Telco or Communication Service Providers (CSP)
Telco or Communication Service Providers
Telecom retail stores have driven communication service provider company growth for years. In fact, they’ve driven more consumer wireless acquisition and renewals than any other channel. But that was yesterday.
The market is changing drastically. Customers now demand tailored experiences across the board. Stores can no longer function as islands, but must be better connected with all other channels a communication services provider offers. The one-size-fits-all store approach is yesterday’s news.
The New Rules
Retail stores no longer need to drive a CSP’s business model. Rather, they need to enable it. If a customer experiments in store but buys online, that is still a win. One in four customers use the store as a means of evaluating products, while six in 10 use it to ask for advice. This scenario requires CSPs to rethink how they evaluate the success of a store — no longer will the raw sales versus footprint equation work. A showplace needs to drive brand loyalty and entice new customers. It may not log significant in-store sales, but it could contribute greatly to enhancing the CSP’s brand.
Success for telecom retail stores no longer equates to delivering the highest sales. Rather, store footprints should vary according to consumer need and what customers seek to accomplish. Some may need to be experiential showplaces, offering consumers the latest products and experiences. Others may be better suited as small focused kiosks, where customers can only pick up or drop off a device. Still others may simply be self-service outlets, used to pay bills and buy accessories. And some will need to offer the best of all of these worlds.
As customers move constantly between the physical and digital worlds, the reimagined CSP store handles the flux with effortless agility. Here are a few things they can do:
- Determine digital/physical mix that works for customers at that locale
- Seamless transition for customers from one channel to another
- Adaptive on demand staffing
- Personalized superior experience at the store
The reimagined CSP store can still be at the heart of the business. It just may not be the same store in every location. Rather, it will be designed to function within a retail network based on the science of data analytics and the art of a tailored customer experience.
Multi-store technology solutions provided by 4POWER enable these goals. Customer Visit Management & Service Delivery Solutions take care of the consistent, personalized and improved customer experience while at the store, whereas Self Service Machines provide a non-stop and no waiting business environment. Managed Services enable improvement in efficiencies and competitiveness with no capex.