you are branch manager of a xyz bank. write report showing the decline in the number of new customer and new accounts.give reason
Answers
DECLINE IN THE NUMBER OF NEW
CUSTOMERS AND NEW ACCOUNTS
By XYZ
18 July 2021
The recent data shows that there is a decline in the number of new customers and new accounts. Often sales are negatively affected by poor communication between teams. In retail, it’s important to have a seamless relationship between marketing and merchandising teams to make well-informed strategic decisions to maximize sales performance. Poor communication between the teams can lead to misaligned product and advertising strategies. For example, if the marketing team is investing a disproportionate amount of advertising spend on items at too low of a price point, the merchandising team may not be prepared for the surge in demand, which can lead to stockouts and lost sales.
When a customer comes into a store and they cannot find what they’re looking for, it creates a poor shopping experience and potentially loses your sales. While retail stores cannot carry endless inventory, optimizing your assortment will decrease the chances of your customer walking away empty-handed.
Not providing enough additional value, can be another reason your sales are declining. Perhaps, your competitors are providing more incentives than you, such as free shipping or free returns. According to Forbes, free shipping is the incentive 88 percent of online shoppers want the most. If you and a competitor offer some of the same products, but they are offering free shipping, you may lose out on those sales. To ensure you never miss out on an opportunity to increase retail sales, keep an eye on what competitors are offering to help you match that.
Price has a big influence on sales. In essence, a high price can maximize short-term profit, while a low price can maximize long-term profit, as it generally attracts more customers and helps the business gain market share. Price can also be a determinant of a brand’s positioning and quality. If a product line launches at a high price, it suggests high quality and prestige.
These are various points to notice and to work on.