Retailers Missing Revenue Opportunities

by Ondray Pearson

Retailers Missing Revenue Opportunities

Retailers today face increasing pressure to maximize revenue in a competitive and cautious consumer market. To avoid leaving money on the table, it’s essential to address common pitfalls that can hinder sales. Here are three key areas where retailers often miss opportunities:

1. Accessibility Oversights

• Colorblind Considerations: Many retailers overlook the needs of colorblind customers, resulting in inaccessible signage and website pages. This can lead to frustration and lost sales, as over 90% of colorblind consumers don’t contact businesses about accessibility issues.
• Walmart’s Approach: Walmart has successfully addressed accessibility concerns by offering low-sensory shopping times during the holiday season, catering to customers sensitive to in-store music and lighting. This demonstrates how retailers can make a significant impact by prioritizing accessibility.

2. Excessive Discounting

• Short-Term Gains, Long-Term Risks: Relying heavily on promotions and discounting can erode brand value and create a perception of low quality. While short-term sales increases may be tempting, it’s important to consider the long-term consequences of excessive discounting.
• Inflationary Impact: Inflationary pressures have made consumers even more sensitive to price. Retailers must strike a balance between offering competitive prices and maintaining brand value.
• Strategic Discounting: Rather than offering blanket promotions, retailers should focus on targeted and strategic discounting. This can involve offering discounts to specific customer segments, tying promotions to loyalty programs, or using limited-time offers to create a sense of urgency.

3. Barriers to Conversion

• Mobile Checkout Frustrations: Many consumers abandon their carts during the checkout process, especially on mobile devices. A cumbersome or confusing checkout experience can deter customers from completing their purchases.
• Streamlining Checkout: Retailers must optimize their mobile checkout process to minimize friction and encourage conversions. This includes reducing the number of required fields, offering guest checkout options, and providing clear and concise information throughout the process.
• Transparency and Simplicity: Avoid surprises that can lead to abandonment. Be transparent about shipping costs, return policies, and any additional fees upfront.

By addressing these three key areas, retailers can significantly improve their revenue potential and provide a better customer experience. By prioritizing accessibility, avoiding excessive discounting, and streamlining the checkout process, retailers can create a more customer-centric environment that drives sales and builds loyalty.

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