Management of Client Loyalty at the Retail Point of Sale

Abstract

The cornerstone for success in retailing is to establish a compelling retail shopping experience, and identifying the appropriate technologies to support that experience is pivotal for sustaining a competitive edge. The retail industry is undergoing an evolution as a function of the informed customer, demographic shifts, evolving consumer tastes and preferences, internet commerce, and innovative retail formats. Modern retailers with contemporary service techniques are rapidly entering the market to appeal to customers with diverse interests and preferences. Retailers need to innovate and differentiate themselves in today's red ocean market. Consumers have grown in importance; thus, stores have to be adept at maintaining their existing customers while also identifying potential ones. Hence, the issue of customer loyalty comes into the picture. The retail industry is a fast-moving one, and retailers are always exploring novel methods to enhance their offerings. Installing retail POS systems allows retailers to boost customer experience, culminating in customer loyalty.

Key Terms in this Chapter

Loyalty Program: Programs run by retailers that offer benefits, discounts, and other unique incentives to attract and retain customers.

Customer Loyalty: A customer's propensity to do business with a company repeatedly.

Point of Sale System: A POS system, which combines hardware and software, enables companies to manage their inventory and accept payments.

Point of Sale: The time and place at which a retail transaction is completed.