Category: Merchant services

The Rise of the Experience Economy

Introduction:

In today’s dynamic marketplace, businesses continuously seek innovative ways to attract and retain customers. One such approach that has gained significant traction is the concept of the experience economy. Coined by Joseph Pine and James Gilmore in their groundbreaking article in 1998, the experience economy emphasises the shift from a traditional good and services-based economy to one focused on delivering memorable customer experiences. In this article, we will explore the experience economy and its potential benefits for the hospitality and retail sectors in the UK. Additionally, we will discuss the impact of Covid-19 on these sectors and the changes businesses have made to adapt to the new normal.

“Experiences are inherently personal,existing only in the mind of an individual who has been engaged on an emotional physical intellectual or even spiritual level”
Welcome to the Experience Economy by Joseph Pine and James Gilmore 1998

Understanding the Experience Economy

The experience economy revolves around customers seeking more than just products or services—they crave engaging and immersive experiences that leave a lasting impression. This shift in consumer behaviour presents a golden opportunity for businesses in the hospitality and retail sectors to differentiate themselves and build long-term customer loyalty.

Benefits for the Hospitality Sector

Enhancing Customer Service:

In the experience economy, customer service takes centre stage. Hospitality businesses prioritising personalised and exceptional customer experiences stand to gain a competitive edge. By investing in well-trained staff, seamless check-in processes, and anticipating guests’ needs, hotels and restaurants can create memorable experiences that drive customer loyalty.

Increasing Perceived Value:

Customers are willing to pay a premium for experiences beyond the primary offerings. Hospitality businesses can enhance their perceived value and command higher prices by curating unique and immersive experiences, such as themed stays, guided tours, or chef-led cooking classes. This shift from price-based competition to value-based differentiation strengthens the industry’s profitability.

Fostering Customer Loyalty:

Building customer loyalty is crucial in the hospitality sector. Businesses can cultivate long-term customer relationships by offering personalised experiences, tailored recommendations, and rewards programs. Loyal customers become brand advocates and have a higher lifetime value, making them invaluable assets to the business.

Advantages for the Retail Sector

Creating Engaging In-Store Experiences:

In the age of e-commerce, brick-and-mortar retailers face the challenge of attracting customers to physical stores. By transforming their spaces into experiential environments, retailers can offer unique and immersive experiences that are not replicable online. Interactive displays, product demonstrations, and engaging events create a sense of excitement and draw customers in, driving foot traffic and increasing sales.

Personalisation and Customisation:

The experience economy places a strong emphasis on personalised offerings. Retailers can leverage customer data and emerging technologies to offer personalised recommendations, exclusive promotions, and customised products or services. By tailoring experiences to individual preferences, retailers can deepen customer engagement and foster brand loyalty.

Omnichannel Integration:

The experience economy blurs the boundaries between online and offline channels. Retailers can leverage the power of digital technologies to create a seamless and integrated shopping experience. From online ordering with in-store pickup to immersive virtual reality experiences, embracing omnichannel strategies enables retailers to cater to customers’ evolving preferences and expectations.

The Covid-19 Effect and Adaptation

The Covid-19 pandemic has significantly impacted the hospitality and retail sectors, forcing businesses to adapt to new realities. While the pandemic brought challenges, it accelerated specific trends aligned with the experience economy.

Shift to Contactless Experiences:

The need for social distancing and hygiene measures prompted businesses to adopt contactless solutions. From mobile check-ins to digital menus and contactless payments, these adaptations prioritise customer safety while offering seamless and efficient experiences.

Embracing E-commerce and Delivery Services:

The closure of physical stores during lockdowns accelerated the adoption of e-commerce and delivery services in the retail sector.

Retailers click here to learn more about using tech to help

Conclusion:

The experience economy has emerged as a transformative concept for the hospitality and retail sectors in the UK. By shifting their focus from mere products and services to creating immersive and memorable experiences, businesses in these sectors can differentiate themselves, increase customer loyalty, and drive profitability. Through personalised customer service, enhanced perceived value, and a focus on fostering long-term relationships, the hospitality industry can thrive in the experience economy. Likewise, the retail sector can leverage engaging in-store experiences, personalisation, and omnichannel integration to attract customers and create lasting impressions.

The Covid-19 pandemic has undoubtedly presented challenges to these sectors but has also accelerated specific trends aligned with the experience economy. Businesses have adapted by implementing contactless experiences, embracing e-commerce, and enhancing delivery services to cater to changing customer preferences and ensure safety.

As the UK hospitality and retail sectors continue to recover and rebuild, incorporating the principles of the experience economy will be vital. By understanding the importance of delivering exceptional customer experiences, businesses can unlock new opportunities, foster loyalty, and thrive in a competitive landscape. Combining a well-executed experience economy strategy and the agility to adapt to evolving consumer needs will position businesses in the hospitality and retail sectors for long-term success. One thing that we take away from the misery of the pandemic years is that life is too short not to spend our time well.

Restauranteurs click here to learn more about using tech to help

card payments

A Christmas Survival Guide

Surviving Christmas means different things to different people and their respective businesses.
Christmas could be the most critical time of the year, and you only have a very narrow window of opportunity.
Or.
Christmas is your quietest time, and the sales from the summer carry you through the winter period.
Either way, Christmas this year will be different, albeit not as stark as last year; with the backdrop of Covid19, we have new challenges to consider. Maximising the opportunity of Christmas means throwing the kitchen sink at it, using everything at your disposal to get customers in.
But here’s the thing lots of businesses overlook the simple things, the free things.

Website Your website is the online face of your business. Is it ready for Christmas? Have you removed the remnants of old offers and refreshed them? Have you made customers aware of your upcoming events for the holiday season and reminded them to buy from you? Do the links on the site still work and go to the right place? Here is a Website checklist to make it easier. Here is a Website checklist to make it easier.

Google my business Your business page on Google has a whole host of information and features that many business owners are unaware of. Some minor tweaks and updates will raise your business profile on Google, the results of which you will see in the search results and activity. Google My Business is completely free, but millions of businesses have not yet claimed their list despite this. Many, many more who, although they have claimed Google My Business listing, have done little or nothing to optimise it. Big mistake.
Here is a Google My Business checklist to save you some time

Reviews Consumer opinion travels faster and further than ever before.
.88% of people trust online reviews as much as a personal recommendation.
90% of people read business reviews online before they visit a business.
Customers are more likely to spend 31% more with a business.
Reviews don’t just happen, and businesses can do more to get more of the correct feedback.

Reviews don’t just happen, and businesses can do more to get more of the correct feedback. What other people say about you is many times more potent than what you say about yourself!
A well-managed strategy that builds you a steady flow of positive reviews online, on the websites that matter most to your potential customers, is one of, if not the, most helpful thing you can do.

Facebook ads As a local business, you can reach more people than ever before at a fraction of the cost of TV, newspapers or other traditional media. However, over 95% of businesses don’t use Facebook ads, which is daft when you see what you can do. Using Facebook to tell more people what you do is a brilliant thing to do, and you probably only need one campaign to work!
We don’t know how Christmas will turn out with the supply challenges, rising infection rates, rising prices and the apparent shortage of labour. But, if we control what we can, we make the best of the opportunities that pop up in front of us. The Business Inspector list will highlight some quick wins for you, but if you want to know more and thrive in 2023, click the link for a discovery call.

Which is the best card machine for my business?

Since the global pandemic, the shift towards payments for goods by card has been massive.
With so many different machines, which card machine is best for your business?

Credit card machines are called card terminals; how they work for small businesses is that they allow customers to purchase by card without needing cash.
The credit card company processes this transaction for a small fee which can be a combination of charges.

The cost of card machines can vary depending upon the type and makeup of your agreement. Monthly charges for devices can be as high as £30 a month.
Also, there are some machines you can purchase outright; however, the trade-off here is much higher transaction charges.

Other things to consider are flexibility for epos integrations and mobile purchases away from the shop bar or restaurant.

The plus of integration cuts down on mis-keying transactions and can save your business thousands within the year. Integration saves time with no double keying of transactions and end of day reconciliation.

Consider a monthly rental agreement if you currently process more than £10,000 per month. Not only will you save on lower transaction fees, but you will also have online and local support.

If your turnover is below £10k per month, consider Zettle, Square and SumUp; however, if your monthly turnover is above £10k, then Dojo and World Pay are complete offerings.

What’s the best Epos system for my business

Epos, or POS as it is now commonly known, has been around for nearly fifty years and was initially created to cut down a retailer’s stock inventory, which it still does very effectively. It is no longer out of reach for small retailers concerning cost and is nowhere near as cumbersome as previously used technology. There are several different types of a point-of-sale systems depending upon your industry. How do epos systems work?
The system, in most cases, can be customised to help small businesses with day-to-day operations such as staffing, accounting, stock management and marketing. Most of it is automated, saving the company many hours of repetitive tasks. The benefit is that teams can spend more time engaging with customers. Barcodes are primarily used to track stock sales orders, pricing promotions, and more
. How much does an Epos system cost?
The system requires hardware which usually consists of a screen, barcode scanner, receipt printer, cash drawer and a card machine. The cost for a system could start from as little as £25 a month. Which epos system is best will depend upon the industry that you are in and the functionality that you want from it. Also, consider the level of integration you want with your accounting software and payment system. Some systems to consider for Retail are Revel, Eposnow and Square. For Restaurants Lightspeed, Touch Bistro, Revel, and Good Till. For Bars and Pubs, Zettle, Eposnow, Lightspeed, Food Till and Nobly. Source AAT Business Finance

Are you ready for Winter?

Excepteur sinMany retailers believe the upcoming winter will be one of the most difficult challenges for small businesses. And some see a myriad of opportunities. How do you prepare for rising living costs and an unpredictable supply chain primarily out of your control?t occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium.