There are specific things leading retailers do that keep them at the top. Leading retailers make sure to deliver on what they’ve promised the customer. Sounds simple? It’s not. Delivering on that promise is a delicate mix of understanding customer needs and expectations, and using that understanding to create a store environment completely focused on those needs and wants. The right products, available at the right price, must also be offered. And the retailer must have a crystal ball to see into customers’ future needs and wants, providing those products before customers even ask for them. And, finally, the right technology and a skilled, happy sales force are crucial.

That’s a tall order. But top retailers manage to consistently offer this mix, despite climbing operational costs, price deflation, customer defection, and staff turnover.

The retailers who are winning this race know that convenience and a satisfying experience fuel customer decisions to shop in their stores. The right price, the right environment and the right service model are what keep customers coming back for more, and keep revenues high.

And the payoff is well worth it. Some research suggests that if service enhancement initiatives are used properly to boost loyalty and customer retention by just five%, companies can expect profit increases by as much as 95%.