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14/10/2009 -
The Canadian loonie is creeping closer to the U.S. dollar, rising to the highest level since the summer of 2008 and prompting concerns from Canadian merchants that customers will move their holiday shopping south of the border at a time when it is needed most.The Canadian dollar rose 97.54 U.S. cents on Wednesday morning - the highest level since August 1, 2008, Reuters reported.
This has increased pressure for Canadian retailers to lower their prices, in an effort to guard against losing customers that are tempted to head to the U.S. for holiday shopping.
"Retailers recognize they serve consumers without borders and they know they have to work harder than ever to keep customers in Canada," Mark Beazley, director of communications for the Retail Council of Canada, told CBC News.
However, retailers do not necessarily have to cut into their profit margins to keep customers loyal, as merchants that focus on improving their customer experience can significantly increase their customer loyalty and retention.
One way to achieve this is by offering customers the option of credit card processing, which can make their checkout process faster and more convenient. Up-to-date POS terminals can also allow businesses to offer customer loyalty marketing programs, which will give customers an added incentive to shop at that store.
