CFI Group, a customer satisfaction and analytics firm, has released findings from its inaugural Retail Satisfaction Barometer (RSB) for Q2 2013. The study was created to help identify key drivers of customer satisfaction and their effects on the customer retail experience.
The RSB study was conducted through a survey of approximately 800 consumers. CFI Group used the American Customer Satisfaction Index (ACSI) methodology, which is a cross-industry measurement of satisfaction based on the quality of goods and services available in the U.S. The ACSI measures six elements of the customer experience, including:
- The physical store;
- In-store associates;
- Merchandise;
- Price;
- Checkout; and
- Online presence.
All six elements were integrated to generate a score from 0 to 100. Overall, RSB found that physical store and online presence were meeting consumer expectations. However, store associates, price and checkout need improvement, as they have the lowest driver scores of 78, 79 and 79, respectively.
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Customer satisfaction also varies based upon retail segment. RSB reported that consumers rated condition and cleanliness of traditional department stores and mall-based specialty stores highest, with scores of 87 and 85 respectively, over large-format value stores, which scored 81.
“Understanding what drives customers back to the store is critical to a retailer’s business performance,” said Sheri Petras, CEO of CFI Group. “This study provides retailers with an understanding into how to improve their customer satisfaction within the segment they serve and their brand communities.”
According to the study, expectations of the customer experience vary among different age groups. In fact, the older the respondent, the higher satisfaction they had with store operations, appearance and staff interaction.
Conversely, millennials are very familiar with the online shopping experience, so it is likely that they are more concerned with the availability of merchandise and the timeliness of delivery through all channels than the customer service in the store itself. Nearly 60% of 18- to 24-year-olds shop online at least once a month, and 33% said they shop online at least once a week.
The study noted that 59% of all respondents browse a retailer’s web site, but purchase items in-store. Additionally, consumers said that if they were very satisfied with the level of service they received from a retailer, they would recommend that brand to family and friends.
Click here to access the complete CFI Group study.