Citi Business

Worldwide interest rates cut

The Chinese central bank, along with the Bank of England and the Eurozone banks have cut their interest rates in a bid to steady the slowing economic decline. The Peoples Bank of China has not cut interest rates since 2008.

These cuts are offering a relief to Eurozone’s faltering economy. Concerned about the economy but these measures show that people are doing something about it. People are generally believe the Eurozone will recover in the second half of the year.

The Reserve Bank of Australia lowered interest rates in June of this year.

Australia’s financial market has seen a modest domestic growth but with uncertain international environment households and businesses show precautionary behaviour. Unemployment still remains low within Australia.

Retailers boost profits by going online

Retail outlets are turning to online sales and online marketing to boost their businesses. Many retail stores in the city now have e-commerce sites and are taking full advantage of this. An online store can work very well in conjunction with a retail store, as they can also use the retail store to capture customers’ details and use the store to promote the online business. Once you have captured the potential and existing customers details you can target these customers with online marketing.

The online market can be very competitive, with worldwide stores competing for business, online shopping is growing constantly. The internet is not restricted by physical space so retailers can have more products online, consumers can shop at their own leisure, and so they don’t have to leave the house .

The great thing with the internet and online shopping is that even the smallest retail outlet can create an online presence and compete the bigger retail outlets. The key to online succuss is not only having a good looking website but also having a good online marketing strategy.

Retailers and online businesses lose millions of dollars each year due to poor customer service

Good customer service will enhance your business and save you thousands. Some businesses neglect customer service and think it’s all about the sale. An area often overlook is complaints and in this day age customers are not just going to complain to their neighbour there is the possibility of them broadcasting their grievances on line. On social media sites such as Facebook, Twitter and google Plus.

Obviously prevention is always better than cure! If you are running an online store you want the users experience to be as pleasant as possible. Your site wants to be as easy to navigate as possible, check out needs to be clear and secure. Customer service numbers need to be visible, along with returns addresses and any other essential details.

To reduce basic customer complaints make sure your service is second to none, delivery time is always informed and make sure you offer quality products and services at good value. If the customer is well informed there is likely to be a complaint. The whole experience of shopping online can be fun, so treat the customer well and they will return.

If a customer airs a complaint online always deal with it in a positive, polite and professional manner. Remember if you are responding online you are not only going to effect the decision of that person but also the decision of any other person reading the post!  If the customer has had a bad experience try to find the problem, explain what the situation was and how you will fix it. Be as helpful and as honest as possible. Consider offing discount or voucher. The last thing you want to do is lose this customer or deter other customers!