What Will Cause 90% of People to Leave Your Business? Insight From the Shopper Experience Study

Credit: 2015 Shopper Experience Study.

Consumers are willing to walk in order to pay less money on products. 93% of people are willing to purchase products from another retailer for a lower price according to the Shopper Experience Study. When price is not a factor though there are other reasons that consumers will choose one retailer over another. 48% of consumers will not choose the retailer with the lowest price in favor of convenience, loyalty programs, and return policies.

Cognizant's SVP of Products and Resources Practice Leader Business Consulting, Steven Skinner recommends three changes for retailers to make that will help tailor their business to suit customer desires. These changes may lead to greater customer satisfaction and loyalty.

1. Include store associates in digital technology rollouts: Testing of new applications should not occur once it reaches the customers’ hands. Include store associates from the beginning and allow for continuous feedback from associates.
2. Empower and train associates: store associates interact with customer and play a vital role in determining if a business receives repeat business. Train associates so they are able to exceed customer expectations. Make sure they understand what tools/tactics are available to them and when they should be used to make a sale.
3. Create a loyalty strategy that emphasizes personalization: Do not flood all of your customers with the same message. People want a loyalty program that feels unique and insightful.

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