The times sure have changed, we all live in a connected world. Modern day technology allows us to have a video chat with a friend across the globe, Social media gives you a 24/7 news feeds focusing solely on the comings and goings of your friends and family. Technology has now even brought us beyond the Moon, to Mars; the wireless technology that makes it all possible is affecting daily life for you and everyone else in a far more practical manner. Looking at the impact on Technology in modern Retail landscape, it sure works as the most effective medium to create brand awareness and word of mouth.
Technology continues to become a mainstay in people’s lives; retailers are elbowing their way towards you trying to reel in your business. However, earning a sale is only one part of a much larger picture. The goal of every retailer is to not just earn a sale, but to keep that customer coming back for life; the only way a business can truly achieve organic growth.
The first and most essential step in satisfying a customer’s needs is having a well-oiled machine of integrated retail systems. If a customer cannot find the product in-stock in your store, you should have several contingency plans in place to combat this. Most customers are aware that a store can only stock a specific amount of inventory on the premises. Having a system in place to order the product to your store specifically for your customer, or have the product delivered to the customers home, all with a guaranteed date of arrival, will satisfy your customers and avoid disappointment.
Customers have more choices than ever for where they take their business, whether it be for electronics, cars, or clothes. One way for your company to motivate a consumer to shop with you is by giving them an incentive. Let’s face it incentives make the world-go-round. The economy itself is now built on incentives, more than anything else. Give a customer an incentive to shop with you, and you will have a decisive advantage over your competitors.
With a rewards program, such as Reward Zone at Best Buy, customers earn a small percentage of their purchase total back in Reward Certificates, which is essentially the same a gift card that can only be used at their store. For example, spend $1000 at Best Buy and you will earn $20 in Reward Certificates. It may not seem like a lot, but its free store money to come back and spend, and when you are already giving your customer the best price in town, rewards can leave the customer walking away happy, inspiring customer loyalty that will not only bring them back to your store, but inspire them to recommend your store to their friends and family. Growing from the customers you already have is essential.
A question that retailer’s often ask is that could they use it as a medium to inspire customer loyalty? It has a Simple answer: for a retailer, staying connected to your customers is just as important as friends and family staying connected to each other. them to recommend your store to their friends and family. Growing from the customers you already have is essential.
Coupons and sales can only do so much. Retailers will now react to the sales of their competitors and lower their prices accordingly. Even when prices aren’t officially lowered, consumers have a great grasp on utilizing the now very liberal price-matching policies. Having a customer loyalty program that gives the customers something back for choosing your business, on top of coupons, sales and price-matching, shows the customer how much you value them and may result in a customer for life.
iVend Loyalty is a points and rewards management application, designed to significantly improve customer retention by bringing them continuously back and improving customer satisfaction levels. Flexible Loyalty Plans with multiple redemption features make iVend Loyalty an imperative solution not only for the Retail Industry, but also for non-consumer industries like manufacturing and non profits.