Today, brick-and-mortar retailers face heavier competition retaining customers, and money counters can help them avoid losses. As more consumers shop online - Internet Retailer wrote that global ecommerce sales were set to grow 25 percent in 2015 - store owners need to go above and beyond to make shoppers' in-store experiences memorable and worthwhile.
In reviewing Richard Shapiro's new book, "The Endangered Customer," Chris Petersen told Retail Customer Experience this particular type of consumer is one that is actually disenfranchised by the increasing dependence on technology by retailers. Instead of focusing on engaging with their guests and driving long-term loyalty, business owners are trying too hard to simply increase sales. However, Petersen pointed out long-term relationships with repeat customers are more profitable. In fact, he noted Pareto's 80/20 rule applies to retail, in that 20 percent of customer relationships drive 80 percent of the profit. To avoid the endangered customer, which ultimately translates to the endangered retailer, store owners must invest in technology that empowers staff to focus more heavily on customer engagement.
As long as store associates have the right tools to do their jobs, they are in a good position to have a direct impact on the customer experience. Money counters are one example of an underrated yet valuable tool that directly impacts each guest's experience with a retailer.
Every business owner knows that in addition to conducting customer-oriented tasks, store associates spanning from entry-level workers to managers must all conduct backroom administrative duties, from running financial reports to scheduling and counting cash. One way business owners can alleviate some of this monotonous work is by investing in tools like cash counters that automate these processes. While it may seem like a stretch, these machines actually have an impact on store environment and ultimately, customer happiness. Consider the following two reasons:
Far too often, retailers think the key to retaining customers is to abandon in-person customer experiences and replace them with technology. While this is important, it is also necessary to utilize technology for operational tasks, and money counters are an effective tool.
April 28, 2016