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Discover what your customers want in 2020

Article provided by Retail Capital

Knowing and understanding your customers’ needs and how best to serve them can be a challenge. Especially as their needs are ever evolving alongside technology changes that transform the way we interact with the world. In the digital age, consumers expectations around convenience and customisation are high. So, what does it look like practically to meet these expectations? 

Here are a few things to consider heading into 2020 as you engage with your customers face-to-face or over digital channels. 

Personalisation is key

Personalisation is key to gaining customer loyalty. In a survey conducted by Infosys; 31% of surveyed consumers say they wish their shopping experience was far more personalised than it currently is. Segment’s 2017 State of Personalisation Report also states that just 22% of shoppers are satisfied with the level of personalisation they currently receive, meaning a larger number of brands are failing to create experiences that actually inspire consumers to make a purchase.

Keep in mind that people are receptive to promotions and offers and if these are personalised it will help to push customers to purchase more and help to increase the marketing ROI for retailers. Don’t believe us? Think about the hype around Black Friday alone. Knowing which products your customers are purchasing this time of the year means you can stock the right products for more sales – and you’re showing your customers that you know and understand their needs because you’ve paid attention to their shopping patterns.

Mobile convenience and self-service tools

There is a huge appeal for mobile usage as it increases convenience for shoppers and helps promote a retailer’s online presence. For the consumer things like QR codes, online shopping carts and mobile wallets provide multiple ways to shop, check out and pay within minutes. 

This has proven to be a game changer when it comes to increasing your sales as more and more people adopt the convenience of their mobile devices and are able to manage their purchases online. Consider how you can be mobile friendly in 2020 because this practice is only going to become the norm as time goes on.

Real time support

It might seem counterintuitive but support teams can drive revenue (this reiterates the importance of personal experience).  Real-time support is an expert sales opportunity, similar to a personal shopping assistant. Customers these days are overwhelmed with the amount of information available that they need a helping hand. That’s why there is such value in real-time support because you can meet the customer where they are at. This is an important step of the buyer journey. Get it right and you can turn a prospect into a loyal customer.

For more tips on how to hit the ground running in 2020, download our SME report here or listen to our podcasts on Spotify and Itunes.

Since 2011, we have provided businesses with innovative, flexible and convenient alternatives to traditional business funding. Business owners still identify access to working capital as the single biggest challenge that they are faced with. Being responsible for 50% of the country’s GDP and contributing to over 65% of employment, we are devoted to partnering with small to medium-sized businesses to grow the South African economy. This is where we can help and we are proud to have partnered with more than 22,000 SMEs in providing funding of more than R3bn to date. Start growing your business with Business Funding and Asset Finance today. Get in touch to learn more.

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