BOSTON, MA — November 13, 2013 — Retailers are constantly losing price wars, and fighting the wrong battles. According to a new, nationwide survey of more than 1,000 consumers just released from TimeTrade, the company transforming the buying experience for retailers and their customers, the top three things more than 9 out of 10 customers are looking for have nothing to do with price:
• A more personalized experience
• Smarter, more helpful employees
• Faster customer service
Clearly, speed counts. More than 80 percent of customers surveyed said they’ll leave a store if they have to wait more than five minutes for service. The most common reasons for ‘abandonment’:
• Consumers can’t find what they’re looking for fast enough
• Associates don’t have the answers they need
• Lines are too long
When stores drop the ball on service, showrooming skyrockets. Of those surveyed, nearly 50 percent said they’ll turn to their mobile phones or shop online to get a faster, more convenient experience.
“Retailers know exactly what customers want,” said Gary Ambrosino, president of TimeTrade. “But most are struggling to deliver a personalized experience to every single customer within the limitations of the sales resources they already have.”
Of the 1,000 consumers surveyed, 74 percent said they’d be more likely to consider purchasing additional items or higher priced items when assisted by a retail associate. And in a related survey of more than 60 of the country’s largest retailers released last week from TimeTrade, retailers reported that customers spend 25-50 percent more when assisted by product experts.
That’s exactly why Best Buy, Sprint and many other leading retailers are using TimeTrade to listen to customers, and give them control over what they do, who they talk to, and when. The more retailers know about their customers before they walk in the door – the greater chance they have of providing a valuable, personalized and satisfied buying experience. And measuring satisfaction the moment a transaction is complete plays a critical role in keeping customers coming back.
“Price matters, of course, but people go shopping for lots of reasons – very often, because they want help from someone who knows more about a product or service than they do,” said Ambrosino. “Our findings show that when customers are assisted, quickly, by knowledgeable employees, they spend more, and are far more satisfied and loyal. Today, too many retailers are struggling to meet customer expectations, and until they figure it out, would-be loyal customers are walking out the door or buying online.”
To learn more about TimeTrade or download our retail brief which explains the survey results and highlights the growing gap between shoppers’ expectations and customer service experiences visit: Retail Omnichannel Survey
The world’s most well respected brands in retail, banking and industries worldwide use TimeTrade to deliver on their brand promise of a truly personalized customer experience. By putting customers at the core, TimeTrade customers have increased sales, dramatically improved customer loyalty, and streamlined their operations.
More than 80 million connections have been made between consumers and businesses using TimeTrade’s scalable Responsive Engagement Platform, directly translating into more than $2 billion in commerce every year.