June 28, 2017
Jacky Broomhead, Market Development Manager at GS1 UK talks to Essential Retail about the importance of customer satisfaction and what measures retailers are taking to meet their needs. But the real question is, do they really know what their customers want?
In order to be a retail success, customers need to be happy. Retailers are now in more competition with each other than ever before thanks to the evolution of technology.
We have seen shopping habits drastically change in the last few years; with customers ordering online with a same day delivery and walking into fitting rooms with mirrors advising on the next best outfit – what more could customers want?
Although this technology roll out is exciting and retailers are trying to continuously keep up with competition, these services do come with their costs. Recently we looked at fashion retailers and brands’ cost-to-serve and it was clear that while their sales were up, their margins were down – why?
One of the biggest risks with new investments in services for customers is losing sight on what they really want. Keeping up with competition is key for any retail business, but knowing who your customers are is even more important.
And while there is talk of drones to be the next ‘big thing’ for delivery options, the basic customer needs are being overlooked, and here’s what we’re facing:
- Customers want accurate product information, but 80% of data in the UK is inaccurate
- Customers want good availability, but 63% of retail stock records are inaccurate
- When it comes to delivery, customers want it quick, cheap and convenient
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