I went to a presentation last night. As you know, I am all about continual learning. Education is one of my Core Values. This presentation was at TechTown Detroit, a small business incubator that helps launch tech and retail businesses. Mary Aviles of Connect 4 Insight put on the presentation. Mary is also the Director of Strategic Development for Tech Town.
The presentation was “Designing the Customer Experience.” (I’m sure you can guess why that piqued my interest.) The goal was to give these start-up and pop-up retailers some ideas to help them be ready for the holidays.
Mary gave out three stats I want to share here. (Note: I was not able to get the source from her on these stats but I know she did her research.)
24% of all Amazon Sales are from customers who went to a brick & mortar store first.
What does this mean? Nearly one-fourth of all of Amazon’s business is from customers who were disappointed by their in-store experience. Nearly one-fourth came from customers who chose to go to a store first but didn’t get their needs or expectations met.
In other words, customers are choosing brick & mortar, but our lack of selection or lack of service or super high price is driving them online.
40% of customers change their minds in the store because of the in-store experience.
What does this mean? The in-store experience affects a large number of sales both to the good and to the bad (some of those 40% are more inclined to buy, some are less).
In other words, almost half of your customers are going to make their final buying decision based not on the product or the price but on your ability to offer them a quality shopping experience (or not).
80% of customers report that they would be willing to pay up to 25% more for an item because of a quality experience in the store.
What does this mean? Experience actually outweighs price. Four out of five customers say experience combined with the desire to own the item right away can get them to pull the trigger, even if the price is a little higher than online.
In other words, you can win over a lot of customers with your in-store experience, even if your prices are a little higher than the Internet.
The bottom line to all of these stats is this …
The in-store experience you are providing has more of an effect on your sales than pretty much everything else you do.
If it isn’t your number one focus, you might want to change your gaze.
The good news is that you still have time to schedule The Ultimate Selling Workshop for your team prior to this holiday season. Mary has the stats to convince you why you need to improve the customer’s experience. I have the nuts and bolts of exactly how to do that. Call me.
PS You have four days to lock in the special fall savings offer of only $2,000 for The Ultimate Selling Workshop. At 12:01am October 1st the price goes up to $3,500 (or more depending on time and travel). It is still a steal at the regular price. We already did the math. I’m offering the incentive price to get you to book now so you can have your best holiday season ever.
PPS If you are a retailer in Detroit or considering starting a retail business in Detroit, TechTown has amazing resources and programs, and a dedicated, smart, caring staff. You should check them out.