Festive Retail Frenzy CALLING ALL SHOPAHOLICS...In the run up to the busiest shopping events of the year, we all become savvy deal seekers and bargain hunters. With Black Friday offers and festive freebies soon to arrive in our inboxes how can retailers stand-out from the competition, both in-store and online, to persuade us to spend our hard earned cash with them, not the brand next door? ADD VALUE NOT DISCOUNTSIt’s November, it’s grey and rain is dripping from your umbrella down your neck. You wish you had stayed at home and just done your shopping online. This is why high streets across the UK are struggling to drive footfall. What is the added benefit of leaving home and going into store? Store experience is the answer. John Lewis have responded by offering personal styling pop-ups in their stores, available to book online as an exclusive converting tool from ecommerce to store spend. Discounts and money-off events are no longer enough. Retailers need to add-value to the purchase journey. Offering rewards for purchase that align with the brand message and audience interests, whether that is Dr Martens giving their music fan base money off their next gig ticket or Superdrug giving students mindfulness sessions to avoid exam stress. ONLINE IS NO DIFFERENTWith over half of us doing the majority of our shopping online this has become a competitive space for promotions. 69% of UK shoppers will compare price across multiple online retailers before making a decision, so giving them a reason to choose you is vital. Online retailers have separate but just as challenging barriers to purchase. We all do it, add to bag, add to bag, add to bag – then go and make a coffee and never checkout. Retail online abandonment is a whopping 84%. This poses a huge opportunity for retailers to add-value into the journey to ensure that buy now button is clicked. ACTIONS SPEAK LOUDER THAN WORDSAdding value through rewards and experience has much more power over free delivery or 10% off. Think of your own purchase habits, how often do you tell people about a discount? Emotional marketing through experiences and rewards is twice as efficient as rational. Disrupting the same old thing that customers are used to seeing with something new and exciting, helps your brand stand-out and stick in the mind for longer. Enjoyed this? Try Mindful Materialism Sources: John Lewis, Mintel ‘Retail’ Report, IPA, Statista ‘Online Shopping’ Dossier, The Drum News Comments are closed.