Operations

One of my first ever TruRating conversations was with a lady at Starbucks HQ who said this - and educated me on the importance of understanding the individuality of each store. With different customers, each with their own needs, expectations, and behavior patterns - retailers should take a granular view of the experience within each store.

In this blog series, examining how fast-growing retailers drive continuous improvements in-store via customer feedback, we’ll continue by looking at the question strategy.  Proactively monitoring store team performance has traditionally been tricky for large retail chains. Being able to pinpoint and act to fix issues before they impact the customer – and sales figures for that store - can be a huge competitive advantage. To this end, with the right technologies and question strategy, some forward-thinking Operations leaders are now turning to customer feedback as a reliable method for measuring, managing, and motivating store teams.

Last week we shared the first of a four-part look at the ways that inflation is impacting the retail landscape, with exclusive findings from our latest consumer report. While in Part 1, we explored the varying impacts of inflation across the generations, in Part 2, we take a look at how the inflationary impact on essential consumptions, like groceries and petrol, is shaping the way the modern consumer approaches retail.

This is certainly true in the retail world as the culmination of asking all the right questions prior to the holidays leads to hope that it positions retailers for a successful selling season. However, inflationary and economic pressures have set the stage for shifting holiday priorities. Here are a few that are most top of mind for retailers.

Customer loyalty... is there anything more elusive, yet more vital, to a retailer? And right now, with inflation, fuel price hikes and shortages affecting shopping behavior across the board, customer retention is even more essential.

How top retailers are staying competitive when consumers are shopping less. Inflation is hitting 40-year highs across the globe. Combined with price hikes due to shortages, we’re seeing some real impacts to shopper behaviors.