Breaking Retail News – Shoppers Value Their Time And Money
Retail shoppers are most interested in the best value for their time and money. This should not be news to anyone whose livelihood relies on selling – but the premise is so fundamental it bears repeating every so often.
I was pleased to read the results of a new study – fresh off the bean counters’ desk. According to a March 2012 report from Brodeur Partners, Value and Dependability are the essentials of the ideal shopping experience. While that may not be surprising, the next level may be. What shoppers look for next is a retail experience that’s a reflection of themselves. Brodeur says, “self-identification is what shoppers seek in a retail experience.” In other words “the store is for people like me”. Being able to see yourself as an extension of a retailer is the most powerful and relevant characteristic beyond functional attributes.
Not surprisingly the older we get the more we value time efficiency in our shopping experience. Consumers over 55 assign more importance than the 18-34 demographic to factors such as value for time and money (22.70 percent vs. 17.16 percent) and dependability (15.70 percent vs. 11.74 percent).
Another concept shoppers gravitate to is, “I can always count on it” which speaks to reliability as well as aspects of value, quality and convenience.
For retailers knowing what their customers want goes well beyond the product selection offered. Consumers want relevance, reliability and, most of all, value. When was the last time you took inventory of these assets? Have you ever considered your brand through the same lens your customer does? If you haven’t, don’t know or can’t recall…it’s time to do a re-set. Put yourself in position of your customer and you’ll have more of them.