Value for money more important than low price, say shoppers | Industry News | TalkingRetail.com

A survey of 2,210 UK consumers by Retail Eyes, the UK’s leading customer experience improvement agency, has found that less than one in five people (17%) intend to make purchasing decisions based on the lowest possible price.

With consumers counting every penny following the VAT rise, many retailers will be doing all they can to keep prices low to attract shoppers through aggressive promotions and discounting. While this does undoubtedly have its short term benefits, it will be unsustainable in the long run and ultimately leave customers feeling disappointed.

Tim Ogle, CEO of Retail Eyes, says that rock bottom pricing is not necessarily the best way to attract, and retain, customers.“Our research has shown that 83% of shoppers are looking for added value for their money. Obviously with their margins being squeezed by rising costs, retailers need to find cost effective ways to add value – one of which is through exceptional customer service.”

Customer service has historically been seen as an interaction to deal with a customer when something has gone wrong or simply serving the customer in a transactional manner. Retail Eyes believe that retailers should go a step further and expand customer service to customer experience placing the focus on creating an experience that customers remember and want to revisit.

Ogle said:“Customers are subconsciously running value equations throughout their entire experience and that includes more than just price; it includes the whole experience. People, especially front line staff, are the ones who can really make a retailer stand out from the crowd by committing to make every customer’s experience the very best.

“Get the overall customer experience right and retailers can expect to see the results positively impact at the tills.  Get it wrong however, and shop staff who see their job ‘as just a job’ can have a negative impact– destroying a retailer’s reputation just by simply ignoring customers.”

Retail Eyes helps retailers and other businesses understand the impact of customer experience and how different interactions and levels of service can affect customers’ purchasing decisions.

Source: Retail Eyes

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