Why I am excited about retail today – Part one

Why am I excited about retail today?

Part one of a series.

I find myself energized when I walk into a great outdoor retailer or send a friend to a great independent retailer. But I often wonder: “What are the things that come together to make me passionate about the place the retailer holds today?”

I’ll try to answer that question over a short series of blog posts, starting within the realm of customer service. I am not a person who likes to only operate on feel. I prefer to balance my gut with numbers and facts whenever possible. Here are some notes from an American Express Customer Service Survey in 2015:

  • 60% of customers have halted a transaction because of a poor customer service experience
  • 68% of people are willing to spend more with companies that provide a better service experience (of these, many are willing to spend 20% more)
  • 80% of Americans agree small businesses place a greater emphasis on customer service than large businesses
  • ‘Excellent customer service’ is the second most important factor consumers consider when choosing a company with which to do business, immediately after ‘good value for the price’

To recap the above: Anyone who considers coming into a retailer feels that good service is a very important factor in where they spend money. The vast majority are optimistic that they’ll get better service from a small business AND they are willing to pay more for that service! Sounds like pretty phenomenal opportunity, doesn’t it?

Suddenly, it is no wonder Amazon is investing heavily into retail! And with meaningful personal interactions struggling despite social media, a real in-person interaction is so powerful that people will spend 20% more!

That’s a reason to be excited about retail. More than ever, customers both want good service and are willing to invest to get it. But what about getting customers in the door? More to come in part two of this series.