MISSISSAUGA, Ontario--(BUSINESS WIRE)--According to a recent study by Nielsen, Canadian grocers heavily favor a customer-centric business strategy, citing “keeping current customers” and “reaching new customers” as two of their top three areas of focus.¹ In order to ensure that this strategy is as effective as possible, grocers must concentrate on maximizing customer service offerings and adding value to the in-store shopping experience.
Cummins Allison, the leading innovator and provider of coin, currency and cheque handling solutions, shares how implementing a self-service coin program can help grocers achieve their customer service goals while simultaneously increasing their bottom line.
Boosting Customer Service with Self-Service Coin
According to the study, a whopping 81% of grocers say that their focus on “providing better customer service” is one of the key differentiators for their business.¹ Savvy grocers are bolstering the customer service experience by leveraging front-of-store services and opportunities. In fact, grocery stores have two distinct advantages over other self-service coin redemption sites: longer store hours and more frequent store visits.
Additionally, 66% of grocers surveyed cited “investing in improving customer service” as a top way of improving customer loyalty, and 59% cited “expanded product offering or services” as another top strategy.¹ By offering the convenience of self-service coin counters in their stores, grocers can serve customers better through speed and convenience, drawing in new customers and increasing the frequency of return visits. Coin redemption also keeps cash in stores, and customers appreciate the convenience of redeeming coin and shopping in one trip.
Turn Self-Service Coin Redemption into Profitability
In addition to retaining and attracting customers, 24% of grocers cited “the rising cost of doing business” as a major challenge.¹ To combat rising costs, grocers should consider selecting a self-service coin machine that allows them to control the coin redemption fee for greater profitability. By setting their own coin redemption fees, grocers can gain a valuable source of additional revenue – and customers feel that fees are justified by the convenience and features offered.
Additionally, self-service coin machines put disposable income in customers’ hands immediately, and cash-in-hand is the top motivator for customers to convert loose change into spendable dollars. Grocers can also further tap into this by promoting store specials or high-margin items through on-screen advertising on the machine.
It is important for Canadian grocers to proactively implement strategies that provide both value to customers as well as the additional advantages of increased traffic and in-store purchases. To learn more about how grocery stores can cash in on revenue-generating opportunities with self-service coin machines, visit www.cumminsallison.ca.
Sources:
1 The Third Annual American Express Retail Insights Report; Nielson, April 2014.
About Cummins Allison
Cummins Allison is the leading innovator and provider of currency, coin and cheque handling solutions. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visit www.cumminsallison.ca.