- POSTED: 10 Oct 2013 17:20
This graph is an experimental feature that tracks number of views over time.
Retail companies have seen a 26 per cent increase in revenue after implementing Customer-Centric Initiatives (CCI) to boost customer service standards, according to a study by SPRING Singapore.
SINGAPORE: Retail companies have seen a 26 per cent increase in revenue after implementing Customer-Centric Initiatives (CCI) to boost customer service standards.
This was revealed in a study commissioned by SPRING Singapore, which surveyed 100 retail companies a year after they adopted the initiatives.
Overall, the retail companies showed an increase in productivity -- a crucial factor in a tight labour market.
The value-added per worker grew by 25 per cent compared to an industry average of 7 per cent, while remuneration per worker increased by 14 per cent.
One success story is EpiCentre, which saw sales revenue double after embarking on an 18-month CCI project in January 2011.
EpiCentre's new initiatives include conducting mystery shopper audits and creating a new system to better capture customer feedback.
To date, the programme has reached out to 25 per cent of all retail industry players.
But the plan is to target retailers in their specific sub-sectors.
Mr Yeo Guat Kwang, co-chairman of the CCI Working Committee, said: "In the past, we actually just cast our net wide and reach out to all the sectors in the retail industry.
"Now we will do a more focused approach. For example, you have salons, you have provision shops. We will give them a basket of tech and know-how that they can adopt straight away."
The CCI is led by SPRING Singapore and provides funding assistance of up to 70 per cent for companies in six service sectors.
Companies can use the funds to adopt technology, redesign processes and train employees. They can also tap on online self-help toolkits to boost customer service standards.