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“Value for price paid” is a top factor in deciding what products to purchase. Sixty-eight percent of consumers surveyed cited everyday low prices as one of their top factors in deciding where to shop. |
THE TAKEAWAY
Demonstrate and communicate product value propositions. Does it do more than one thing? Will it last twice as long? Show it. Everything from free parking to a gift with purchase can make the difference between “I’ll think about it” and “I’ll buy it.”
Demonstrate and communicate product value propositions. Does it do more than one thing? Will it last twice as long? Show it. Everything from free parking to a gift with purchase can make the difference between “I’ll think about it” and “I’ll buy it.”
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Forty-four percent of the consumers we surveyed claim specifically to be seeking out more sales and promotions, and 28% are even shopping more to take advantage of those deals. |
THE TAKEAWAY
In addition to sales and promotions, highlight the ways which value is delivered throughout your store. The diligence with which retailers courted consumers during the holidays is even more vital now. Plan for additional sales, promotions and special deals to stimulate traffic through the year.
In addition to sales and promotions, highlight the ways which value is delivered throughout your store. The diligence with which retailers courted consumers during the holidays is even more vital now. Plan for additional sales, promotions and special deals to stimulate traffic through the year.
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Thirty-two percent of consumers surveyed are doing more “shopping around” before making a purchase to ensure they are getting the best price. |
THE TAKEAWAY
Do you have the best deal in town? Prove it, or better yet, guarantee it. Do you offer a variety of price point options in certain categories? Help your shoppers easily compare between them. Choose a category to dominate from a value perspective and highlight your store as the place to go for that product.
Do you have the best deal in town? Prove it, or better yet, guarantee it. Do you offer a variety of price point options in certain categories? Help your shoppers easily compare between them. Choose a category to dominate from a value perspective and highlight your store as the place to go for that product.
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One-third of consumers surveyed say they are making smaller purchases rather than big splurges. |
THE TAKEAWAY
Feature “small splurges” like accessories that can make a shopper’s current possessions seem new (such as accents and accessories for home, fashion and technology) and help customers choose price-friendly alternatives to their old indulgences.
Feature “small splurges” like accessories that can make a shopper’s current possessions seem new (such as accents and accessories for home, fashion and technology) and help customers choose price-friendly alternatives to their old indulgences.
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In tougher times, shoppers are rationally justifying their choices on decision-making criteria like price, service and convenience. |
THE TAKEAWAY
Help customers rationalize their choices by playing up the functional require-ments they need to feel good about their purchases, but don’t neglect key drivers like quality, customer service and store experience. Just because con-sumers can’t defend a purchase with these intangibles right now doesn’t mean they can’t help drive long-term loyalty. Retailers can create a sense of stability and optimism through an environment that is emotionally engaging and inspiring.
Help customers rationalize their choices by playing up the functional require-ments they need to feel good about their purchases, but don’t neglect key drivers like quality, customer service and store experience. Just because con-sumers can’t defend a purchase with these intangibles right now doesn’t mean they can’t help drive long-term loyalty. Retailers can create a sense of stability and optimism through an environment that is emotionally engaging and inspiring.
