Satisfaction and Loyalty Relationship †Free Samples to Students

Question: Discuss about the Satisfaction and Loyalty Relationship. Answer: Introduction: Nowadays, buying and shopping at big malls is becoming a day to day activity of every metropolitan citizen. There has been huge rush in every malls and supermarkets during holidays and weekends. The rush even gets more when there are any special discounts and special offers for the customers. Oz supermarket, which has installed the PayWave technology and RFID technology in its business operations, is very beneficial for both the customers and the company(Almsalam, 2014). The number of customers at the stated organisation has increased throughout Australia due to its cheap prices and quality products. Thus, continuous improvement is to be done in the business operations to do the transactions of the customers more speedily and accurately. Traditional billing system needs to be improved in the current shopping context of the customers in order to enhance the quality of the shopping experience of the customers(Bacal, 2011). In order to overcome these issues, Oz supermarket have installe d and adopted PayWave technology at all its outlets and do not accept cash anymore. It is a modern technology regarding which a customer has to wave his or her card at the entrance and then allowed entry. Contactless payment technology has been successfully launched by many companies and Oz Supermarket is among them. The technology is still in its expanding condition and has been accepted by many organisations of different nations. PayWave technology has been a successful hit in countries like Malaysia, South Korea, US and is currently enhancing its market in Australia. Over 10 million Visa PayWave cards are already in circulation around the globe(Bruch, 2017). It has been found in various studies regarding PayWave technology that organisations that launched and implemented the PayWave technology made the transactions 25% faster than the transactions made with cash. Involving merchants such Oz Supermarket also gets benefit from this speedy transactions and convenience of the customers as they dont have to make any signature or enter their pin for their low value purchases. The increase in the speed and convenience directly gets linked with the better commercial performance. (Gures, Arslan Yucel Tun, 2014) As for illustration, customers paying with PayWave card at the Oz supermarket now take only four to six seconds to make a transaction, as compared to the traditional magnetic stripe card which used to take mo re than 40 seconds in average. But there is scepticism amongst many stakeholders of the Oz supermarket mainly the investors and the merchants who need to see the real benefit of this new technology. With the execution of the contactless payments or the PayWave payment to consumers, there have been many benefits and barriers to the technology stake and for the customers. According to the survey conducted by Visa Commission regarding the views of the customers on contactless payment in 2006, there was mostly favourable response from the respondents. With the PayWave technology, customers now have to spend less time in queues(Gures, Arslan Yucel Tun, 2014). The PayWave transactions are significantly faster than the traditional method of swiping cards, PIN or cash transactions, thus, holds the potentiality to reduce the queuing time of the customers. The stated modern technology also has great impact on the convenience of the customers. The contactless payments seem to be more convenient way of making low-value transactions(Gures, Arslan Yucel Tun, 2014). It is very interesting that with the execution of PayWave transaction system, consumers instead of fumbling for cash at vending machines, they just wave the card and go. One of the perceived benefits of the PayWave cards or the contactless payments is the simple ability of not carrying the change around. With it, the chance of losing money and risk of any fraudulent transactions are also diminished. This was seen after the PayWave technology, there has been reduction in the risk of losing money and the inconvenience of not having adequate cash to pay for any item that consumer wanted to purchase(Jayshree, Gholap Yadav, 2014). According to the survey of Visa, consumers are strongly attracted to the innovative and modern or trendy aspects of contactless payments. As per many financial products, where the security and reliability is the most important aspects for the customers, it has been noted that PayWave technology delivers both vendors and the consumers the opportunity of greater convenience along with an element of excitement and fun. As per the implementation of PayWave technology, there will be a different business situation for Oz supermarket. Though there will be many benefits for the company in implementing the contactless payment method, the scale of any of the impact of the will be highly situational(M S, 2013). There are many factors that impacts this modern technology such as the percentage of business conducted during the peak hours, the intensity of the local competition and the customer service model executed by the company(Morea, 2010). It is evident that speed in the transaction process at a shopping centre is an important proportion and thus makes the increased speed of the contactless payments a very crucial option. As per the case study, Oz supermarket has also implemented the RFID technology in its trolleys. Under this, system, all the products will be equipped with RFID tags. When a customer puts any product in the trolley, the code will be detected and the price of those products will be stored in the memory. As customers put the products, the costs will be added to the total bill of the customer(Morea, 2010). All the details of the products and its pricing will be displayed on the LCD display of the shopping trolley. With this system, consumers will have the information about the price of every item that are scanned in, total billing of the items and will also be outlined over the screen. This system will surely save the time of the purchasers and will also reduce the manpower required in the mall and the cost associated in the product. With the automatic billing system, consumers will not have to stand in queues for long time as billing will automatically be done at the trolleys, and thus customers just have to wave the total amount through their PayWave cards and go. With the improvement in technology, and with greater bank support, digital wallets and mobile payments, the business transaction has been changed a lot in recent years. The consumption of the modern technology has enhanced the point of sale in many organisations. It is evident that if companies could provide better customer service and technology to the customers, they will surely appreciate being able to use the digital wallet technology. There has been increment in the customer experience with the contactless payments. With the PayWave technology, the time consumed in the queues gets reduced with it(Oxford, Baschnonga Wulgaert, 2017). One of the major complaints with the traditional method of transaction such as card payment and PIN payments is the time consumption. The time required in the terminal is more as compared to the payments made with PayWave. As the consumers and vendors are getting habituated with this longer transaction time, the faster option preferred by the contact s payments such PayWave, which is implemented by Oz supermarket is very attractive to the customers(Oxford, Baschnonga Wulgaert, 2017). For Oz supermarket, keeping the lines moving quickly is a method of improving the customers experience. Training and motivation the employees regarding the contactless payments at the terminal, will surely help the management of stated organisation in cutting down the transaction times. Another thing that could be improved with the PayWave technology is the integrated loyalty programs and the email receipts. Innovative loyalty programs and the paperless interaction with the customers are also a very fantastic benefit of the merchants that could be enables with the contactless payments. It is evident that in the current competitive business environment, consumers always look for the value and convenience, and both of these could be added with the advanced features of the contactless payments and the digital wallets(Oxford, Baschnonga Wulgaert, 2017). The adoption of contactless payments system at Oz supermarket will surely enhance the customer shopping experience and the convenience. If Oz supermarket could execute the loyalty programs and reward programs along with its PayWave technology, it will surely push the customers in the adoption of the contactless payments. With the digital loyalty programs, customers will have the option of exploring the digital loyalty programs through any App market. Enhancing and building the customer loyalty through a digital rewards program will motivate and even reward the customer for using the contactless payments. Another thing that Oz supermarket could do to improve its service operations is getting into an interaction with the customers. Getting into the conversation with the customers and gathering their views about their shopping experience will surely provide important details to the management of the Oz supermarket. With the implementation of PayWave technology and the RFID technology in the trolleys, the management of supermarket not only gives benefit to the customers but also provides assistance to them(Phair, 2016). With the implementation of the modern technology, the management of Oz supermarket can reduce the transaction time of the customers by automatically emailing receipts to the customers rat her than printing the receipt. There are always strategies that need to be executed by companies in order to improve their services and to provide the superior quality of customer assistance. It is always important to provide the demand of the customers irrespective of the trade of the company. Every business enterprise in the current business context wants to attain more and more customers and wants to deliver quality service to them(Morea, 2010). In order to provide quality customer service, it is important for Oz supermarket to get professional in every field. Providing customers with high quality products at cheaper rates than the competitors will help the stated firm in growing its business. It is also important that the management gets in everyday interaction with its customers(Morea, 2010). Just implementing the modern technology and forgetting about the importance of customers feedback is evidently not a way to satisfy customers and improve business. It is important that the stated firm understands the dem ands and requirements of the customers clearly. It is also important to keep the interaction concise and clear. Delivering a superior customer service is no longer an exceptional benefit as most of the companies in this competitive business environment are trying to do their best in meeting the consumers demand. Customer service is a key issue in every organisation that involves the entire staff of the company from the executives to the lowest ranks workers, customers are the foundation of any business(Oxford, Baschnonga Wulgaert, 2017). It is important that Oz supermarket delight its customers in order to keep its business into competition. Another reason to develop the customer service is the business environment. The business environment of every company is not stable, as many factors such as economic, legal and technological factors impact the business condition. With the implementation of modern technology, it is also important to take good care of the existing customers. Meeting the customers expectations can cause repeat and enhanced business and lead to attract new customers. Every bu siness enterprise understands that the retention of the customers is very important. Meeting the customers expectation will help the Oz supermarket in retaining its customers and in improving its reputation(Oxford, Baschnonga Wulgaert, 2017). The management of Oz supermarket must understand that unless customer retention could not be formed, there will be very less chance for the company to grow. It is also important that the organisational objectives, mission and vision of Oz supermarket is also formed or altered according the customer orientation. The consumption of the modern technology has enhanced the point of sale in many organisations. It is evident that if companies could provide better customer service and technology to the customers, they will surely appreciate being able to use the digital wallet technology(Oxford, Baschnonga Wulgaert, 2017). Oz supermarket in order to improve the customer service could provide customers with high quality products at cheaper rates than the competitors, which will help the stated firm in growing its business. Another thing that stated firm could do is enhancing and building the customer loyalty through a digital rewards program will motivate and even reward the customer for using the contactless payments. References Almsalam, S. (2014). The Effects of Customer Expectation and Perceived Service Quality on Customer Satisfaction.International Journal Of Business And Management Invention,3(8), 79-84. Retrieved from https://www.ijbmi.org/papers/Vol(3)8/I038079084.pdf Bacal, R. (2011).Perfect phrases for customer service. New York: McGraw-Hill. Bruch, M. (2017). Customer Service. Retrieved from https://www.uvm.edu/vtagritourism/files/customer-service-purdue-extension.pdf Gures, N., Arslan, S., Yucel Tun, S. (2014). Customer Expectation, Satisfaction and Loyalty Relationship in Turkish Airline Industry.International Journal Of Marketing Studies,6(1). https://dx.doi.org/10.5539/ijms.v6n1p66 Jayshree, G., Gholap, R., Yadav, P. (2014). RFID Based Automatic Billing Trolley.International Journal Of Emerging Technology And Advanced Engineering,4(3), 136-139. Retrieved from https://www.ijetae.com/files/Volume4Issue3/IJETAE_0314_24.pdf M S, S. (2013). RFID Based Automated Billing System Using Zigbee Embedded Into Shopping Cart.IOSR Journal Of Business And Management,14(6), 21-28. https://dx.doi.org/10.9790/487x-1462128 Morea, D. (2010). Contactless Payments: The Tipping Point Is at Hand. Oxford, A., Baschnonga, A., Wulgaert, T. (2017). Where next for mobile money?,4(2). Retrieved from https://performance.ey.com/wp-content/uploads/downloads/2012/02/Performance-4.2-January-2012-Journal-v17-p62p69.pdf Phair, N. (2016). The Truth about Contactless Payments. Retrieved from https://www.canberra.edu.au/cis/storage/Contactless%20payments.pdf Trtsch, T. (2014). The Impact of Contactless Payment on Spending.International Journal Of Economic Sciences,3(4), 70-94. Retrieved from https://www.creditcards.ca/credit-card-news/images/030416%20impact%20of%20contactless%20on%20spending.pdf