SOURCE: LakeWest Group

January 29, 2008 16:16 ET

LakeWest Group's Annual POS Survey Reveals Top Retailers Are Constantly Evolving to Meet and Exceed Customer Expectations

CLEVELAND, OH--(Marketwire - January 29, 2008) - LakeWest Group, the leading independent retail management consulting firm, recently completed its 9th Annual POS (Point-of-Sale) Benchmarking Survey of the Top 100 Retailers. This year, retailers are challenged by customers who expect a satisfying and delightful shopping experience in any channel at any time. These retailers are focused on differentiating themselves by offering customers self-service applications, understanding and reacting to their customers' needs, and providing additional shopping channels.

"Consumers have so much information at their fingertips when they are on the Internet. They expect this same access to information and service, not to mention the same responsiveness, when they are in the store environment," said Robert Antall, CEO of LakeWest Group. "The best retailers are constantly evolving and transforming themselves to continue to satisfy their customers, keep their competitive advantage, and improve shareholder value."

Successful retailers are responding by offering their customers multiple channels from which to shop plus a broad merchandise assortment and assurance of product availability. Also, retailers are focusing on the customer/associate relationship by offering ways to enhance the shopping experience through kiosks, self-service technologies, and mobile solutions. Lastly, retailers are ensuring that stores have the tools necessary to manage and empower the store associates to create that competitive advantage and succeed in this complex environment.

In addition to the long-standing priority of more efficient processing of customers at the register, nearly half of the survey respondents are focusing on improving store labor management and capturing additional customer information to enhance the customer shopping experience. Nearly three-quarters of the retailers are also providing more product knowledge and better training to their sales associates to improve the customer/associate relationship.

Key trends within this group of top retailers also include an emphasis on store applications, such as basic POS, customer relationship management (CRM), workforce management (WFM), and store execution management, to enhance the customer/associate relationship, plus better security around customers' personal information.

Retailing continues to change, bringing new and different challenges to top-performing retailers as they try to understand and meet their customers' needs. The most successful retailers demonstrate their commitment to this by ensuring that they are allocating the right resources. Overall, the top U.S. retailers are increasing their budgets to meet and exceed customer expectations and this will further their success in the years ahead.

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