses today. Physical stores never craved in-store customer experience improvement like this post COVID-19 era of mobile shopping, eCommerce. Most of them have already adopted solutions like LS Retail ERP followed by POS Software Solution to help them through difficult post COVID times.
As things are getting back to normal, retailers are excited about the new opportunities that 2022 holds for them. In a study, about 74% of retail sales are expected to go in the favor of store shops. According to some studies – 86% of consumers are willing to pay 25% more for an improved customer experience
However, due to the given stress in the past years, customers have become abrasive and will not stand any friction. One unpleasant experience may drive one-out-of-three customers away from the brand they were loyal to. Because of which retailers have a mounted pressure of providing an exceptional and eccentric customer experience.
Retailers need to put frazzled customers at ease and build loyalty and engagement programs. Retailers need to reimagine their businesses for the new age of retail by integrating online as well as offline platforms and transforming their store experiences with a unified technology.
Other than that, retailers must follow some trends that can make a whole lot of difference in their business in 2022:
Integrate Online as well as Offline Channels
Customers being busier than ever demand next-level convenience while shopping. They need the facility to decide while to purchase from the physical store or from online. Retailers might use a unified software solution such as LS Retail ERP that integrates websites, applications, third-party applications, etc., and provides a convenient shopping experience. Let them shop whenever they want, whether they want to shop while traveling in the metro, or on a vacation, maybe while cleaning the living room also. Having multiple shopping platforms and enough shopping convenience ends up boosting sales.
Imagine how frustrating it will get for a customer if they travel all the way to a shop only to find their desired product missing. Inconveniences while shopping shoes away customers and they might not even want to come back. Make sure you update your product data online, so your customers can check it online so they can come to the store and collect it or get it delivered at home.
Smartly Plan Inventory
Plan your inventory smartly with the right technology. Avoid overstocking and understocking as both scenarios lead to profit drain. Retailers need robust data analysis to understand market trends and plan inventory accordingly and avoid increased costs, inventory imbalance, decreased employee productivity and ineffective decisions, etc. Forecast demands and tracks inventory status in real-time with Business Intelligence. Track each customer who contacted your business and understand the trend followed by the masses. In 2022, due to rapid changes in customer demands and trends, retailers need to plan smartly.
Understand Each Customer and Connect Emotionally
To thrive in the 2022 retail market, it is mandatory to connect with customers. Retailers should create loyalty programs, exclusive deals, promo codes, and other relevant offers for them. It is best to have a system that tracks customer data, understands their spending pattern and factors driving their spending through each transaction. You can even offer tailored deals for individual customers or divide them into segments and do the necessary. Either way, customers are happy. They will feel acknowledged and cared for and ultimately bond with your brand.
Offer Cashless Payment and Self-Checkout
Enable cashless payment options like debit, credit, and online payments. Also, enable checkout counters to bust long queues. Upgrade your POS to cloud LS Retail POS and integrate the front office to the back. Empower your employees with a mobile POS system that contains each product’s data and inventory reports. This way you can boost your employees’ efficiency and streamline customer experiences. For instance, a customer is having a tough time finding a specific product at your store. One of your staff can look that up in the mobile POS and guide the customer ahead.
Apart from providing excellent product quality, customers demand excellent services as well. It is no more a luxury but a requirement. Businesses can integrate online and offline channels, plan inventory smartly, understand customers and connect with them emotionally, and offer cashless payment options with a unified software solution like LS Retail ERP. If you are looking for an Implementation partner, you may contact Trident Information Systems. We are the Gold Microsoft Dynamics 365 and LS Retail Implementation Partner.