We have been hearing a lot about retailing for a long time now. Retailing is one area that has been competing with telephony and web space for a larger pie. It is one of the fastest growing areas in the world. Retailing has been talked about as the one hovering around relationship marketing.
Recently, academicians and practitioners alike are studying retailing as a combination of science and art, and a new concept has evolved. This applies well to small business owners who are into retailing.
Simple retailing is passé now. It has been replaced by loyalty retailing. Loyalty retailing, as the name suggests, stands for ensuring customer loyalty to its extreme. This has borne from the fact that cost of serving repeat customer is very less compared to that of getting a new customer. Don’t treat your customer merely as a guest. Serve him as if he is your friend. And the difference lies here – guests may not be welcome all the time, but friends are always there.