Businesses around the world are dealing with inflation, which is pushing the price of goods up as the cost of raw materials climbs. That may well mean your business has to raise its prices, reduce its portions or change its ingredients — and any of those will certainly affect your customer base. So what can we do to hold on to our customers in an economy as uncertain as this one?
According to McKinsey & Company, Southeast Asia's economy recovered by 8.7% in 2022 after the disruption caused by the COVID-19 pandemic. Growth began to slow, however, as the economy moved into the second quarter of 2023, and that is when the price of things really started to climb.
Source: McKinsey & Company
If the time comes when you have to adjust your prices, do not assume your customers will walk away. There are strategies that will keep them satisfied and keep them with you for a long time yet.
#1 Run your business transparently
Have you noticed that customers are generally fine with a price rise as long as it is explained openly? You have probably seen plenty of shops and restaurants that spell out clearly why prices have gone up. It helps customers understand the situation, and lets them know they will be paying a little more.
Shops should also remember to keep prices updated accurately, so that customers are never left wondering why the price they see does not match the one they pay.
#2 Look after customers with points and a loyalty programme
Keep customers coming back to your shop with a points promotion or a loyalty programme for members. Customers earn points simply by buying something or using a service, and once they have enough they can redeem them for a gift, a discount or a product. Customers feel they are getting good value, and the chances of them using your shop more often go up.
Setting up a points promotion or a loyalty programme is not difficult at all if you use the Qashier POS, which has easy-to-use membership and loyalty points features. When a customer pays, collecting points is as simple as using their phone number in place of a membership code — no membership card or stamp card needed. It is far more convenient for the customer and far quicker for you.
#3 Give customers value to choose, not just a price
What do you think customers pay attention to when they choose a product? Some would answer price straight away, but there is another thing that cannot be overlooked: the "value" the product gives the customer. That includes creating a good experience, and the brand image the customer picks up on.
If you run a café, for instance, you may have to put your prices up, but you can also run a campaign that gives a discount to customers who bring their own cup. Or, rather than leaving customers to wait with nothing to do while they queue or while you serve them, you could put out books to read, a phone charger, or games to play while they wait. All of it makes customers feel good every time they come to your shop.
#4 Raise your business up with excellent customer service
Excellent customer service is at the heart of growing your business. Serving customers quickly and meeting their needs consistently is a chance to build a positive relationship — one that connects directly to higher revenue and higher sales for your business.
When you and your customers are on good terms, both sides benefit. Customers can tell you clearly what they want, and you earn their trust and their sympathy, because they understand how good you and your business are. That is what makes a customer base strong and durable.
#5 Embrace new technology to keep customers for the long term
There is no shortage of new technology today to help a shop prepare for what is coming and respond strategically. As well as giving you a clearer picture of the business overall, it helps you control business costs in a number of areas too. One such innovation is the terminal and POS system that manages the shop.
Let the Qashier POS help you keep your customers
Qashier POS is another such innovation: a quality POS terminal and shop management system that saves working time and saves on the number of people you need. There is no more doing the same tedious job over and over, because automation handles all of it — updating prices, adding products, producing sales summary reports, managing stock and a great deal more.
It also has all the features mentioned above, such as membership management, promotions, and totalling and taking payment correctly and accurately.
On top of that, the Qashier POS comes at a range of starting prices to suit small, mid-sized and large businesses, right through to franchises. You can even start using the Qashier POS app on the Lite package free of charge.
Start raising the standard of your shop with Qashier today
If you would like Qashier to be the assistant your restaurant business relies on, get in touch for more information. We are ready to support you, whether that means a POS for restaurants or for retail shops, an effective POS system, and support from our team seven days a week.
For more details, reach us on LINE Official: @qashier.th or call 02 544 0267