High risk consumer touch points can be risky for retailers. Customers are gained and lost when high risk touch points are not taken advantage of and result in negative consumer experiences. What LoyaltyOne's new study shows is that high risk touch-points get even higher risk when certain demographic segments are at greater risk for negative brand interactions.
Return policies can be some of the highest risk interactions brands face with consumers. Ensuring a smooth return policy, especially for gifts, can be simple internally and in theory but can make or break customer relationships. For consumers coming in to return a gift, retailers have the opportunity to acquire a new customer that may never otherwise had shopped there or turn someone away who wasn't a customer and now will never be. This high-risk high-reward interaction should be strongly considered for your business before being implemented, given the high stakes.
According to the LoyaltyOne survey:
- 45.1% of men find it difficult to make gift returns, 13.4% more than women making the same returns.
- On the flip side, 11% more men were more likely to return to a store after a positive gift return experience.
Most retail activity focuses on women, but maybe this is the touchpoint where focusing on men can really pay off.