Posted by: Donna Tang in retail cloud, Customer-Centric, CRM on Feb 25, 2009
Much has been made of the recent changes in the competitive environment for retailers. Despite today's complexities, however, the fundamental challenge for retailers remains the same-retaining customers. Below are some tips to increase customer satisfaction and keep them coming back: Synchronize stock with demand Customers don't like to be told that you don't have the right size of the shirt or shoes they want. Avoiding this scenario requires real-time stock report solutions. Up-to-the-second stock tracking information is taking the concept of perpetual inventory from dream to reality. This is the basic step to satisfy your customers and keep them coming back to your stores. Create specific promotion for customer segmentation From historical transaction data or customer buying habit information, you are able to segment your customers. Based on customer segmentation, you can reach various customers with a promotion specific for their needs. For example, if you are a boutique clothing retailer, to increase customer visits you can segment your customers into top customers, ones with potential and low-end customers, then create promotions specific for each. Create loyalty programs that work Retailers realize that most their sales are from a small group of customers. These customers are the most important customers, and retailers want to do the best they can to retain them. Keeping track of what loyalty programs work the best, as well as individual loyal customers' buying trends and habits, a retailer can use their loyalty programs do the best to boost their best customers' satisfaction. All these tips to retain customers can be realized with the right retail IT tools: you can know more about your customers and know what they like the most about you-you can keep your customers happy and coming back.