Polling over 1,000 businesses, the study found that US merchants dedicate 6 hours and 24 minutes weekly on manual admin tasks, 27 hours and 44 minutes per month, and 332 hours per year.

“Direct interaction leads to more informed purchases, as customers feel more confident asking questions and seeking clarification on products before buying, ultimately reducing the likelihood of returns,” writes Kenneth Tan, Co-Founder and CEO of BeLive Technology

Brands like Polestar, Vinted and Home Depot are changing how they manage their customer journey. What can leaders learn from this?

According to a 2023 report by CB Insights, global startup funding experienced a 34% decline from 2021 to 2022, largely attributed to a lack of market demand.

When retailers default to driving conversion alone at checkout, they may be increasing purchases in the now, but it’s often not the right way to create profit long-term. Instead, retailers need to cater checkout to shoppers’ needs and wants, which will increase a mix of conversion, average order value and long-term value.

Retail managers have a choice when they enter periods of slower foot traffic – sit by idly, or create a plan for success when customers come back. Some forces are outside of your control, but focusing on improving the things you can will make the difference in creating a prosperous location.

This seemingly innocuous accounting practice can wreak havoc on a business’s cash flow, leaving them financially impaired and submerged despite robust sales figures.