How to Win Over the Budget-Conscious Shopper
With the festive season in full-swing, retail businesses are looking for various ways in which to win over their most complicated shoppers. From the big spenders to budget-conscious, it is important to cater to all shopping styles. However, there is no denying the fact that it is much tougher to cater for the budget-conscious shopper, especially in a strained economic climate. Here are our top four tips on how to win over shoppers who are looking for a little more bang for their buck.
1. Price vs. Value is important
When it comes to winning over the thriftier shopper, it is important to establish a good balance between the price of an item versus the value of what you’re selling. It is important to remember that a budget-conscious shopper will not simply buy something for the sake of having it. They will weigh up the pros and cons, their benefits, and the long-term value that they’ll get out of the item. While it might be the global strategy for retail businesses to push their stock at ballooned prices over the festive season, it does not serve the customer well and can damage the overall reputation of a retailer if customers feel scorned. Keep in mind that during the festive season, shoppers are looking to stretch their budget as opposed to spending it all in one go.
2. Focus on quality
While it may be difficult to sell a high-quality item for a low-quality price, it is important to think about whether your products are built to last. Whether you’re selling a service or a product, budget-conscious customers are looking for quality items that will save them money in the long run. From toys to clothing, focus on impressing budget-conscious shoppers with quality items that will make their lives easier and keep them returning for more.
3. Be respectful of your customers’ time
Regardless of whether you’re selling big-ticket items, or miscellaneous goods, it is important to ensure that your customers are treated well. Always remember that they are spending their time and money to keep your retail business afloat. Over the festive season, shoppers may have limited time to get their festive season shopping done, which is why it is important that retailers respect their customers’ time. This can be achieved by means of sufficient stock, well-trained service staff, efficient payment systems and a well-oiled festive season sales strategy.
4. Be willing to cater to their needs
Over the course of the year, retail businesses have the opportunity to gather important information about their customers. This includes buying habits, favourite products or services, popular items, unpopular items, and trends. The festive season is the perfect time to utilise this information and put it to the test in order to best serve customers who are looking to stretch their budgets a little further. If you notice that various customer groups are interested in a specific service or product, ensure that you have a special or promotion over the festive season that would cater to their needs. A vigilant, aware, and considerate retailer will always win customers over, and will keep them coming back for more.
One way in which to better meet the needs of budget-conscious customers is through data taken from a reliable and high-quality POS system. If you’re looking to upgrade and improve your retail business, be sure to contact IQ Retail.