What to do during this economic downturn?


It seems like all we talk about these days is the economic downturn, inflation, rising costs, gas prices and the looming recession. In times of economic downturn, we must look for ways to navigate the troubled waters and improve our operations and develop strategies and initiatives to improve the customer experience and grow your customer base.

During times like these, your company should be operating at 100% efficiency. There is no time or resources to waste. We must look at improving our processes, building a solid foundation for when the economy turns and growth returns.

Focusing on the client experience and satisfaction is a great way to discover where your processes can be improved, and generate positive results in customer retention, referrals, and growth. Engaging directly with your customers will help you gather valuable insights into what your customers are thinking or the challenges they are facing, and discover opportunities to generate new business through solutions you can bring to their needs.

Insight:


Many retailers are expanding payment options - Buy now-pay later has quickly grown in retail. Social media platforms are investing heavily into having customers shop directly from a post and brands are developing their own apps to help customers buy directly from an app. Take Hollister for example who is launching a mobile app allowing their teen customers to share their carts with purchasers such as parents and guardians. By analyzing their customers interaction with their online store, they realized that teens would leave their shopping carts idle since they don’t hold the purchasing power. Now they can put their selections on the cart and share the cart with a parent who can then add, delete, or change items before they purchase.

We are here to help with more than payment solutions, so reach out and let’s see how we can work together to improve your processes and grow your business.

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