A recent report from McKinsey called The value proposition in multichannel retailing pointed out that retailers can carefully craft product assortments in ways that influence customer value perceptions. For instance, in categories with clear “good,” “better,” and “best” ranges—such as flat-screen TVs retailers can display models side by side, attract consumers with hot prices on good models, and then encourage trading up by clearly articulating the features and benefits of the better and best options. According to McKinsey this strategy has proved to be as effective online as it is in stores.
The secret of success is all down to in-store execution. The signage has to be clear and really spell out the differences between models and staff need sufficient training or need to know where to get additional feature benefit information. I’ve been working with one retailer who make this information available by printing it on the back of the offer tickets. That works quite well. Other retailers that we are talking to plan to make the information available on qr codes that can only be read by staff. There are a number of options but customers and staff must be able to answer the question: Why should I buy this one?
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