In this article. I’m explaining time as a forward-looking metric, and examining examples. from what i have observed, and through my day to day life. many business loose a lot of money on the wasted time where the awareness
Metric created: (Wait/Waste) Time Reduction (WTR)
Time is the most valuable thing that exist, since we measure our existence is by time. Time is passing weather we like it or not and if we are not accomplishing productivity during the process time becomes wasted. We live in a very fast world and being slow is not an option as you will fall behind and time will passes you.
If we can reduce wasted Time, we can accomplish more productivity in the future. consumer time is very valuable and the less time the consumer spends, the more satisfaction they will consume.
For example: We all had to call customer support/service for problem we came across weather it was insurance, cellphone provider etx.. you will find yourself stuck for at least 10 minutes trying to communicate with a robot operator, in order to get to a person who can actually assist. The operator forces the consumer to waste their time before they can get the desired result or even communicate their issue or concern.
Auto operators are insufficient since they cause frustration in the consumer experience, operators should not be the first way the business interact with an unsatisfied customer since it will make them more likely to be even more unsatisfied escpecially when they are on hold for long period of time.
This can lead to a negative perception of the business by the consumer and might lead the consumer into the competition arms, if the competition is realizing how to save the consumer valuable time. when dealing with a problem as hum
another Example: if you were at a clothes outlet and you want to buy one T-shirt, you are already spending the time picking between the options, checking the size of the shirt and then making the decision to purchase it.
After that you go to the register and then you realize theres 10 people ahead who had many items they wanted to purchase in the consumer head he will start to compare the time it will take him to purchase the shirt with the value that the shirt is going to provide him if the process of choice of a t shirt took 10 minutes and the waiting line is going to take 15 the consumer has spent more time to purchase the shirt which will reduce the satisfaction the shirt will give.
As humans we are indecisive the more time the consumer waits the more he is going to think weather he’s making the right decision buying the shirt and he might change his mind about the purchase before he even buys it.
The less time the consumer spends after making the decision the more likely he will think he has made the right decision, a customer might pick something he likes and make an impulse purchase since the thing he wanted buy was a want and not a need, the longer he waits the more chances he will realize that he doesn’t need the item and therefore walks away without buying anything.
In a sense this what makes online shopping very successful since the consumer will add all the things to the cart and buys it in seconds, it is not the beauty of the online shopping experience, as humans we are a social interactive creatures and shopping in store is much joyful experience especially for cloth since you get to see the actual color and the design and you can really tell weather you like it or not, in Many cases the consumer will purchase items online on the intend to return them, but they end up never doing it because it will take more time than to actually purchase the item.
Seeing a store with a long waiting time might drift many consumers away especially the ones who never experienced the business and had no value that is worth the time. The consumer should spend more time on making the decision and less time on acquiring the purchase.
If you are a phone company that will differentiate your customer support service and switch the operator into a real person who can provide assistance right away you can expect to all the frustrated consumers from competing companies to switch to yours especially in times where they need assistance but it is taking too long or longer than it should.
If you reduce the time spent between the decision making process and checkout time you can also guarantee more impulse purchases, and higher sales. And higher future frequency purchases
The less of the consumer time you waste the more time you allow him to acquire in a sense you are providing him value just by reducing his wasted time.
The more time the consumer waits the more time he will have to doubt his decision.
For example: when buy a t shirt from a clothing store, assuming there is a long line and only three registers, employees at the store have different tasks register employees operate register and deal with the consumer. At the same time many employees around the store folding cloth, stocking, etc..
Workers at the register have more pressure and have to deal with the frustrated consumers meanwhile the other workers are stress free, for starters this will cause inequality in the tasks preformed by the employees especially if they are getting the same wages. And when the store is not busy the people on the register are simply wasting time standing by it and being un productive while others are working.
To solve this issue, we can start by giving the employees a checkout device that takes credit cards. This will enable employees to have registers all over the store. In which a line wouldn’t even form. Once the employees sees a consumer who picked their item, they can approach the consumer and check their items out.
Eliminating the consumer hesitation in his purchase, as he can easily be persuaded by an employe’s opinion.
When the employee is being a personalize help to the consumer from beginning to end process will reduce the pressure on the registers that take cash transactions only and create equality in the tasks between employees, as well as it will attract more consumers since they wont be able to notice a line where the idea of having to wait is not as obvious as if there was a line.
This will make the shopping experience more enjoyable, profitable and more efficient