Thursday, October 25, 2012
Is the Lowest Price Always the Buying Motivation?
A recent Nielsen survey shows that price alone is not the key to shopper’s hearts. Price is top of mind for all retailers right now, but Nielsen’s annual Shopper Trends study reports that strong shopper relationships are built on at least four other factors that are equally important to driving commitment.
When the purse-strings relax as the economy improves, those other factors will separate the strongest grocery retailers even further from the pack. Shopper Trends is an annual survey of Shopper Equity for the top retailers in the grocery channel*, conducted across more than 55 countries globally. The U.S. shopper survey included feedback from over 29,000 American shoppers across all 48 contiguous states.
The survey found that the most successful retailers are the ones who are complementing current pricing strategies with a strong commitment to other shopper needs and building a stronger platform for long-term success. The five over-arching areas that the study identified contributing relatively equally to shoppers’ emotive equity in the U.S. are:
• Store accessibility
• Store format and wide selection
• Pricing and value for money
• Stocking needed and quality products
• Efficiency and loyalty program
The importance of these other factors also explains why every shopper is not doing their weekly grocery stock-up in a discount chain, despite the pressure of a recession.
Consumers still want to have a pleasant experience and there is tremendous value in making that process convenient and easy for them.
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