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As the COVID-19 outbreak continues to unfold, its impact on the behavior and expectations of customers will become more apparent soon. However, what is clear now is that retail businesses will have to settle into a new normal and make adjustments to cater to the changing customer behavior.
With spiraling new customer acquisition cost, it becomes important for retailers to identify their loyal customers and get repeat business out of them. Here are few reasons why customer loyalty in retail is important:
The disruption caused by the pandemic will make merchants prioritize a major process overhaul. Customer touchpoint experience will change overall with a marked shift away from cash to digital modes of payments.
It is important to remember that we have faced crises like this in the past as well and will continue to face them again in future. Retail businesses want to return to growth and continue providing excellent customer experience in the process. What moments in customer's lives can you improve via your offerings? What new, improved, and innovative offerings can you launch in the market now that will give you momentum in expediting recovery? Now is a time to look at these questions and factor it in your future offerings to the customers. Let your customers know how important they are to you by keeping their interests first and foremost. You will be rewarded by customer loyalty and trust.
By Sunil Param | on April 05, 2021
By Vinisha Kataria | on April 01, 2021