Has recession affected the Mystery Shopping business?
The crash of the U.S banking structure has had a profound impact on the history of world economy. The effect of the slowdown was felt evenly across the globe across all sectors. India and China were tipped to be economic power horses by 2025 and both countries were saved from a total crash because of certain regulatory principles followed in both countries. The Market Research business like any other business had to bear the brunt of the recession, but this was partially negated by the core principle behind the Mystery Shopping business i,e. “Better Customer Service, Bigger profits”.
Some companies had to cut-down on their expenses; so many a programs were cancelled. But then there were other businesses that realised that one factor that couldn’t be compromised on was the performance of the sales staff. When sales volumes are low, the key is to have the best sales staff on hand to provide optimum service to the customers. The key was to convert every potential customer into a guaranteed sale. This led to the customer service factor becoming more important than before. Lack of motivation among the employees due to pay cuts and insecurities regarding their jobs could have an adverse effect on their performance on the sales floor. Timely reviews and appreciation of the Star employees has certainly addressed this problem to a certain extent.
The world economy is on a slow road to recovery, but the Mystery Shopping Industry is moving slightly faster.