Mary Portas said retail is all about Experience, product and service. Difficult to argue with but in todays retail environment there is another factor that is equal to or may even be more important, and that’s Value.
Imagine if all retailers asked “how does this add value to customers before taking any actions”. The reason that most don’t is a narrow definition of value. To many retailers value equals price and while of course price is important it’s only part of why customers buy.
A good example is in electrical products. Some customers spend more on a product because they think it will last longer and therefore deliver better value over it’s lifetime. At the other end of the scale some electrical products are so cheap that even if they didn’t last very long some customers would regard them as good value.
So the big question is how can retailers add value to their customers without only focusing on price or talk vaguely about improving customer experience? A much more practical answer is to tell customers at the shelf edge why a product is good value. Using a ticketing system like NetTickIT it’s easy to test different value messages on the same product in different stores. See what works and then put it in all stores.
Shoppers can then see why a product is good value and be more likely to buy it while retailers sell more and improve customer experience at the same time.
Good value for everyone.
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