New retailers do not compete just on price, but are able to offer selection, availability and customer service at levels unachievable by traditional brick-and-mortar retailers.

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Banks are overhauling their incentive structures for frontline staff, rewarding staff for high levels of customer service and not sales volumes.

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Getting to that point means providing very high levels of customer service so that existing customers will tell their colleagues about the service.

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Along with faster checkout lines and brighter stores, the merchandise and layout improvements have Wal-Mart's customer service scores at their highest levels in years.

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And modeling out what could happen to their business if their customers began to hold on to cars longer, they discovered that they could reduce their inventory levels and increase their emphasis on service operations, just when customer demand began to lean that way.

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It could be improved quality to reduce their defects in manufacturing, it could be improved levels of service to reduce delays, and it could include increasing customer service to get a better outcome.

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The company is also boosting store staffing levels to drive better service, which Collins says should also drive same-store sales and customer conversion rates.

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