View From The Top: Consumer Acquisition And Retention In Retail
Our retailers frequently tell us about the challenge of attracting customers and driving loyalty in today’s competitive convenience landscape.
Understanding your shoppers and what drives and motivates them can be a tough task for convenience retailers in an industry where disruption is the norm and competition from other stores and channels is intense.
Recent him! CTP research has shown that 94% of convenience store shoppers had bought from other fast moving consumer goods channels or even other convenience stores in the last seven days. It’s unsurprising that retailers struggle to stand-out and keep up with changing consumer priorities.
At PayPoint we have a network of 29,000 stores in the UK, serving more than 10 million people a week. We constantly update our knowledge on why consumers are tempted to shop in certain stores, and what steps can be taken to improve shopper loyalty as the industry evolves.
Knowing what is motivating your consumers to shop elsewhere – and putting measures in place to keep them loyal – is the first step needed to succeed in a crowded and constantly-changing marketplace.
Keeping up with demands
Services like PayPoint continue to be a constant driver of footfall, giving consumers what they need to keep their lives moving. Knowing your shoppers’ preferences is more important now than ever as fresh challenges face the industry.
Modern shoppers are looking to other channels to satisfy their needs, and bricks and mortar shops are increasingly competing with the internet.
Consumers have busier lifestyles and greater choice – a mix which has led them to demand convenience and uniquely tailored retail options.
The demand for convenience also applies to payment options. The modern day shopper is seeking ease of payment: by cash, mobile, online and offline.
As such, mobile payments are becoming mainstream. Visa is predicting 60 per cent of transactions will be mobile by 2020 and failing to meet these expectations could encourage your shoppers to go elsewhere.
We are the leading provider of non-cash payments to the convenience retail sector. 30% of our transactions are now non-cash, driven by the move to contactless card payments and the adoption of Apple Pay and Android Pay in stores.
Understanding your shoppers
Image Source by Elliot Stokes
And the answer doesn’t only lie with understanding changes in consumer habits. Competition has become tough. As discounter proliferation continues, being the ‘go-to’ convenience store is no longer a given.
With busier lifestyles and the blurring of channels, modern day shoppers have a wealth of choice.
Data is key to making your store the destination of choice for your shoppers. Using electronic point of sale data (EPOS) to see what is working in your store and what your shoppers are coming back for can help you keep ahead of the pack.
By keeping track of your stock and sales, EPOS helps you to understand what is going on in your store. Embracing this analysis and using the data effectively can assist in streamlining your business and optimising the range of products you sell.
Small changes, big results
Something as small as keeping an eye on stock levels or giving potential shoppers’ choice in how they pay can reap big rewards, keeping your customers happy and wanting to come back for more.
For more information, visit: http://paypoint.com/
Main Image Source by Daniel Foster
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- View From The Top: Consumer Acquisition And Retention In Retail - July 15, 2016