People, people everywhere. At the Elton John Concert at Gröna Lund in Stockholm this summer, I thought I´d pick up a few more beers for me and my friends but the long queues for the bars made me reconsider. The rest of the evening remained pretty calm.
Waiting in line has been described as torture. In Author Alex Stone´s words, “the dominant cost of waiting is an emotional one: stress, boredom, that nagging sensation that one’s life is slipping away.” Do you regard the cost of excessive queues simply as a light, unavoidable suffering for your customers? Or can queuing even be business critical?
Perhaps your answer is: “not really – people lining up demonstrate how desirable your services are, thereby attracting more customers. In that case, think again. You really need to read our new white paper How cutting queues can increase your revenues.
How many customers would you have got if queues had been shorter? How much more would your customers have spent? Here´s a hint: 89% of 2,000 surveyed consumers had left a shop or business as a result of excessive queuing, according to a study by Visa Contactless in it gets worse: 65% claimed they then went straight to a rival store to get what they needed. Columbia Business School research shows that longer lines lead to a substantial reduction in sales – an additional five people can mean a 10% drop in sales.
The bottleneck is usually not how quickly your customers are being served but the part where they pay. It´s the frustrating hassle with credit cards, cash and coupons that keep the lines slow and long during the busy hours. The same lines that are causing damage to your revenues. Imagine the revenue potential if this paying hassle could be removed, whether you represent a cruise operator, ski resort, camping ground or an amusements park. This is probably why “tap-and-go” payments, where purchases are registered in a second, are picking up such a momentum. Imagine contactless payments at Gröna Lund: no long queues to buy paper tickets for the rides, or drinks at Elton John concerts for that matter…I wouldn´t be surprised if that evening had picked up the same momentum.
Read more about how you can cut queues to increase your revenues in our new business insight report “How cutting queues can increase your revenue.”