Markets’ major trend survey asked the question:
“If you were the CEO of a Swedish retail company, what would you pay extra attention to right now?”
As the CEO of a Swedish retail company, I would be paying extra attention to a few key issues right now. The first and perhaps most critical issue would be to negotiate with my property owners to achieve a more balanced and beneficial cooperation. I would seek to find a solution where both parties benefit and feel satisfied, rather than one party getting a disproportionate share as today.
By freeing up resources through such negotiations, I would then invest them in improving the customer experience in stores. While this is an obvious focus for many retailers, it is unfortunately a major challenge to implement successfully in practice. Nevertheless, it is by far the best way for us to strengthen our competitiveness and prepare for the future.
Improving the customer experience in physical stores means everything from creating a more inviting and inspiring store environment, to improving staff skills and customer focus. It’s about offering a more personalized, engaging and memorable shopping experience for customers. We need to ensure that we best meet and exceed our customers’ needs and expectations. By reprioritizing our resources to this critical success factor, we can build a strong, profitable and customer-centric business model for the future.
Research on customer service emphasizes its significant impact on customer satisfaction, loyalty and overall business success. Studies show that positive customer interactions lead to increased customer loyalty, repeat business and positive word-of-mouth recommendations. Research also shows how effective customer service can differentiate a company from its competitors and improve brand brilliance. Excellent customer service has been linked to increased profits, customer lifetime value and increased customer loyalty. Overall, the research underlines the important role that customer service plays in fostering lasting customer relationships, driving growth and creating competitive advantage in today’s market.
