Inflation is higher than it’s been in fifty years and heavily impacts every retail sector including commodities, labour, energy, food……the list goes on. This crisis presents never-before-seen challenges and shows no sign of slowing down. Organizations need to ensure that their core businesses are stable, their customers are satisfied, and their profit sheets are healthy – while identifying growth opportunities. It’s true – recessions have historically opened up new prospects – and this one is no different. Smart retailers are aware that consumer behaviour has transformed dramatically, and they must capitalize on these changes to ensure a sustainable future.
Digitization and technology have provided consumers with increased access and options, which in turn have created a model whereby retailers can interact directly with their customers. Enter the service categories. Today’s retailers have an opportunity to play offence by expanding their business models to include services, and the potential value can be significant. Studies show that retail-adjacent service businesses have higher profitability and growth potential than traditional retail – somewhere in the region of 20 to 30% growth.
Add into that data that 20% of consumers are unsatisfied with their current service provider since they’re looking for great value in their purchases while seeking greater accessibility and quality. Studies also show that 60% of customers would be willing to access services from retailers and that higher-income consumers are even more open to making the switch. And retailers are waking up.
In fact, in the US some big retail brands are identifying certain assets – specifically traffic and audience – that provide them with a unique opportunity to act as a “retail media network”. In other words, these players can capitalize on the need for advertising and marketing services. Think about it. They have millions of customers landing on their sites daily while gathering vast amounts of granular data on consumer behaviour. With online platforms, stores, catalogues and social media, many of these giants have staggering access to their customers. And some of the more sophisticated retailers are leveraging created content to drive their brand and generate compelling audience engagements. And that’s just an example.
At the end of the day, creating the right portfolio of services needs to be based on an organization’s perfectly calibrated omnichannel infrastructure, its ability to provide a service proposition that is consistent with its product proposition, and the creation of physical or digital assets. With these steps in place, retailers can start the service monetization engine.
So how can a customer service outsourcing company help a retailer to step up its game in the increasingly sophisticated world of retailers-as-service-providers? An established customer service outsourcing company like Anexa, with skilled agents who are trained as brand representatives, can seamlessly assume your customer service activities, ensuring that your focus can remain on the big picture and emerging retail trends.
Our specialists understand that core service principles such as responsiveness, making sure the customer feels heard, positivity, and first contact resolution are part of each interaction they undertake on your behalf. As the face – or the voice – of your brand, our agents’ goals are to consistently go above and beyond when it comes to the quality of communication, technical competence, customer focus, customer resolution and accessibility. And the better you know your customer, and how they want to be treated, the better overall service Anexa teams can provide.
Want to learn more? We’re Anexa – reach out today.