Retailers Can Improve Sales With Personalized Services
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U.S. retailers missed out some $150 billion in potential revenue this past year by failing to offer personalized experiences that consumer demand, according to the State of Retail 2017 survey from TimeTrade Systems, Inc.
Disappointing Shopping Experiences Cost Retailers $150 Billion
Disappointing shopping experiences are costing brick-and-mortar retailers serious money, according to the latest TimeTrade State of Retail 2017 survey of U.S. consumers. In fact, the State of Retail 2017 survey results suggest that U.S. retail stores left about $150 billion in potential revenue on the table in 2016 by failing to offer shoppers personalized shopping experiences.
Retailers Missing Out On $150B
With connected devices allowing consumers to order anything they want or find any piece of information instantly, a culture of instant gratification has been created. As such, it should come as no surprise that TimeTrade’s State of Retail 2017 Survey found retailers are missing out on a large piece of the puzzle with lack of providing personalized experiences.
Study: Retailers leave money on table due to lack of personalized service
Chain Store Age
Disappointing shopping experiences are costing brick-and-mortar retailers serious money, according to the TimeTrade State of Retail 2017 survey report.
Poor Service Cost Retailers $150 Billion Last Year. Could Mobile Tech Stem the Loss?
Brick-and-mortar retailers are struggling to keep up with online stores, but they’d struggle far less if they could better deploy in-store technology, according to the TimeTrade State of Retail 2017 survey report.
Stores popular, but they need to do more, survey says
TimeTrade State of Retail 2017 says consumers are researching and browsing more online, but they still like to go to physical stores to touch the merchandise, get advice on purchases, and to take advantage of in-store purchases.
Distrust of large institutions makes this the year of the community bank
Even in today’s quick-fix world motivated by technology advancements, many bank customers still seek out old-fashioned customer service. Indeed, more than half of consumers prefer to interact with their bank in person, according to a report from TimeTrade.
What Millennial Consumers Really Want
When it comes to millennials, TimeTrade’s research surveys show they highly value personalized service when making almost every type of purchase. Businesses that will enjoy the greatest success serving millennials will be those willing to go the extra mile and provide “We’ve been expecting you” service to every customer, every time.
Win customer loyalty through personalized interactions across purchase journey
A TimeTrade report found that while 69 percent of retailers say they are delivering an individualized shopping experience to customers all of the time, only 26 percent of consumers agree that the retailers are successfully providing a consistent experience across all channels.
How Retailers Are Redefining the Shopping Experience
Technology has changed the face of retail. It has affected how consumers shop and interact with brands. Yet, even though ecommerce is growing, a TimeTrade survey revealed that 85% of U.S. consumers say they still prefer to buy from physical stores even if the same products are available online.