1. Money

Top 5 Ways Retailers May Lose Customers

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Without customers, we wouldn't be in business. That is why it is surprising how easily retail shops unintentionally drive customers away. Sometimes, understanding the what can ruin a business can help us focus on what not to do while building our enterprise. Here are five simple ways to lose customers.

1. Wrong Product Pricing

Besides cost, some of the things to consider when choosing the best strategy for your retail business are the market, the channels of distribution and the competition. Here are a few of the more popular pricing strategies to consider.

2. Terrible Customer Service

It's inevitable that there will be the occasional disgruntled customer. No matter how wonderful your products are or how committed you are to provide the best customer service, problems do occur. Armed with the following customer service tips, you can diffuse a situation and possibly even save the customer, as well as the sale.

3. Poor Store Atmosphere

As retailers, we can't afford to turn off a single customer and image is everything. Take a look around your retail store. Do any of the following situations exist? Here are ten ways your store may be turning off customers.

4. Not Knowing Your Competition

It's important for new businesses to complete a competitive analysis during the business planning stage, but competitive intelligence can also be useful for marketing, pricing, managing and other strategic planning for retailers. Before you can know your competitive edge, you must know your competitor.

5. Lack of Product Knowledge

It is difficult to effectively sell to a consumer if we cannot show how a particular product will address a shopper’s needs. Learn some of the benefits of knowing the products you sell.

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