Instant access to deals at the swipe of a finger or the click of a mouse has propagated deal-seeking behavior. As a result, Americans—millennials included—have become professional shoppers and bargain hunters.
For retailers looking to engage with existing and potential customers ahead of the busiest shopping season of the year, our own Theresa McEndree recently offered Dealerscope some insight into four key trends for retailers to consider.
Here is an excerpt:
Most consumers are seeking deals regularly—regardless of income
Our research found that nearly all shoppers (97 percent) look for deals when they shop, and 92 percent report “always” looking. And, nearly 90 percent of consumers with annual household earnings of $200,000 or more look for deals regularly. Retailers should keep in mind that deals aren’t just for those strapped for cash. Offering deals across a spectrum of high- and low-value products can help reach different shopper audiences.
Consumers hunt for bargains before and during the purchase process, and feel smart when they find they best deals
Before and during shopping, consumers research the best deals in loyalty and reward programs, by asking their personal network and in circulars and print ads. And, when they are able to find the best deals, 40 percent of consumers said they feel smart. To beat out competitors, retailers should ensure deals are widely accessible to shoppers—and make sure shoppers can find them.
Rebates are effective, when done right
Shoppers also want to be rewarded post-purchase and report satisfaction in receiving rebates. In addition to satisfying shoppers, rebates can benefit retailers by gathering customer data that helps identify trends, keeps shoppers engaged and encourages them to become repeat customers.
Price and value outrank brand
Price isn’t consumers’ only motivation when shopping, but nearly 90 percent named price as a top factor affecting their purchase decisions. Retailers can attract new customers and retain existing ones by offering high value deals they just can’t resist.