Originally posted in Forbes

Throughout the year, retail sales can peak and trough. However, busier periods—such as the festive shopping season—present a strong opportunity for retailers to increase their customer base and maximize sales. While many might keep a short-term view of this opportunity, focusing solely on their performance within that short time span, the reality is that these periods can act as a catalyst for long-term customer retention and sustainable business growth.

The festive shopping season is a prime example of this. From Black Friday to January sales, retailers have a three-month window to attract new customers, provide exceptional experiences and develop strong relationships that retain their business.

Of course, in the build-up to these opportunities, retailers must prepare accordingly. Increasing stock levels, providing overtime for staff and offering attractive discounts and promotions might seemingly create pressure for short-term success. However, it is important to keep an eye on the wider retail vision and to utilize these periods for long-term growth.

The Importance Of Customer Relationships

According to Bain & Company, consumers spend an average of $132 per month with retailers that have earned their loyalty while only spending $71 per month with brands they give lower ratings. When customers feel valued by a brand, not only do they continue to spend with that company, but the trust they have developed leads them to spend more. Meanwhile, research undertaken by Gartner shows that receiving value during a service interaction increases the likelihood of a customer sharing positive word of mouth by as much as 97%.

Strong customer relationships are critical for retailers. By providing a high-quality service to customers, retailers can positively impact their relationships with customers. Not only do these relationships improve the likelihood of increased and repeated spending with their current customer base, but they also improve their chances of growing their customer base through word of mouth. At this point, the process can be repeated, and retailers can soon find themselves in a virtuous cycle—constantly growing the number of customers they reach and retaining them, too.

The Customer Retention Challenge

Strong customer relationships are important, but they don’t necessarily come easily, especially during busy periods. With heavy in-store traffic, delivering a high-quality customer experience can be difficult: crowded areas, lots of waiting around for customers and long queues all work to the detriment of the level of service retailers should be striving to provide. Busy stores also cause potential stress for in-store associates, who, rather than focusing on creating exceptional experiences, might instead rush through interactions to maximize the number of customers they can attend to.

These periods also create the potential for struggles outside of in-store sales. Many retailers today have developed an omnichannel presence, providing customers with various options to complete their shopping. In theory, this is a highly effective practice that facilitates fulfillment options such as buy online, pick up in store (BOPIS), or buy online, return in store (BORIS). However, during peak shopping periods, an inefficient order management operation can quickly lead to retailers failing to fulfill omnichannel orders—which can be catastrophic to customer relationships.

Effectively Managing Relationships During Peak Periods

A few key tweaks to a retail operation can effectively help retailers deliver high-quality in-store experiences despite heavy in-store traffic, transforming a potentially stressful environment into one that takes care of and values every customer who walks through the door.

Everything starts with staff and the tools they are provided with. Preparation is essential, and the human element is crucial in delivering an optimal customer experience. Therefore, retailers must ensure that firstly, they have enough associates on the shop floor to manage a surplus of customers, and secondly, that they are all well-trained in how to interact with different customers, as well as how to utilize best any tool that will help them service in-store visitors.

From here, two factors become critical in building relationships: personalization and speed.

According to McKinsey, 71% of consumers expect companies to interact with them on a personalized level. With the right customer relationship management (CRM), retailers can leverage secure customer data to tailor interactions and empower in-store associates to deliver tailored interactions that make shoppers feel valued. This can include making product recommendations or alternative suggestions based on previous purchasing history. The right data can also enable retailers to create personalized loyalty programs, providing discounts and promotions on specific items that are relevant to customers.

In a cost-of-living crisis, loyalty programs are proving highly effective for retailers, attracting repeat business from customers while also enabling consumers to secure great deals. They also help retailers attract younger generations. Deloitte found that 60% of consumers aged 18 to 24 claim to like point-based loyalty schemes, with 20% also claiming that they would stop shopping with brands if they were to end their loyalty program.

A personal experience is crucial, but combining that with speed creates convenience that few other retailers can deliver. With mobile point of sale (POS) technology, retail brands can transform their entire operation effortlessly. Capable of interacting with a retailer’s wider technology stack, mobile POS solutions enable real-time insights around stock and order management, CRM and wider data and analytics. At this point, associates can create personalized experiences, provide up-to-date stock information for customers and activate tailored discounts and promotions all through one device. Importantly, however, mobile POS enables associates to conduct transactions anywhere in the store.

Suddenly, associates can provide a highly bespoke service and facilitate fast checkouts at the customer’s pace, eliminating queue times. The time of both customers and in-store associates is optimized. Customers leave the store having been provided with a top-tier experience, and associates can quickly move on to the next shopper.

Remember The Long-Term Goal

Relationships in retail are crucial. While peak shopping periods can create stress, they are also the perfect breeding ground for long-term relationships that blossom and expand a retailer’s customer base. If retailers can deliver true value during these seasons, they can seamlessly set a strong foundation for future growth.

Sergey Kozhevnikov, VP of Product Development, Teamwork Commerce. Read Sergey Kozhevnikov’s full executive profile here.

Originally posted in: Retail Voices

The physical retail landscape is experiencing a resurgence that shows no signs of slowing down. In fact, according to the KPMG/Ipsos Retail Think Tank (RTT), we are currently seeing a return to physical shopping despite the ongoing cost of living crisis. The consumer appetite for in-store experiences continues to rise. However, within the current economic climate, many are becoming more conscious of their purchasing decisions. Today, retailers face a pressing challenge: finding a way to stand out in an increasingly competitive market.

In a world where customer preferences reign supreme, success lies within top-tier customer experiences – the cornerstone upon which retailers must build their businesses. Yet, in an industry that is ever-changing, where customer demands evolve by the day, achieving this goal is not necessarily simple.

At its core, customer experience can be attributed to three main elements: speed, personalisation and convenience. By improving practices with these pivotal elements in mind, retailers can better create unique experiences. They can also differentiate themselves from their competitors and lay the foundations for long-lasting loyalty from their customer base.

However, delivering speed, personalisation, and convenience all at once can be a challenge, especially within brick-and-mortar stores. Yet, emerging technologies, along with the transformative capabilities of mobile point-of-sale (POS), present an avenue through which retailers can create unparalleled in-store service.

Delivering Speed

Long queues and waiting times during checkout only cause frustration for in-store shoppers. According to WaitWhile, nearly 75% of U.S. consumers feel bored, frustrated, disrespected, annoyed or impatient when waiting in queues. In an era where customers are desperate for seamless checkout experiences, retailers need to advance their in-store technology stack with the latest innovative solutions to live up to modern expectations. Mobile POS can act as a beacon of convenience and efficiency within retail. This technology revolutionises the checkout process by eliminating the need for in-store queues. Traditionally confined to designated checkout spaces, customers can now bid farewell to lengthy lines and frustrating waits.

Mobile POS technology liberates retailers from fixed checkout counters by enabling transactions through handheld devices such as smartphones and tablets. This enhances in-store services, reduces wait times, and equips sales associates with customer insights and inventory data. Customers enjoy efficient assistance and speedy transactions, while retailers can optimise sales and deliver superior in-store experiences.

The world is becoming increasingly fast-paced, and prompt service is becoming more important to customers than ever before. Using mobile POS, retailers can provide customers with a fast and efficient service model that suits their needs and supports their shopping habits.

Personalising the Experience

Consumer needs are continually adapting and changing. With 71% of customers now expecting a personalised shopping experience, retailers must find ways to tailor each interaction they have with their shoppers. Mobile POS solutions can enable retailers to provide this desired level of personalisation directly to customers, allowing them to offer exclusive discounts to customers based on their previous shopping habits.

Mobile POS technology provides in-store associates with access to crucial data at their fingertips. With an integrated customer relationship management (CRM) system, real-time data can be collected from each interaction a customer has with a retailer, including information such as a customer’s purchase history, clothing and shoe size, and shopping preferences. From here, associates can offer customers a uniquely curated experience, delivering a tailored service that makes in-store visitors feel valued.

This personalised approach to customer service aids in building brand loyalty for retailers. With staff providing shoppers with a warm and welcoming experience from the moment they enter the store, retailers can develop long-term relationships with a retained customer base.

Creating Convenience

Convenience is the third crucial element that helps retailers differentiate themselves from their competitors. Combining speed and personalisation can go a long way to delivering high-quality experiences in-store, but adding convenience enables retailers to expand this service beyond the shop floor.

Today’s retail industry is highly reliant on multiple sales channels. While in-store sales continue to grow, ecommerce still plays a significant role in a retailer’s bottom line. As such, an omnichannel approach is necessary to facilitate sales from anywhere – whether purchasing online, in-store, or buying online and picking up in-store.

Convenience is created through options, and by integrating order fulfilment software with mobile POS, retailers can create omnichannel-focused sales channels that cater to a customer’s needs. Customers can visit a store, be greeted by a sales associate on entry, inform them of a product they are there to collect, and be out of the store in seconds.

Realising the Value of In-Store

As consumer appetite for experiential retail grows, retailers can attract visitors with convenient purchase options, and retain their long-term business by delivering a fast, highly personalised in-store service.

Those retailers that go the extra mile to make customers feel valued and satisfied at every touchpoint are the ones that will succeed in such a competitive landscape. Mobile POS can go a long way to helping them achieve that distinction.

Thanksgiving is around the corner! With yams on the mind, the nation is busy preparing for a range of festivities. Regardless of how you might celebrate: watching the Macy’s Thanksgiving Day parade, tuning into the football, or eating your way into a potato-induced nap, Thanksgiving is steeped in tradition.

These traditions have transitioned into the retail world. Acting as the appetizer to Cyber Weekend (poorly used food-based pun intended), Thanksgiving Day kicks off the festive shopping period, with Black Friday following immediately after.

According to the National Retail Federation (NRF), 196.7 million customers shopped over Thanksgiving weekend in 2022 – and its popularity is only expected to grow as consumers try to spread out their festive spending.

On the subject of tradition, perhaps the most important of all is the opportunity to reflect on what we are thankful for. So here you go, we’ve outlined 3 retail technologies that we’re grateful for this Thanksgiving…

Mobile Point of Sale

According to BCG, an eye-watering 74% of consumers are expected to search for great deals during this year’s Black Friday weekend. With incredible consumer appetite for a bargain, in-store footfall will inevitably increase significantly around Thanksgiving.

Busy stores run the risk of customer frustration. Limited space on the shop floor combined with long queue times can quickly turn off would-be customers during Thanksgiving weekend. Retailers need a solution that alleviates this issue, and Mobile Point of Sale (POS) can do exactly that. Capable of completing quick and seamless transactions from anywhere in-store, mobile POS can optimize in-store sales opportunities while significantly reducing wait times for customers.

Order Management  

In order to avoid crowded stores, many consumers today choose to buy online and pick up in-store (BOPIS) – ensuring an easy, streamlined purchase that fits around their schedule. Creating omnichannel fulfilment enables retailers to provide customers with more options for how they conduct their transactions, and opens more doors for sales opportunities.

This can only be achieved with order management technology, connecting e-commerce platforms with wider retail operations to generate shipments. With the right solution deployed, orders can be placed from multiple locations and fulfilled anywhere.

With the flexibility of being able to shop in the ways that suit them best, retailers can deliver an enhanced customer experience that provides convenience for consumers during an extremely busy period.

Customer Relationship Management

According to NRF, consumers begin their festive shopping as early as October. They buy early, and they plan everything well in advance. As a result, retailers should recognize that the likelihood of impulse buys during the festive period drops significantly.

Using Customer Relationship Management (CRM) effectively, retailers can take advantage of the meticulous research consumers undertake. Able to track all interactions with customers – which products they have viewed, or size and color preferences – retailers can use this to their advantage and push specific, personalized messages that encourage sales.

Whether creating personalized discounts on viewed items, or offering specific loyalty points for certain purchases, retailers can not only encourage customers to buy from their store, but they can begin to leverage secure data for long-term relationship building.

Keep the Bigger Picture in Mind

Thanksgiving – and the following festive period – sees an uptick in sales for the retail industry. While maximizing profits is a priority for many, retailers should take this time to really focus on delivering high-quality customer experiences that create and nurture strong relationships with customers. With these relationships established, they can benefit from the growth in long-term retained customers. Now that is truly something to be thankful for.

Interested in finding out how technology can help your retail business drive long-term customer relationships this festive season? Book a live demo here.

Bo Zavorotniy​e

Integrations Director

In the latest edition of our Five Minutes With… blog series, we get to know Bo Zavorotniy, Integrations Director at Teamwork Commerce.  

From wakeboarding to wine tasting, Bo’s eagerness to stay active extends way beyond leisure – regularly getting involved in Teamwork’s party planning on top of the day-to-day demands of an Integrations Director. Here, Bo reveals (almost) everything…

• What is your role at Teamwork Commerce?

Officially, I currently oversee our development services department as Director of Integrations, ensuring that systems and technologies can all communicate seamlessly. However, unofficially, I can be many things – including mascot and party planner!

• Explain your career path. What inspired you to join the retail tech industry?

To be honest, I never specifically planned to join the retail tech industry. It just kind of happened, and I liked it. Initially, I joined the IT industry as a Quality Assurance Analyst. I then slowly moved to other positions within the company which helped me learn different perspectives from different teams and departments of the business we’re in. In every position I’ve been in within the company, I was able to obtain a skill or two that helped me get to where I am today – and I don’t plan to stop this trend any time soon.

• What is your favorite thing about working in the retail industry?

I love the diversity of knowledge you’re able to obtain. The thing about the retail tech industry is that you’re not just trying to win new clients and flow through traditional client-vendor relationships. You’re trying to build a technological partnership where you must always dig deep to find out what is really needed, acting as an extension of your client.

You’re able to see, feel and be a part of not only the business you are in, but also other businesses, teams and technologies that you interact with on a daily basis. I think it’s great! It gives you an opportunity to broaden your horizons.

• What is the best career advice you have ever received?

That’s very simple: Don’t half-ass it. It is the best advice I’ve ever received and probably the best advice I can give to anyone else.

• What is your favorite thing about working at Teamwork Commerce?

I’d have to say people, company values and culture. I don’t have such a broad experience with working in other big IT companies, but here at Teamwork it’s very easy to have a feeling that you’re being heard. No one hesitates to express ideas and create something.

• Who are your key role models/inspirations?

I try to not idolize anyone, so I don’t really have an answer for my key role models, but I’m always fascinated and inspired by people or things that attempt to revolutionize the world for the better.

Rapid Fire Round…

What is your favorite…

• Book: I wouldn’t call myself a big book reader, but for this one I’d say it’s

Shantaram and The Little Prince.

• Movie: Troy, Miss Sloane, The Devil Wears Prada… the list goes on and on.

• Album: I can’t really single out something specific, as my music choices are

often mood driven. One day it’s AC/DC, Imagine Dragons, Okean Elzy, and

another it’s Ludovico Einaudi, and Estas Tonne.

Most people don’t know that I…

I think a mystery should remain a mystery…

In my spare time, I…

Honestly, I have a whole plethora of things I enjoy doing in my spare time. So I’ll just try to generalize my answer – I like anything active. Escape rooms, boating, MMA, airsoft, wakeboarding, wakesurfing, wine tasting, hiking, any sport, you name it.