Retail Pricing Problem and Customer Satisfaction

Retail Pricing Problems

In the last few blog posts, we’ve discussed how stockouts and a lack of available staff impact your customers’ satisfaction. It also affect’s their ability to buy your products. And the likelihood of returning to your store. Today, we’re going to address another problem. Something that often prevents customers from making purchases and staying loyal to your company. Pricing problems. Here are three retail pricing problems that can prevent a purchase or harm customer satisfaction.

Pricing Problem: The Shelf Price Doesn’t Match the Advertised Price

Client’s spend time and gas money to visit your store in order to get a deal. The last thing they want is to find is that the discounted items they came for are actually full price. If they’re new to your company, that means they haven’t built up any store loyalty. If they don’t feel loyal to your company, they have no reason to stay when this happens.

Pricing Problem: The Shelf Price Doesn’t Match the Cash Register Price

This problem is especially serious if the price at checkout is higher than the shelf price. And even more so if your customer is on a tight budget. This can lead to canceled purchases, delays and an increase in the checkout line while prices are compared. And also an increase in customer dissatisfaction. Partly because they may be surprised by the higher price. And partly because of the longer check out line.

Pricing Problem: There is No Shelf Price

A customer may want an item badly and has money to spare. And they might be willing to risk finding out that that item is more expensive than they guessed. But they may be watching their finances. Or they may be uncertain about making the purchase in the first place. Then a lack of a posted shelf price can deter them from taking a gamble on a product whose price they don’t know. If a store associate is there, some customers will be willing to ask the about the price. This can mitigate some of the effect of the missing price tag. However, some people are reluctant to talk with other people, and there isn’t always a staff member available.

Even if an associate is present, they may not have a quick and effective way to check the price. This can result in delays in both the customer’s shopping and your staff’s attempts to get the rest of their work done. If the employee cannot find a price, your customer might lose faith in your company’s ability to help them find what they need, which can discourage them from asking for help or even from shopping with you in the future.

Mismatched Prices Can Easily Go Undetected by Your Staff

Empty shelves or a missing price tag are visible at a glance. But an incorrect price is much easier to miss until it starts to cause problems. Not all customers will report the problem. Some will simply leave the store without making a purchase. Or go buy a cheaper alternative instead if their brand loyalty is low.

Great Customer Experience a Major Factor in Which Shoppers Choose

While a certain amount of customer churn is normal for any business, you can significantly reduce yours by giving your shoppers a great experience – and that includes making sure they can easily find the products they need at the prices they expect, especially promotional items. According to getfeedback.com, 67% of consumers say a bad customer experience is one of their main reasons for churning, and 39% avoid the offending vendor for over two years after having a negative experience.

Bad experiences don’t just cost you your current shoppers. As Zendesk points out, 95% of consumers have taken action as a result of a negative experience. Of those customers, 85% wanted to warn others about the company. And 66% wanted to discourage others from buying from the company. One the other hand, 50% of customers would buy from a company more frequently after having a positive experience with them, and even if that company’s prices aren’t the lowest, 86% of customers are willing to pay up to 25% more for a better experience.

Many customers are willing to go looking for that superior experience, and American Express has discovered that 59% of them will try a new brand or company in order to get it. You need to provide an amazing customer experience. This includes going above and beyond. Doing that will ensure you have a strong advantage when it comes to attracting and retaining shopper

Price Accuracy and Outstanding Customer Service can be achieved

You may need to improve your shelf price accuracy. Or consistently prevent items from going out of stock. Not to mention provide the kind of exceptional customer service that gets repeat business and positive reviews. And you may be thinking this all sounds difficult. They fear that it will require complicated logistical or technological systems. Or perhaps extensive and demanding employee training. Or both. The good news is, it doesn’t have to be nearly that difficult. We can provide an agile product management and customer service device that does much of this work for you.

Meet Navii: An Automated Inventory Management and Customer Assistance Robot

Navii, our robot, which roams the aisles of your store, not only detects incorrect price tags consistently and alerts your staff about them, but also tells them the location of stockouts, items that are in the wrong place, and products they’re having trouble guiding customers to. On top of helping your staff to maintain your on-shelf inventory and serve the customers who are talking to them, this robot can directly assist your customers in finding the items they want. Some people prefer to interact with technology over people and will ask the robot for help when they would otherwise have left without making a purchase.

Once the shopper has told the device what they want, it gives them a selection of items that match their description. They choose the exact product they want, and the robot guides them to the item’s exact location while providing additional information about the product. 23% of customers who have a great experience tell 10 or more people about it, and since retailers started using our robot, we’re personally witnessed this in action. Customers have been seen typing on their phones as they followed the device, sharing their experience on social media even as they were guided to the product. We’ve never heard of that happening with a human customer service rep!

This is one of the best retail product management tools on the market today. And early adopters have the chance to impress their clients by offering them a convenient, novel, cutting-edge experience that very few other companies provide. Do you want to learn more about how this inventory management robot can improve your customer retention and reputation? And how it helps prevent you from losing sales due to stockouts, bad price tags, and staff who can’t find items outside their main department? Then click here to learn more!

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