UK researcher Vanson Bourne have come up with some pretty stunning stats on how retailers in the UK at least are responding to Times Like These.
We're betting it's no different here. Have a look:
- 36% of retailers questioned are leaving themselves vulnerable by not proactively checking customers debt history or credit records
- Only 7% of the respondents indicated they are actually focusing on improving the collections of outstanding debt over other business demands
68% of retailers are prioritizing cutting operational costs over increasing revenues and profits
What this means is that retailers are not identifying their best customers, and would rather damage the shopping experience than invest in their best customers - the very people who will get them out of trouble and ensure that they are on top once times improve.
We feel a rant coming on.
Revolutionizing the way small businesses grow.
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