Retailer Trust Crucial To Customer Retention
For retailers of all shapes and sizes, the challenge of attracting and retaining a loyal customer base is increasing all the time, driven by the continued growth of online shopping, e-commerce and low cost brand alternatives.
In-store retailers are constantly having to find new ways of driving footfall to their shops. This could be achieved through promotional campaigns and increased marketing activity, however these inevitably come at a cost to the store – which for many small businesses may not be an option.
Research suggests it costs around seven times more to acquire a new customer than it does to sell to an existing one, so for independent retailers, it makes sense to focus efforts on pleasing your existing customer base first before looking further afield for new consumers.
Trust plays a crucial role in the decision making process of individuals when it comes to choosing where to shop for their next purchase. Think about the recent Volkswagen emissions scandal for example, which looks set to cost the company billions of pounds in lost consumer confidence in the years to come.
According to YouGov research, 81 per cent of customers cited security and data breaches as key factors towards retailer trust, so it’s imperative that measures are taken to address these whenever possible during a card payment.
In this digital age, technology can now benefit most areas of business and rightly so. Retailers have adopted many new practises when it comes to customer transactions over the past decade, with many introducing new methods of payment; improving shopper convenience, reducing waiting times and increasing satisfaction in the process.
Mobile point of sale (mPOS) has been a trailblazer for independent retailers in particular, allowing transactions to be performed using low cost technology that takes up very little space in store. However, there are some traditional aspects of payments that should remain in place.
Receipts, for many customers, can be the small difference that can help a retailer connect with customers and the importance of issuing a physical copy should never be underestimated. Naturally, many shoppers find great reassurance in the receipt and it serves as a marker trust and gives the buyer something tangible to conclude their transaction. It’s also a critical solution for mPOS providers for when consumers don’t want to provide an email address for an e-receipt.
Producing receipts will no doubt help to alleviate this problem, especially with those who are still uncomfortable with electronic correspondence over email.