Value beyond the price tag
Following the economic downturn a few years back, retailers quickly cottoned on to promotion and frequent sales offers to drive customers back in store. As a result, one could argue that the impact of these promotions are now tired and hence, the result of havoc in stores last week for Black Friday and the online frenzy today, Cyber Monday. Consumers today are more ‘considered’ and are in fact spending more on planned purchases than the tickle of a one off or smaller sales promotion put down to impulse buying.
The websites for Tesco, John Lewis, Curry’s and Argos all crashed and police were called to supermarkets across the UK as shoppers fought for discounted products. It would seem that maybe, just maybe, the retailers have brought this carnage upon themselves?
Analysts may predict that this early flurry of Christmas spending may actually put the retailer in the forced position of again running sales to shift stock closer to the 25th.
So just where is the middle ground?
As consumers, we are savvier then yesteryear. Retailers must now embrace experience and service as a mechanism for driving repeat business and customer loyalty – oh, and perhaps recognise that value goes beyond the price tag?