The competitiveness of the retail industry keeps the focus on the consumer. Retailers know that courting consumers is the key to retaining business. Today, companies cannot depend on customers simply walking in and purchasing if they want to generate revenue and remain viable in the market. Retailers understand that providing quality goods and services generates consumer satisfaction and thereby consumer loyalty. Loyal consumers bring repeat business, sustaining the constant stream of revenue so crucial to retail.
However, in an intensely competitive situation, consumers tend to be discriminating and finicky. Under these circumstances, it becomes more difficult for the modern-day retailer to hold onto the consumer. Many researchers have pointed out an emerging pattern: contemporary shoppers expect fulfillment from their shopping experiences. Consumers do not consider this a bonus but, rather, a fundamental component of the pleasure they obtain from shopping.
Since consumers constantly face a plethora of shopping choices vying to attract their attention, they seek intangible rewards such as emotional satisfaction and added value from the products they buy. Therefore, consumer loyalty generally takes a backseat to what many shoppers call the "alternative shopping experience." This can diminish consumer loyalty to retailers.
Consumers seeking emotional rewards from shopping look forward to receiving higher forms of gratification. This is typical in a situation where consumers hold the keys to financial gains in the retail industry. The retail industry faces this uncertainty every day, and retailers must continually do more to retain their traditional consumer bases.
The fundamental components of this equation are essential product, value addition, emotional satisfaction, and consumer delight. More and more retailers across the United States are moving toward this emerging trend of developing more consumer-centric services. They are moving away from what they think could delight consumers toward what they are sure will delight them.
Retailers are changing how they interact with shoppers, providing consumers with more interpersonal shopping experiences. They are looking for ways to ensure that shop associates spend more time with consumers.
Furthermore, they are beginning to realize what makes shoppers feel they have had outstanding shopping experiences. Researchers point out that it is not the basics of shopping alone that appeal to consumers but other human values attached to shopping, such as connection to the product, happiness about using it, and feelings of appreciation.
Retailers also understand that their relationships with consumers extend beyond typical transactions. They are increasingly spending more one-on-one time with their shoppers and plowing the information they gather back into their staff members and related networks so they are able to discern shoppers' needs. Shoppers tend to spread evaluations of their experiences by word of mouth, and in today's competitive world of retailing, companies realize that it is crucial that consumers communicate their delight rather than their disappointment.
Retailers constantly need to keep track of the components consumers add to their ideal shopping experiences. Successful retailers remain competitive by constantly assessing their customers' emotional desires in addition to catering to their fundamental shopping needs.
