What are shoppers looking for when making purchases? According to new research, they want good value and discounts, reports Retail Times.
The Promotion at the Speed of Customer Demand report revealed that 78% of customers said money off would make them more likely to buy a product.
Value as the primary driver to purchase is also evident in consumers’ desire to save on delivery costs, which was cited as the second most popular type of offer. Over half (55%) of shoppers polled for the report said that the offer of free shipping would also encourage them to buy, underlining the rise in online shopping during the course of the pandemic.
Third on the list of drivers to purchase was a price reduction when buying multiple items. Almost half (46%) of those questioned said that a cheaper price on multi-buys would motivate them to make a purchase.
As the Covid-19 pandemic continues to create financial uncertainty for consumers, immediate value is being prioritised over other purchasing motivators such as future savings or exclusive content.
According to the report, 20% of shoppers said that access to free services would sway their purchasing decisions. Fewer still would be motivated by a subscription giving future savings or exclusive content – 10% and 9% respectively.
In terms of which sectors are hitting the mark with promotions, supermarkets came out on top – not surprising as they are one of the small number of retailers allowed to stay open during lockdowns. Seven in ten (70%) respondents cited grocery retailers as offering the best promotions, compared to just 8% citing fashion retailers.
The report highlights the anxiety felt by shoppers about the impact of the coronavirus pandemic. Consumers are becoming increasingly sensitive to pricing and promotions, meaning retailers are able to rapidly adapt their promotions to meet ever-shifting consumer preferences.
Speaking about the report’s findings, Robin Coles, EMEA MD of XCCommerce said: “Retailers need to build promotions around the needs of the customer and react quickly based on customer insights and preferences, to increase retention and loyalty.”
He continued by saying that the solution is to automate the processes of managing multi-channel promotions to allow marketing teams to “implement promotions that drive customer loyalty and margin without the need for complex, lengthy and costly changes to their legacy systems.”
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