Top 5 Ways Retailers Lose Customers

Without customers, you wouldn't be in business. That is why it is surprising how easily retail stores drive customers away. And with the onset of online retailing, the competition for the customer has never been greater. The demand for an exceptional shopping experience has never been higher from customers.

Simply put customers want their expectations exceeded. But too often, retailers have practices in place that work against an exceptional buying experience.

Wrong Product Pricing

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Besides cost, some of the things to consider when choosing the best strategy for your retail business are the market, the channels of distribution and the competition.

Terrible Customer Service

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It's inevitable that there will be the occasional disgruntled customer. No matter how wonderful your products are or how committed you are to provide the best customer service, problems do occur. Armed with the following customer service tips, you can diffuse a situation and possibly even save the customer, as well as the sale.

Poor Store Atmosphere

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As retailers, we can't afford to turn off a single customer and image is everything. Take a look around your retail store. Do any of the following situations exist? 

Not Knowing Your Competition

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It's important for new businesses to complete a competitive analysis during the business planning stage, but competitive intelligence can also be useful for marketing, pricing, managing, and other strategic planning for retailers. Before you can know your competitive edge, you must know your competitor.

Lack of Product Knowledge

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It is difficult to effectively sell to a consumer if we cannot show how a particular product will address a shopper’s needs. Learn some of the benefits of knowing the products you sell. And remember to "feature" the benefit.