As brick-and-mortar retailers, we should never lose sight of what the common customer wants. Monitoring shoppers’ most pressing needs is, above all else, the recipe for success.
Predicated on Raydiant’s State of Consumer Behavior 2022 report, you can find three factors that consumers today expect most from in-store experiences: value, good products and convenience. Within these general categories tend to be more specific demands that each brick-and-mortar retailer should focus on.
With shoppers proving increasingly thrifty while shopping less and less, it’s more important than ever before for retailers to prioritize consumer needs. Retail sales have previously shown outward indications of inflationary fatigue, and probably the most cynical pundits have described shopping as “painful” for consumers. While rising prices are certainly challenging to retail success, trips to your store can be a nice experience for the customersrather than painful.
Taking shoppers’ eyes from rising prices requires compensating in the areas. All brick-and-mortar organizations should focus their attention and resources on the best desires of American consumers as of this very moment.
Demand One: Shoppers Want Value
American individuals are feeling it at checkout counters and self-service kiosks. Predicated on most projections, prices will continue steadily to rise for the near future, as well as perhaps even at an accelerating pace. Naturally, 31.5% of shoppers said that competitive prices will be the surest solution to have them into your store the best response by way of a good margin.
Re-evaluating where one can afford to provide savings to customers is crucial. Beyond the high cost, though, consider delivering non-traditional value to your shoppers through in-store experiences.
In a controlled study, evocative sensory experiences were found to increase in-store sales by around 10%. Something as simple as eye-catching or calming visuals on an electronic sign alongside a featured product may work wonders. Creativity is really a plus, and you’ll even use brand partners to liven up your stores.
When Johnnie Walker’s Game of Thrones-themed White Walker Whisky premiered, many stores displayed the bottles within attention-grabbing Game of Thrones set pieces. This cooperative advertising campaign generated an untold amount of purchases by just connecting with Game of Thrones fans within an exciting way.
Little touches like clever product promotion could be enough to reduce a shopper’s day and prompt a purchase that could otherwise not occur. The broader goal, though, would be to infuse experiences throughout your stores that elevate the shopper’s mood, providing additional benefits at the same time when prices are all too often a letdown.
Demand Two: Shoppers Want Good, Accessible Products
Budgetary crunches can mold shopper behaviors in various ways. Certain consumers will gravitate toward the bargain bin for each and every purchase they make. Others, however, may seek high-quality items they know they’ll enjoy even though this implies purchasing fewer items altogether.
As a retailer, you realize your consumer base best. Dollar General, for instance, may continue steadily to concentrate on providing the cheapest possible prices with their value-conscious customers. Fresh Market, however, may choose to continue offering its higher-end groceries while attempting to keep prices low on essentials like milk and eggs.
Deloitte explains there are many available pricing strategies during inflationary times. In times where margins shrink and customers are spending less per visit, it is possible to deploy a number of approaches predicated on your organization’s unique considerations.
What we realize, though, is that consumers still value choice even though budgets are tight. Respondents cited “an easy option of products” because the third-leading reason behind them to select a particular retailer; 31.9% said that product variety and selection most define whether an in-store experience is positive or not, that was the best response.
Because of supply shortages and pricing concerns, retailers might not be in a position to stock everything they did during boom times. You might instead determine which products your consumers want probably the most and work to provide variety inside your specific niches.
Demand Three: Shoppers Want Convenience
While delivering competitive charges for high-quality products could be priorities A and B at this time, convenience shouldn’t fall by the wayside.
There have been 23.8% of respondents who said they’re more prone to search for a store that provides convenience, from product selection to checkout and fulfillment, than one which will not. While this might seem like a clear reality, this is a reminder that the normal shopper won’t tolerate confusing product arrangements, long lines, along with other inconveniences.
Self-checkout kiosks, highly visible signage, and varied fulfillment and checkout options are layups for brands that are looking to make sure maximum convenience. Whenever your associates aren’t available an unfortunately common reality amidst nationwide labor shortages such self-service options will undoubtedly be.
Keeping customers happy can feel a little like juggling. While it isn’t always easy accounting for pricing strategies, store design, product inventory, and new in-store technologies, the very best retailers discover a way to obtain it done consistently.
With shoppers making in-store trips sparingly and choosing retailers discerningly, you haven’t any choice but to tailor your stores to reflect the consumer’s demands. Should you choose this successfully, you can turn into a lifeline for shoppers who require it badly, as well as your organization may thrive consequently.