Perceived value is the key to customer satisfaction and sustainable revenue. Exceptional customer service, combined with hands-on product selection, will attract and maintain customer loyalty and enhance their perception of value for money.
Online shopping is the latest form of retail competition. It is only competition, not the end of in-store shopping as online retailers would have you believe. The perception of value is based on more than price. The TOTAL customer experience determines the perceived value and sales continuity. Continuously rethinking and reinventing the value proposition is critical to sustainability in a competitive marketplace.
Successful retailers learn from the competition by adapting (not imitating) the positive contributions to the perceived value within their operation and avoiding the negatives. Developing a flexible, agile approach to operational change will keep revenue flowing. Avoiding the "we've always done it this way" trap is crucial. Innovative thinking that drives active change will appeal to the customer curiosity and enhance customer experience's perceived value.