Let’s face it – everybody has some bad habits whether it’s not sticking to your diet, skipping workouts, or being notoriously late to office meetings. The truth is no one is perfect, and that’s completely okay. But what’s not okay is to never try to change your bad habits and to allow them to compromise your business’ well-being.
More often than not, your bad habits that may hurt your business’s growth are revertible and can be easily fixed. That’s why, in this blog post, we have outlined four common bad habits that retailers make, and what they can do to fix them.
Bad habit #1 – not knowing your audience
Think you know your target audience? Think again. There are several demographics, behavioral nuances, and psychographics that can influence what your customers purchase and which channels they like.
Don’t just rely on your instincts, put effort into understanding your customers. Dive into their purchase history and customer profiles to get a clear idea of who they are, what they’re buying, and at what terms they’re buying it. Use the data you’ve collected efficiently. If your business owns multiple branches you can use a multilocation POS system similar to what NCR POS System has in the market.
Bad habit #2 – not offering a variety of payment options
Want to show your audience that you care? Allow them to pay on their terms rather than yours. Offer a selection of ways to pay, whether it’s swiping, tapping, or inserting a card.
Many retailers get frustrated when it comes to payment methods and processing, and that’s completely understandable.
You want fast, affordable, and secure payment processing that works for you and your customers together. If you are really dedicated, point of sale system is the best options to look at, as they offer fully integrated PCI-compliant payment processing with clear pricing. Using these, you can eliminate complex third-party payment processing agreements and unify all your business operations with one trusted company. Most Counterpoint POS systems provide these solutions.
Bad habit #3 – avoiding data
The most common mistake that we see retailers make is avoiding their collected data because it’s intimidating, overwhelming, and difficult to extract insights from.
Use your data to your advantage, whether it’s from any channel; your customers, marketing, inventory, sales, or employees. This practice will dramatically improve your short in the long run and influence your decision-making abilities and fuel business growth. For example: A POS for hospitality industry needs to collect data of their customer’s experience to improve their services.
Bad habit #4 – not converting browsers to buyers
Want to convert your browsing traffic into buyers? Who doesn’t?
The horror story of abandoned carts is something everyone is familiar with. While minimizing your abandoned carts count certainly sounds like an uphill battle, there are many ways to optimize your website to combat this issue.
Work on a few things efficiently to get the best outcome;
- Improve your website, make it responsive, and easy to navigate.
- Ensure that your CRM and online and retail store’s inventory are synced.
- Lure your potential customers with brilliant offers and promotions.
Learn, adapt, and improvise
What separates good merchants from great ones is their ability to learn, adapt to change, and discover opportunities where others see the most adversity. By first assessing your bad habits, then working to correct them, you’re putting yourself in a better position to flourish as the industry changes.