Right now retailers are feeling better than ever. According to the third annual Canadian Retail Insights Report released today by American Express, around 82 percent of businesses surveyed believe that a focus on customer service is the reason for profit increases. And 97 percent said they will use customer service to differentiate themselves from the competition.
Jennifer Hawkins, General Manager of Merchant Services, American Express Canada and Vice President notes that consumers have more choices than ever. In order to stay competitive, retailers are making superior customer service their number one priority.
The survey covered retailers in fast food, grocery, gas, restaurant, and general retail sectors across Canada. Despite some concerns about the financial health of the national economy, 84 percent of retailers seem to be optimistic about the future. Trends in growth show the financial outlook is positive for the next 12 months. This represents a positive climb over the last 3 years.
Differences by Industry
The report showed that opinions about the future and company priorities differed by industry. For example, businesses in the restaurant (82 per cent vs 67 per cent) and grocery (87 per cent vs 66 per cent) sectors decided to invest in improving customer service in 2015 than in 2014.
Companies in the fast food industry is focusing on hiring (49 per cent) and opening new stores (27 per cent). A focus on opening new stores appears to be a strategy prominently featured in the fast food industry, as only nine per cent of retail respondents reported plans to open new stores in the coming year. The gas industry was the only sector that declined to list customer service as their top priority (82 per cent). Instead their main focus is on sales and promotions (86 per cent).
The retail industry in Canada is experiencing growth because of a focus on customer service. eMerchantBroker has helped many Canadian merchants reach their financial goals. Now merchants can enjoy unbelievable profits in partnership with EMB.