Who doesn’t love a good deal? Very few people, according to the National Retail Federation’s (NRF) Consumer View quarterly survey. For the fall 2018 edition, the NRF surveyed more than 3,000 U.S. adult consumers to better understand their relationship with value shopping and what it means for the future of retail.
The NRF defined value retailers as “off-price, dollar, outlet and discount grocery stores,” which includes behemoth stores such as HomeGoods and designer outlets like Nordstrom Rack. These stores became especially popular during the Great Recession, but even as the economy improved, customers continued to bargain hunt.
Meet these value shoppers and see how your store can cater to their love of the hunt — without running endless promotions.
Entice Value Shoppers
- Rotate your products frequently. If that isn’t doable, rearrange and redesign your showroom floor often. This will keep the store looking fresh for value shoppers who pop in every month or so.
- Mix highs and lows together. A high-priced sofa can still look great next to an inexpensive coffee table. Mix price points together to keep shoppers engaged and looking for a great value as they shop through your store.
- Hold flash sales. The NRF’s report says flash sales tap into the value shopper’s fear of missing out on a bargain. Running flash sales will keep your email subscribers and social media followers on their toes.