What Makes Customers Spend 140% More
The competition in the retail world increases daily. Fortunately, today’s retailer can beat out the competition by providing a superior customer experience. It isn’t just a nice theory. Research shows that customers are willing to pay more for a better customer experience.
“After controlling for other factors that drive repeat purchases in the transaction-based business (for example, how often the customer needs the type of goods and services that the company sells), customers who had the best past experiences spend 140% more compared to those who had the poorest past experience.”
According to a study done by Walker, by the year 2020, customer experience will overtake price and product as the key brand differentiator.
What defines this better customer experience that customers are willing to pay more for? According to Walker, you need to cater to your customers.
“The customer of 2020 will be more informed and in charge of the experience they receive. They will expect companies to know their individual needs and personalize the experience.”
Additionally, Duct Tape Marketing states the key to providing a top-of-the-line customer experience,
“Creating an exceptional customer experience is pretty simple really…you only need to do one thing…pay attention to how your business comes into contact with customers and make every touch point, with every department, thoughtful and downright enjoyable.”
What are these touch points? And how can you use your POS to improve the experiences your customers have?
- Give Customers Shopping Options – By using a POS that accurately tracks inventory online and in store, you are giving customers the option of shopping online or in-store, or both.
- Shorten Lines and Wait Times in the Store – Shorten customer wait time with better systems in place. By using a POS that manages not only inventory, but also classes, rentals, and repairs, you will shorten the time it takes to move customers through the checkout.
“Americans spend roughly 37 billion hours each year waiting in line. The dominant cost of waiting is an emotional one: stress, boredom, that nagging sensation that one’s life is slipping away. The last thing we want to do with our dwindling leisure time is squander it in stasis.”
- Provide a Better Online Shopping Experience – By using a POS that keeps online inventory up-to-date in real time, you will give customers confidence that they can place orders online without receiving notifications that those items were actually out-of-stock.
- Bring Easy Shopping To Trade Shows – You should be able to bring your POS with you so customers can easily purchase your products at a trade show or elsewhere away from your store. A cloud-based POS lets you do this.
- Keep In Contact With Customers – By using a POS with texting and emailing capabilities, you can update them on repair pickups, remind them of upcoming classes, and make sure they’re aware of sales and new products.
- Offer Customer Rewards – Shoppers love a customer rewards or loyalty program. Find a POS that provides this functionality. It will encourage customers to shop with your store over and over again.
- Create Happier Employees – With the right POS, your staff will be more cheerful towards customers because they will be using a frustration-free, fast, system and customers will be able to tell.[Tweet “Companies with happy employees outperform the competition by 20%.”] [Tweet “Happy employees are 12% more productive.”] Source: Snack Nation
By using your POS to do these things, you will create happier customers, who will tell their friends. According to a survey done by American Express, on average,
[Tweet “happy customers tell 9 people about their experiences with a company.”][Tweet “Unhappy customers tell 16 people about their poor experience.”] Source: Help Scout
What Customers Will Think
And how do those who are told about these experiences respond? 88% of consumers trust online reviews as much as personal recommendations according to Search Engine Land.
Turn Customers Into Advocates
After providing customers with an excellent experience, make it easy for them to spread the news. Find a POS that comes equipped with social marketing tools. You should be able to text happy customers right from your POS encouraging them to leave reviews on sites such as Yelp, Facebook, and Google Reviews.
Encourage online customers to share their love for your products and services with social sharing buttons on your website. Make it easy for customers to pin one of your products to Pinterest, or share it with friends on Facebook. With the right POS, you can not only improve the customer experience you offer, but also turn those happy customers into advocates tell others about your great customer service via review and social sharing sites.