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What does customer service mean to you? Does it mean merely avoiding returns and customer complaints, or does it mean going well beyond what customers expect to make their interaction with you truly a memorable one? Truly great customer service that brings customers back requires conscious effort. Let’s look at a company whose reputation for […]
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Most customers have limited spending dollars which they must choose how to spend. With all the competition vying for every customer dollar, it is important to set yourself apart and show the customer why you deserve their business. This does not mean you have be the cheapest, rather, if customers perceive your service or product […]
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Consumer shopping habits have evolved into a mishmash, combining online purchases with visits to local big box retailers and shops. Now that the majority of American cell phone owners are equipped with smartphones, showrooming is a greater concern than ever. Customers can easily spot an item in a storefront and compare prices online, even purchasing it from a competitor before leaving the store.
The prevalence of webrooming is making things even tougher for businesses. When surveyed, 88 percent of consumers admit to shopping for an item online, only to purchase it in a brick-and-mortar store. Online stores are forced to compete with the immediacy of in-store purchases, while brick-and-mortar locations must compete with the convenience of choosing an item and having it shipped. Here are some ways showrooming is costing your business money and sending customers to competitors.
Create a Seamless Shopping Experience
Businesses are no longer limited to worrying about showrooming. Online shoppers are visiting stores first and brick-and-mortar customers are checking prices online before shopping locally. Customers today have stated a desire for a seamless shopping experience, where mobile, storefront, and online shopping experiences converge.
Loss of Big Spenders
A study on showrooming found that the biggest spenders conduct in-store research on mobile devices, with those who do showroom tend to spend more on consumer electronics than non-showroomers. Purchases of big-ticket items like TVs and laptops require meticulous research, with the lowest price often winning regardless of other factors.
Review Pricing Often
Businesses can no longer afford to set prices and leave them. Businesses in all industries must not only know immediately about any competitor price changes but be willing to change their own prices on a day-to-day basis to remain competitive.
Offer to Match Competitor Prices
In a showrooming society, one of the best things a business can do is to promise to match or beat a competitor’s price. By advertising this in your store, on your website, and on your mobile app, your business is more likely to retain showrooming and webrooming customers.
The retail landscape is more competitive than ever, with customers able to easily compare prices on a variety of platforms. To excel, retailers should strive to maintain competitive pricing while also creating a customer-friendly shopping experience that encompasses brick-and-mortar, mobile, and web.
About PriceManager
Offering the most intuitive competitor price tracking software for Pricing and Margin Optimization, PriceManager offers insight into competitor pricing strategies, allowing businesses to maximize profits and increase sales and market share. Contact us to try PriceManager out for free demo and start your competitive pricing strategy today.