The last time we spoke with Michael Ford, CEO of well-known Australian retailer The Good Guys, he discussed the future of the consumer electronics industry, noting the importance of e-commerce and online technology. While this remains a central aspect of the company's operations, the focus for the company is change, particularly in the area of customer experience.
As part of The Good Guys' change initiatives, the retailer implemented a new sales development program throughout the business. "In my 10 years as CEO of The Good Guys, I have watched the retail marketplace go through rapid consumer transformation and change. Today, customers walk into stores with the ability to instantaneously know what the price of the product is across all competitors and channels. When you get it wrong and you will they immediately share their not-so-great experience with everyone they know through social media."
"And if that were not enough, the internet has enabled the emergence of new business models and new competitors some of which have a much lower cost of doing business. Even if only one in 20 customers opts to do business in this fashion, it still results in a loss of 5% of your customer base. As a retailer, 5% matters, so you constantly have to find new ways to delight your customer to stay in the game and change the rules."