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Customer Retention in Retail Sector

Customer Retention in Retail Sector - WebCreatify

Introduction

Customer retention refers to the reduction in customer defection. It is the ability of the organization to have a repeat number of customers. This can take huge and tactical strategies to manage because when the old customers change or shift to other products it may harm your brand product as well as to your strategic plan. Let us say that customer satisfaction is what the business requires.


fig.no.1.Keep the customer(slideteam.com)

Significance

In today's market customer are becoming less loyal to brands but are putting faith in the quality product so in order to hold the customers following are the requirement:

  1. Referral Sales- Identify the referral sales opportunities which make it easy to earn for the customer.
  2. Customer Relation- All the customer wants to be treated with respect which acts as the key for a constructive relationship.
  3. Rectify Flaws- Some loyal customers will tell the floors in your company and they might hope for better results.
  4. Brand Reputation- This makes sense that strong brand help to retain the customer's focus and attention.
  5. Future Needs- It is very essential to understand the future needs of the customer in order to have a hold on your customer and to gain potential customers. 

 

fig.no.2.Customer retention rates(mekkographics.com)

When businesses analyze the customer retention rate that time tends to be less than a business customer. Strategy and plan to upgrade your product in the eyes of the customer plays a crucial role.      

Strategies: To retain customers.

It is very difficult to hold on to the customer, to buy your product and service for a determined period. Keeping in mind that building a good relationship between customer and supplier is a key role or a better way to have a better performance in your company. Let us make our self clear from the points below:

  1. Marketing: This includes how the market forces changes due to customer taste and preferences
  2. Employee support: Each and every employee should prefer to work goals than their personal.
  3. Collection receivable: In some total of the production and in return which might be receivable as revenue.
  4. Close order process: This depends upon the size of the order received by the company in order to proceed further.
  5. Propose quote, tag, logo, symbol: Customer requires eye-catching lines so they come to know about your product and get attracted to. This acts as a lead in the market.
  6. Defect tracking: The defect product should be removed for success this gives the surety to your product, that the company produces is faithful towards its consumer. So, it should be removed during the process only. 


fig.no.3.customer relationship(bloghubspot.com)

Conclusion

Basically we can conclude that customer retention is very crucial but your product quality and assurance make your customer loyal like few examples for customer retention are Bombas, Canvas, Starbucks, LinkedIn, etc. are maybe due to brand or for quality. Customers might pay more if the quality is better but if not they would rather love to shift elsewhere. 


fig.no.4.Customer Retention(businessblog.com)

" The more you take care, they will stick beside you ".

Mohitha Noorera

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