#4 Customer Experiences, Manufacturing & Cashback
This month, I’m excited to share a new addition to the newsletter: weekly updates on the latest news and articles in sustainability, business growth, eCommerce and payments. Staying informed is key to thriving in business and these updates will bring you the insights and trends you need to stay ahead.
Collaboration, innovation and adaptability are at the heart of success in eCommerce and beyond. By sharing these updates, I hope to spark new ideas, inspire action and keep our community connected as we scale sustainably together.
The Power of Experience: Why Scent Matters in Retail
In a world where competition is fierce, giving customers an unforgettable experience is the ultimate USP. One of the most underrated ways to stand out? Scent.
Think about it - how often do you walk into a shop and catch yourself saying, "Wow, that smells amazing!" Suddenly, you’re not just shopping, you’re lingering, browsing and enjoying the ambiance.
This simple yet powerful sensory trigger doesn’t just make a store memorable; it encourages customers to stay longer and engage more. Retailers who tap into this experience-driven approach aren’t just selling products they’re creating an environment that customers want to return to, time and again.
UK manufacturers struggle in 2024
UK manufacturing is facing some serious hurdles, with a dramatic slowdown in output, falling at its fastest pace in 11 months. This has a particularly heavy impact on small businesses who are already struggling to keep up with rising production costs. The upcoming tax hikes and wage increases in 2025 are only adding to the pressure. For many small companies, the only option is to shift production overseas, where costs are more manageable. However, this means that UK businesses miss out on the benefits of local manufacturing, including innovation and sustainable growth.
The knock-on effect is a challenge for the economy as a whole, with small businesses having to make tough decisions just to survive. Many are restructuring operations in anticipation of the rising costs and uncertain times ahead. As a result, business sentiment is at its lowest point in years, leaving companies looking for ways to adapt and weather the storm. The outlook is increasingly bleak for UK-based manufacturers, especially for those at the smaller end of the scale, who often don't have the resources to absorb such significant cost increases.
The impact is clear: while large companies might have more flexibility, smaller businesses are finding it harder to compete. Rising taxes and wage bills are squeezing margins and without the financial cushion to cope, many businesses are looking outside the UK for more affordable options. Unfortunately, this makes it harder to foster local growth and innovation, potentially stifling the long-term potential of the UK manufacturing sector.
Consumers Pick Credit Cards for Rewards + eWallets for ease
Consumers are increasingly opting for eWallets because they offer quick and easy payment solutions, providing a seamless experience across various platforms. However, savvy shoppers are taking things a step further by linking their credit cards to these eWallets to maximise the benefits. By doing this, they can earn cashback, rewards and loyalty points on every purchase, all while enjoying the convenience of digital payments. This combination of simplicity and reward-driven incentives is rapidly becoming a preferred choice for consumers, allowing them to make the most of their spending habits.
The ease of use that eWallets provide, coupled with the financial advantages offered by credit cards, means that consumers can now manage their transactions and accumulate rewards in one convenient space. Whether it's getting cashback on everyday purchases or accumulating points for future discounts, linking credit cards to eWallets adds an extra layer of value. With the rise of this trend, businesses can also tap into this shift by integrating seamless payment and reward options for their customers, making it even easier for consumers to stick with their brands and spending habits.
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This week’s takeaways:
Here are three small but effective tips to enhance your customer experience and take your business to the next level:
Incorporate Sensory Elements: Beyond scent, think about other senses like touch, sound and visuals. A welcoming atmosphere can make customers stay longer and feel more connected to your brand.
Make Payment Easy: By offering eWallet options and integrating credit card rewards, you make it easier for customers to spend and earn rewards. This adds value while encouraging repeat business.
Create Memorable Interactions: Every customer touchpoint is an opportunity. Aim for small but impactful moments that leave customers with a positive impression and a reason to return.
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Any opinions referenced in this newsletter (unless otherwise stated) are my own, and do not represent any views, opinions or statements from Acquired.com.
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