managing retail services.pptx

Can be used in retail mgt courses and Marketing mgt

1. Managing Retail services

2. Retail service or Customer service , refers to variety of ‘add-ons ’ to a core product or service purchase that can improve the customer’s experience during a transaction. Retail services can refer to the interaction between retail sales personnel and the customer- giving advice, information and help prior to purchase and reassurance and advice afterwards . The term retail service can also be used to include the implementation of retailer’s policy and the provision of facilities like café, family parking space and toilets. Retail services

3. 85 percent of consumers in a survey say they spend more at retailers that provide good service, and 82 percent say they are likely to recommend those retailers to their friends and families. Good service keeps customers returning to a retailer and generates positive word-of-mouth communication, which attracts new customers. The challenge of providing consistent high-quality service offers an opportunity for a retailers to differentiate their offer over others to develop a sustainable competitive advantage . Importance of retail services

4. Types Of retail services Product-Related Services. Convenience-Related Services. Payment Services. Product-Availability Services. Information Services. Customer Sales Services.

5. The two common approaches to managing retail services are- Personalized Approach Personalized Approach encourages service provider to tailor the service to meet each customer’s personal needs. Standardization Approach Standardization Approach is based on establishing a set of rules and procedures and being sure that they are implemented consistently. Retail services managementApproaches

6. Strategies for managing retail services Recruit and train the right people. Happy Staff = Happy Customers. Build infrastructure that supports great customer service. Lead from the top. Welcome complaints. Listen to what your customers and staff are saying to you

7. High levels of customer service can be costly, but good customer service is worth an investment. It costs more to acquire customers than to generate repeat business. Attracting new customers will cost your company 5 times more than keeping an existing customer.   A  5% increase in customer retention can increase a company’s profitability by 75 %. 80% of your company’s future revenue will come from just 20% of your existing customers Highly satisfied customers spent 9% more than those who are simply satisfied. Cost of retail services