SOURCE: LakeWest Group

January 26, 2007 05:00 ET

LakeWest Group's Annual POS Survey Reveals Retailers Focus on Acquiring and Maintaining Valuable Customers and Exceeding Customer Expectations

CLEVELAND, OH -- (MARKET WIRE) -- January 26, 2007 -- LakeWest Group, the leading independent retail management consulting firm, recently completed its 8th Annual POS (Point-of-Sale) Benchmarking Survey of the Hot 100 Retailers. This year, retailers are creating valuable customer relationships through technology advancement at all touch points, service enhancement to meet customer expectations, and personalization of the shopping experience.

By understanding customers; identifying their current needs, including preferred channels or touch points; and forecasting future demand; retailers can build successful organizations around this customer value proposition. Retailers then align the organization's people, processes, and technology to fulfill the customer strategy and gain loyal and valuable customers. "Retailers recognize their customers' needs and are developing business strategies based on these customers' expectations," said Robert Antall, CEO of LakeWest Group. "By proactively recognizing what drives the customer's purchasing decision and tailoring the organization to those drivers, the retailer can successfully build shareholder value."

A first step is identifying the customer at the register. Retailers have made huge strides -- 70% can identify customers at the register through loyalty cards, telephone number, or email address -- but there are still opportunities for retailers to tailor the shopping experience.

As retailers look at their business from the customer's point of view, they realize that customers expect recognition for their loyalty, and the personalization of promotions to that customer is crucial. More than 20% of the respondents offer targeted promotions based on specific customer purchases or customer groupings.

In addition to personalizing the shopping experience, retailers are responding to customers' need for better service and more product information by offering additional service options. The majority of respondents present customers with further options through kiosks, mobile POS, self-checkouts, and self-service price checks, and offer the customer the opportunity to manage the shopping experience.

The majority of retailers continue to increase spending on technology; including software, hardware, and peripherals; and payroll across all company touch points to enhance the shopping experience. However, it is critical to remember that all customer touch points are interconnected and need to be consistent with the customer value proposition.

For complete survey findings and analysis, visit www.lakewest.com, or contact Kathleen Fischer at (216) 535-4008 or kfischer@lakewest.com.

Established in 1990, LakeWest Group is the premier independent management consulting firm dedicated to serving the retail and related industries. With deep business knowledge and cross-functional skills, the firm delivers superior design and implementation of strategy, technology, and process solutions to help clients achieve their full business potential.

Contact Information

  • Contact:
    Kathleen Fischer
    Company: LakeWest Group
    Phone: 216-535-4008
    Email: Email Contact