Page 17 - Risk Management Bulletin Jan- Mar 2021

RMAI BULLETIN JANUARY TO MARCH 2021

reflection of common shoppers, who disguise customer interaction has evolved and their satisfaction
themselves as common consumers and portrays has, indeed, become one of the topmost priorities for
consumer behaviour to test the habits or the work the companies. Companies aim to satisfy their clients/
culture, deemed important for a particular company customers because that is how word-of-mouth spreads
or industry. The mystery shopper collects data related and the company gains reliability among the
to the quality of products or services of a company. customers. The research requires researchers, who are
However, the mystery shopper should strictly have no disguised as common shoppers, to pick out the flaws,
affiliation to the company being researched and the gaps in their system, or habits of the employees, to
data should only be used to improve compliance in the improve the business.
company and not withheld against any employee of
the organisation. What are the objectives under which
mystery shopper team research?
What are the common users of this
Mystery shoppers choose the methodology to tailor
research? business needs and bring quality to the business and
The most common users of this research method work as per the objectives set out in the engagement
include: letter. It can vary from observing the skills of
Y Banks/Financial Institutions/ Insurance Companies employees in serving, tidiness, and cleanliness of the

Y Retail store or office, or the skills of the employees to sell
or the quality of the product or to see whether there
Y Hotels
is any security drawback, just in case if there is any
Y Movie Theatres fraud, theft, or any risk related offence at the place.
Y Restaurants and Fast - Food Chain
There are multiple objectives under which a mystery
Y Manufacturers of Goods Sold in Retail
shopping team can research. For example, they can
Y E-Commerce
check whether IDs arechecked upon KYC registration
Y Gas Stations in case of a branch officer authorised to do KYC original
Y Automotive Manufacturers and Dealerships seen & verified process. Further, whether the
necessary information is properly displayed in the
Y Transportation Services
branches, and the customer care information is
Y Real Estate and Property Management Firms provided to the consumers or not? Any warning or
Y Health and Fitness Clubs update is provided to the consumer?

Y Human and Pet Health Care
The mystery shoppers identify issues in the market
How has mystery shopping evolved? that may require new regulations and understand
developments in the market, consumer experience,
Mystery shopping has evolved tremendously as
and agent behaviour more precisely. The focus is on
customer service and experience, or may even go
through full financial transactions of the regulator. The
mystery shoppers map out the logistics including fund
deposits, withdrawals, and transfers in the firm.

Owing to the customer satisfaction issue, the mystery
shoppers also observe:
Y Is the firm complying with requirements per
regulations?
Y Is the firm providing correct and thorough
information?

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