3 CX Improvements To Drive Revenue Growth

We recently submitted a guest blog post for our fantastic partners Retail Pro about three simple customer experience tactics you can implement to drive revenue growth for your business.

Because we’re generous, we’ve decided to share the intro of the article here, enjoy this taster and be sure to click through for the full read below!

_________

For retailers looking to compete with the fast pace and convenience of online businesses, the in-store experience is an increasingly important battleground.

While historically success for retailers may have been measured by metrics such as comparable growth by store, sales per square foot, and gross margin return on investment, these no longer tell the full story.

Modern retailers need to know more than just what your customers are buying.

To succeed today, you need to understand how each of your touchpoints impacts the totality of your customer experience.

And the trend is one that’s catching – a recent study by the Forrester Group reports, “72% of businesses now say improving the customer experience is their No.1 priority.”

Using CX to drive loyalty & revenue

For today’s retailers, the availability of point-of-sale data provides a huge range of options when it comes to building true and lasting engagement.

Creating customer experiences that are truly memorable can help drive loyalty and advocacy for your business, so it’s important to make every single moment count…

Make every experience count

In an increasingly competitive landscape, you need to focus on creating memorable experiences.  This doesn’t need to involve a radical overhaul of everything you do.

As we found with one of our retail partners, the little things can add up.

The Retail Prodigy Group (master franchisee holders for Nike) is committed to providing the ‘ultimate customer experience’ with every visit. In practice, this manifests itself in a series of relatively cost-efficient but rigorously maintained, service measures, especially at the point of sale.

Staff at RPG are trained to ask for each customer’s name and always offer multiple product selections at the checkout. Customers are made to feel welcome with small personal touches, creating an authentic and warm experience.

This not only creates happy customers but can lead to financial gain too – we measured a 30% increase in the average transaction as a result of these measures and 5% increase in total revenue.

____

To read the article in its full unabridged glory, click here!Image result for retail pro logo png

We’d love to hear your thoughts as to the best ways to create memorable customer experiences and how to measure the results. Get in touch with us on Twitter or Linkedin and leave your comments below!

The POS: A Hub for Tech Adoption

To date, e-commerce has had the advantage of being on a constant path of innovation, while brick-and-mortar stores have been slower to adopt new technologies. As e-commerce gains ground, this distinction between the two channels has never been more apparent.

A big obstacle to progress within the brick-and-mortar sector is the payment industry’s closed POS ecosystem. While e-commerce platforms like Magento and Shopify promote development of new tools by having open APIs, it’s been a tougher road to get POS companies to let developers build and scale alongside them.

Luckily, companies like Verifone, Ingenico, Aevi, Poynt and Clover have taken the lead by producing smart terminals that offer applications through their own respective marketplaces. They’ve been able to offer bundles of free and paid apps by making APIs available to select partners. However, until outside developers are given access to the APIs without the hurdle of establishing partnerships, the open standards of e-commerce will always have a leg up.

At TruRating, we’ve established many partnerships in the payment space and, happily, it has paid off greatly. We’re working with 80-90% of payment platforms and we’re proud to offer our application in their marketplaces. What we’d love to see is an awakening of the whole industry to the benefits of collaborative development, because until that happens, e-commerce will have an advantage when it comes to innovation.

For more info, read our full article in PCM-Volume 3, Issue 10.

Luca Eandi