Research carried out by global research company IRI has indicated that despite offering more promotions than the rest of Western Europe, UK retailers are not seeing the potential benefits of the promotions in their store. To help invest in only the best deals, we have analysed promotions data and uncovered insights that will give your promotional offers an edge over the supermarkets and other competitors.
UK retailers offer more promotions than ever before in virtually every product category, but these do not always result in maximum profit and can be a wasted opportunity.
Promotions are often driven by manufacturers, so that many are the same in all retail outlets. You don’t want to have the same promotional offers as your biggest competitors such as Asda, Tesco or Sainsbury’s…. So why not encourage your customers to explore new lines with carefully selected promotions which are planned to be more profitable?
Impulse purchases are among the most common buys in convenience stores, and it could be useful to discover how your competitors are engaging with their customers.
It is crucial that your promotional offers differ from your competitors, making your customer experience unlike that offered by the competition.
Appeal to the top-up shopper by promoting a select few of your top-up items.
Have related items on promotion to support the basic top-up items. Things like flavoured milk, sugar, flour and sandwich fillers. Or upsell on your stable goods with ‘buy one get one free’ promotions.
Most customers will leave the store with more than they came in for. Good promotional offers on things they need but not necessarily want will encourage impulse buys. Use the reports on your EpoS system to inform your promotional strategies.
Use this insight to show shoppers that you offer more than just bread and milk.
Sell the way your customers want to buy rather than the way you like to sell and entice shoppers with a range of items they hadn’t thought of.
This is low, considering that customers, especially women, like investing in their homes. Household is a massive gap in the market that needs to be filled. Use the TRDP Local Loyalty scheme to promote the household category in your store.
Women dominate the global market place, so household items are important sales drivers for convenience retailers.
Ultimately, it’s about knowing your target audience, whilst also being aware of what your competitors are promoting.