Why Customer Wait Times Are Weighing Down Your Bottom Line
According to TimeTrade surveys of consumers across various verticals (retail, banking, healthcare, etc.), the average person is not willing to wait more than 10 minutes for service.
In an age when many products and services are technical and complex, sales associates are spending more time explaining things to consumers. And while that’s happening, other consumers are waiting—usually not patiently. Here’s how those customer wait times are weighing down your bottom line.
To cut to the chase: Long customer wait times are costing your business money. More than ever, today’s customers view their time as extremely valuable. Many times, if passersby see a long line, they may not even bother going into your store, as they figure it’s too crowded. Even if they see something they like, they perceive the wait for checkout will be too long. Each time this occurs, it’s a potential purchase that doesn’t happen.
And, if a customer makes it into your store and gets in line for checkout, but feels the line is moving too slowly, they are increasingly likely to abandon the purchase—once again costing your store potential revenue.
Additionally, there’s the lasting impact of bad customer experiences. If customers go into your store, wait in a long line and still make the purchase, their memory of that experience is likely to be a painful one. They will link your store—and your brand—with poor customer service due to the long wait. Such impressions adversely affect brand loyalty and are likely to diminish future revenue from those customers.
Using technology that enables you to minimize—or eliminate—wait times will help improve your customer experience and your bottom line. You can provide easy-to-use, self-service tools so your customers can schedule one-on-one time with knowledgeable store personnel, at a time that is convenient for them. You also can use in-store technologies like a queue management system to shorten or alleviate wait times. Implementing these solutions will ease your long customer wait times and improve your business’s bottom line.