Gaining the trust of precious consumers

Date: 30-Oct-2012
Retailers are having a very hard time trying to convince people that they are extremely trustworthy when it comes to providing quality commercial services. While most people prefer to take the help of high street banks, retailers are actually looking to control a big market share and provide extremely good financial services to the consumers, making sure that their revert back to this particular juncture of commercial support. According to research, it has been concluded that nearly 90% of the consumers do not trust any retailers, to provide quality commercial services, and hence they are more unlikely to continue any association with them. It has also been the case with the banks, in the backdrop of a variety of economic recession and bankruptcy.

Conducted by Rostrum research, about 51% of the people surveyed have concluded that they do not trust the retailer, any more than they trust their bank. It goes to show the amount of disenchantment that the population have actually had towards such kind of banking institutions, and also ensuring that the banking sector along with the retail market needs to buck up to feed gaining quality money from the consumers. About 40% of the people have actually indicated that they would like to continue their transaction with the respective retailer and the banking institutions to the same extent that they have been doing now. About 10% have remained indecisive, which only goes to show that there are people that prefer to keep the money with them rather than trust an institution with it.

In retail, the pricing is all that decides the interest of the consumer. A high pricing is not at all enticing the customer to procure that item. Whenever the respondents in the survey were asked about choosing a particular retailer over another from their financial products, the primary concern that was met by the respondents was about the pricing. About 40% of those people have actually mentioned that pricing is about the most important factor that they conclude the number going for any sort of financial products. About 30% people have concluded that the relationship with the retailer is definitely a good factor that can decide the fate of the transaction.

Market research have actually shown that the difference between selling consumer goods and consumer products with the financial products is definitely a lot different, as it involves the investment of the customer, and also provides a very big opportunity to the retailer. Anything wrong in the particular pricing along with the services provided is definitely going to prove to be a cascading effect on the reputation of the institution.

Backed by a report that was provided in the month of August, by consumers prefer to have a current account with John Lewis rather than going for any of the banking giants. It is due to the fact that Tesco as well as M&S run a highly targeted campaign providing financial offerings, which could also dictate the results of this survey.