that caters to a customer’s needs when
they arise and delivers the proper
messages and experiences to meet
those needs in that exact moment.
As if technology investments and
providing personalized marketing
were not enough to tackle, retailers
also have to implement this flawlessly
to ensure that the customer deems
all interactions with the brand as
positive. After all, it takes 12 positive
experiences to repair the damage
caused by a single unresolved negative
incident, according to Forbes.
Richard P. Edwards is co-president, retail, at
Gordon Brothers and is jointly responsible for
the growth strategy while overseeing all retail
client engagements and daily operations. He
lends specific merchandising expertise, strategic
planning, and leadership to asset disposition deals.
Edwards has a strong background in finance and
valuations and is responsible for the development
of client solutions to maximize inventory returns,
while protecting brands, distribution channels,
and customer relationships. He holds a bachelor’s
degree in finance from Westfield State College.
Consumers often take their experiences
straight to the web by writing product
reviews. If the customer experience
was positive, the review can be
amplified on the web and social media
to encourage others to visit the retailer.
Conversely, a negative review can be
very damaging, as 88 percent of online
shoppers incorporate reviews into
their purchase decisions, according
to Vendasta, which also found that
Robert E. Grosskopf is co-president, retail, at
Gordon Brothers and is jointly responsible for the
growth strategy while overseeing all retail client
engagements and daily operations. He is also
responsible for the overall retail strategic vision
and business development initiatives. Grosskopf
has assisted retail clients with developing and
implementing custom strategies surrounding store
closings, relocations, excess inventory solutions,
and mergers and acquisitions while protecting the
client’s brand, customers, and distribution channels.
92 percent of consumers now read
online reviews, further supporting the
importance of this positive advocacy.
Understanding the customer
and tailoring the cross-channel
communication to him or her are now
expected. But customers want much
more than positive experiences—
they also want to dictate the journey.
Customers want to be able to pay
however they prefer, whether that
is by traditional credit card, Apple
Pay, brand-specific app, PayPal,
etc., and retailers must cater to their
preferences. Other examples of what
consumers expect include in-store
pickup, expedited home delivery,
free shipping and returns, and cross-
channel consistency, to name a few.
If these experiences are not delivered
to the satisfaction of a customer, they
move on to explore other brands.
can be daunting and certainly
isn’t a well-paved path to success.
However, knowing its customers and
implementing a few key (rather than
many) optichannel strategies well
to ensure an effective experience
every time could be enough for those
struggling with where to start. J
We unlock existing equity and
convert it into working capital.
Utica Leaseco, LLC specializes in providing asset-based financial
solutions in the form of sale/leaseback transactions for complete operations
utilizing machinery and equipment as collateral.
The race to acquire and maintain
customers is more competitive than
ever. The result of the decline in mall
foot traffic, product differentiation,
and positive in-store experiences
is clearly the deterioration of brick-
and-mortar operations. Coupled
with omnichannel interactions that
are not well-executed, it could result
not only in losing a sale but also in
losing the customer altogether.
To learn more about how Utica Leaseco can be the key
to solving your cash flow issues:
The prospect of competing with
powerhouses such as Amazon
Utica Leaseco ¸ 44225 Utica Road ¸ Utica, MI 48317
Info@UticaLeaseco.com ¸ www.UticaLeaseco.com