How Cheap Retailers Lose Out on Holiday Sales

For customers, holiday shopping means one thing: crowds.

This is good news for retailers. Cash registers are ringing Jingle Bells. Many retailers count on the holiday shopping season to make up the bulk of their profit for the year.

Yet, many retailers still pinch pennies like old Ebenezer Scrooge. That penny pinching many be costing companies even more sales.

A new report from CTS Service Solutions reveals that crowds are driving customers away. The full infographic is below, but here are some findings that really stand out: 

  • 50% have left a store because of parking
  • 62% abandoned a sale due to slow service
  • 70% decided against a purchase rather than wait in a long line

Retailers can follow a few simple steps to capture even more sales this time of year.

Staff Up. Yes, many retailers add employees for the holiday season, but they’re often still chronically short-staffed. Saving just a few sales per hour would more than pay for the extra cost.

Manage Lines. Waiting in line has just as much to do with perception as actual wait time. Check out these tips for lowering customers’ wait time perception. My favorite? Keep customers engaged and keep things moving.

Mobilize Checkout. Okay, this is probably on next year’s wish list, but take a look at this terrific overview in Fortune magazine. One reason customers love the Apple Store so much is you don’t have to wait in line to make a purchase. The associate who assists you takes your payment right then and there. 

Courtesy of:  Customers That Stick

Huge crowds can weigh heavily on your employees too. Here are 15 Holiday Tips for Anyone Who Works Retail from Bob Phibbs, The Retail Doctor.