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Report-Retailers brace for a tough climate as consumer confidence plummets
Posted On: 14-01-2012 00:00:00 12

As per a study carried out by the Institute of Customer Service (ICS), retailers are in a hard place in the New Year as the consumers are shopping around and switching their loyalties for best deals and services. The study is based on research among 1,000 consumers and senior decision-makers at 250 of the UK’s largest firms in retail and other consumer industries. All retailers are experiencing a growth in switch mentality, with more than half (52%) suggesting this has grown significantly among their customers in the last three years. This is supported by consumers: more than a quarter (27%) suggest they have switched their usual supermarket in the last 6 months and a significant amount have switched food and household goods (41%) and clothing brands (27%). The retailers are seeing this new discerning consumer a significant threat of revenue loss and threat to business, as in the current climate most retailer have cut back on customer service. Nearly all retailers (94%) admit to cutting customer service back to some degree and 52% to a large extent. The great majority (83%) of consumers suggest that the quality of service they receive is important to their loyalty as a customer.

 
 
 

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