The Secret to Successful High Street Shopping Experience

High street shopping popular to cities in Europe, particularly the UK offer a fun Mix of fashion and department stores where customers can experience shopping at its best. Whether big brand names or independent shops these high streets are a home to varying products and services for the customer and in most cases offer places to eat or grab a cup of coffee.  However with the growth of technology and changing patterns of shopping, online stores may be a liable threat to traditional businesses, as the high street has changed in recent years. In order to thrive, retail stores or high street business have implemented certain strategies to give their customers utmost satisfaction.

Motivating the customer

A strategy that serves both the store and the customer is to further integrate the customer in the sales process. This works because customers feel more satisfied with service when they are in charge of certain activities, for instance installing self-service checkouts allows the customer bill their item themselves, reduces the work load of staff and thus improves productivity. The customer is satisfied and the store benefits from it, a win-win situation.

Focus on the people

Another useful strategy is to ensure continuity and stability of staff. This will serve to ensure the growth of the store rather than constantly fluctuating members of staff who struggle to cope with daily operations in the store. This is most important for store management, the management staff should be retained for at least three years to ensure improved competence and leadership potential.  The most important thing is the growth of the staff- management and subordinate staff.

Benchmarking

This strategy is aimed at increasing store performance by reviewing the performance of all aspects of the store. This helps to establish the strengths and weaknesses of the store, then working towards maintaining the strengths and overcoming the weaknesses. In reviewing store performance, basic performance indices should be set as a yardstick of measurement. And the process should be carried out periodically.

Retailtainment

This word was coined by George Ritzer, an American sociologist and author. He defines the word twist as the use of sound, ambience, emotion and activity to motivate customers and increase their interest in the products and put them in the mood to buy. Following this definition, stores can improve customer satisfaction by alluring them with emotion, sound and more. For instance the new Disney Store on London’s Oxford Street. These types of stores are designed to transform a dull shopping retail trip to a fun, and captivating experience.

Social Proof

Research has shown that customers buy 100% of the time for emotional rather than rational reasons. After purchase has been made, they try to justify it with logic. They seek to convince themselves and the other people in their lives that they have made a smart choice.

Testimonials are part of the sales process. This should be taken to the next level to aid improvement in customer satisfaction by providing a printed copy of testimonials or other social proofs.  Customers enjoy their shopping experience when they can justify their decisions with this information.

Steps to Having a Financially Stable Life

If you are able to completely support yourself financially without the help of family, friends, and the government, that generally means you’re financially independent. Financial independence, however, is different from being stable.

Being financially stable means you have the resources whatever direction life takes you. You’ll be able to weather the storm because you make money work for you instead of you working for money. If you want to become financially stable slowly, but surely, here are some things that you must take into consideration moving forward.

1. Where does your cash come from?

To become financially stable, you must know where your monetary assets are coming from and where they go each month. When we receive our salary, the majority will go straight out of our account for bills such as rent, groceries and student loans.

For an efficient process you can use Mint, which is a software that allows people to input all of their financial accounts. With it, you can track your assets and liabilities over the long term. You can set budgets and see where you need to improve. The tool gives updates on your regular spending habits and notifies you if you’re spending too much on things such as fancy restaurants or shopping sprees. If Mint is too complicated for you, maybe try Money Dashboard, as this platform has a very easy to navigate interface for first time users.

Apart from receiving a monthly salary, you can make your money work for you by investing in stocks, commodities, or indices, which present investors with the opportunity to trade and profit on macro financial developments. According to multi asset investment solutions provider Teramusu, indices aggregate conflicting and complementary market trends in the form the FTSE, S&P 500, Dow Jones and many more. Try different investment methods and see what you’re most comfortable with. Don’t be afraid to make a mistake because lessons are invaluable to long-term improvement.

2. Know your goals and budget

It’s cliché, but to be able to set a budget to attain your goals, you must first, “know thyself”. Knowing thyself makes investors and traders excellent in their respective fields, as it helps them understand their own personality, and aids them in planning ahead and making important decisions.

Is one of your goals to buy a house? If so, you may want to start paying off the debt from your credit card or any loans that you may have first before committing to such a big financial demand. It all depends on where you’re currently at with your finances.

As a rule of thumb, you will never be able to save if you keep on paying for huge credit card bills every month. So before you can start saving, it’s important to pay monthly credit card bills at a minimum. How to eradicate this type of debt will be discussed in detail in Step 3.

You also need to know how much you need to save before you can achieve your goals. If it’s for a house, calculate the total costs. The usual down payment is about 20% of the total house price. You will be able to reach your goals in time if you set a budget and work to it slowly.

3. Remove Debt Completely

If you already have a significant amount of debt, eliminating it should be your top priority. It can be a long and tedious process but it’s important you’re dedicated to the long-term goal of becoming debt-free.

Here’s a list that you should prioritize to keep debt to a minimum:

– Pay the highest-interest debt first. This is usually your credit card. If you can, don’t just pay the minimum because the “adjustment rate” will keep your finances pinned.

– If you have savings, use it to pay for your high-interest debt so you won’t incur extra costs from interest rates.

– Transfer your high-interest debt to a bank with lower interest rates.

– Call your bank and ask if they can reconsider giving you lower interest rates. Say that you’re willing to pay them all off slowly but surely. A polite phone call can make a huge difference in paying off your debt.

– Never use a credit card cash advance as the rate can go as high as 30%.

It’s important to get to grips with your cash flow, determine your goals, and eradicate your debt to have financial stability. Becoming financially stable shouldn’t be hard if you’re determined to work your way out of debt.