Royal Debit is well aware of the impact a retailer’s decision can have when taking on various pricing strategies, especially when it comes to investments, competition, growth potential, and more. In this article, pricing strategies and customer service solutions will be addressed to help other businesses.
Earlier this year, a research done by Newlon was conducted over 875 Canadian businesses. Some of these businesses fell under the categories of grocery, restaurants, gas, general retail, and much more. After conducting this research, it was found that 58% of these existing retailers had upcoming plans to modify their pricing strategies and even go so far as to drop their rates to encourage customer retention. This report was obtained and posted by American Express initially. In order for the “customer loyalty” side of the business to be promoted, a price reduction was seen as a necessary event, which included promotions, sales, and discounts galore.
Among the business niches listed above, the fast food retailers decided and agreed upon to put a higher effort towards customer service instead, which directly correlates to customer retention and loyalty, which also relates to profitability and retention. Long-term relationships sustained through the experience and the quality of service ensures that the business can keep their prices and profitability, while encouraging and succeeding in customer retention. The aforementioned action wasn’t left un-rewarded, as 76% of Canadians agreed that they have spent more money on a business when their history included a positive customer experience.
If you’re one of these struggling merchants who want to gain more profits and encourage long-term success, you’ll want to take advice from Royal Debit, a POS solution that offers the forthcoming efficiency tips:
- Reduce the transaction fee for customers using a credit card
- Get paid on time with business deposits that are “next day”
- You won’t need to switch banks
- Can provide you with reliable POS payment terminals that ensure efficiency with your business needs
- Internal operating costs are automatically reduced
- Terminal replacements are made within 2-4 hours to further encourage efficiency
Various Industry Reports Regarding the Above Mentioned Issues
The Canadian Chamber of Commerce has been quite open about this topic, including mentioning the “10 Barriers to Competitiveness” within the last few years, which states that Canada does need to work on areas of promoting international trade agreements, improvement on training personnel to be more skills, and much more. For the international trade agreements, the custom policies, tax reduction complexity, innovation manufacturing increase, and much more are discussed upon in this report.
It was also stated that the Retail Council of Canada had made plans to put more of an effort towards the National Tariff regulation between the USA and Canada. Beyond this, it was also discussed that there was more desire to work with the Government and the Senate Committee on National finance with the initiation of pricing strategies, as well as the delivery of imperative products to Canadian families. In doing this, the retailers directly benefit.
With the above being said, it’s worth mentioning that Royal Debit acts as a net and supports merchants across the vast Canadian market with competitive pricing strategies. In partnering with such a reliable payment processor, you’ll see an increase in your cost-effectiveness and the service quality you provide.