Forum for Science, Industry and Business

Sponsored by:     3M 
Search our Site:

 

Biz Prof Says Retailers Prepare Now for Post Recession Environment

09.07.2009
The recession may have permanently changed some buying attitudes and behaviors. Consumers are spending less, they are hunting for deals and they have traded down from the high-end to the discount store.

How can retailers satisfy consumers’ expectations in a post-recession environment and still make money? Butler University Marketing Lecturer Kate King says businesses will need to work harder to keep customers happy and they should begin preparing now by focusing their efforts in four areas.

1) Welcoming their customers back. When the recession hit customers in the wallet, there was an immediate effect on the retailers’ wallets. Even loyal consumers stopped buying. Retailers must be prepared to bring people back through special promotions, events, merchandizing or finance terms.

2) Improving their customer service. Since reducing labor costs is the fastest way to improve the bottom line, many retailers cut sales staff during this recession. But signs indicate consumers are more willing to put up with less inventory and choice if they can benefit from the expertise of a knowledgeable salesperson. Consumers parting with their hard-earned dollars need a sense of comfort and reassurance that they’re buying the right thing.

3) Offering something unique — price alone is rarely a sustainable advantage. For long-term survival and prosperity retailers must offer a differentiated product or service. The recession has weeded out the “me toos.” Did we really need Circuit City and Best Buy when there was no discernible difference in products or approach? To lure customers, retailers need to offer something unique that represents value and meets their needs.

4) Preparing to meet elevated consumer expectations. One positive outcome of the recession has been increased customer service by many retailers. That same level of enhanced attention and service will be expected by consumers even after the recession ends. Retailers will need to maintain that standard.

King has been teaching retailing and marketing for over 20 years. She also has eight years of retail management experience.

Courtney Tuell | EurekAlert!
Further information:
http://www.butler.edu

Further reports about: BIZ Consumers Environment Prepare Retailers consumer expectations recession

More articles from Business and Finance:

nachricht Preferential trade agreements enhance global trade at the expense of its resilience
17.02.2017 | International Institute for Applied Systems Analysis (IIASA)

nachricht How Strong Brands Translate into Money
15.11.2016 | Kühne Logistics University - Wissenschaftliche Hochschule für Logistik und Unternehmensführung

All articles from Business and Finance >>>

The most recent press releases about innovation >>>

Die letzten 5 Focus-News des innovations-reports im Überblick:

Im Focus: Breakthrough with a chain of gold atoms

In the field of nanoscience, an international team of physicists with participants from Konstanz has achieved a breakthrough in understanding heat transport

In the field of nanoscience, an international team of physicists with participants from Konstanz has achieved a breakthrough in understanding heat transport

Im Focus: DNA repair: a new letter in the cell alphabet

Results reveal how discoveries may be hidden in scientific “blind spots”

Cells need to repair damaged DNA in our genes to prevent the development of cancer and other diseases. Our cells therefore activate and send “repair-proteins”...

Im Focus: Dresdner scientists print tomorrow’s world

The Fraunhofer IWS Dresden and Technische Universität Dresden inaugurated their jointly operated Center for Additive Manufacturing Dresden (AMCD) with a festive ceremony on February 7, 2017. Scientists from various disciplines perform research on materials, additive manufacturing processes and innovative technologies, which build up components in a layer by layer process. This technology opens up new horizons for component design and combinations of functions. For example during fabrication, electrical conductors and sensors are already able to be additively manufactured into components. They provide information about stress conditions of a product during operation.

The 3D-printing technology, or additive manufacturing as it is often called, has long made the step out of scientific research laboratories into industrial...

Im Focus: Mimicking nature's cellular architectures via 3-D printing

Research offers new level of control over the structure of 3-D printed materials

Nature does amazing things with limited design materials. Grass, for example, can support its own weight, resist strong wind loads, and recover after being...

Im Focus: Three Magnetic States for Each Hole

Nanometer-scale magnetic perforated grids could create new possibilities for computing. Together with international colleagues, scientists from the Helmholtz Zentrum Dresden-Rossendorf (HZDR) have shown how a cobalt grid can be reliably programmed at room temperature. In addition they discovered that for every hole ("antidot") three magnetic states can be configured. The results have been published in the journal "Scientific Reports".

Physicist Dr. Rantej Bali from the HZDR, together with scientists from Singapore and Australia, designed a special grid structure in a thin layer of cobalt in...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

Event News

Booth and panel discussion – The Lindau Nobel Laureate Meetings at the AAAS 2017 Annual Meeting

13.02.2017 | Event News

Complex Loading versus Hidden Reserves

10.02.2017 | Event News

International Conference on Crystal Growth in Freiburg

09.02.2017 | Event News

 
Latest News

Microhotplates for a smart gas sensor

22.02.2017 | Power and Electrical Engineering

Scientists unlock ability to generate new sensory hair cells

22.02.2017 | Life Sciences

Prediction: More gas-giants will be found orbiting Sun-like stars

22.02.2017 | Physics and Astronomy

VideoLinks
B2B-VideoLinks
More VideoLinks >>>