In retail, one of the key objectives is to acquire new shoppers and key to this is to have a good understanding of consumer behaviour. The better you understand the way shoppers behave, the more likely you are to attract and keep them.
Consumer behavior – according to Professor Shri Prakash, author of Theory of Consumer Behaviour – is the study of how individual customers, groups or organizations select, buy, use, and dispose ideas, goods, and services to satisfy their needs and wants. It refers to the actions of the consumers in the marketplace and the underlying motives for those actions.
Here are three consumer behavior points to consider for increasing sales within your retail space:
1. Your potential customers are not as concerned by price
Shoppers today are more concerned about the value for money than the actual cost of an item. Great in-store service, efficiency, convenience and after-sale service is what makes a new shopper and returning shopper feel appropriated.
2. Attract new customers by keeping the existing ones happy
A happy returning shopper can be more valuable than a new buy-to-try shopper. The power of word-of-mouth is prevalent in returning shoppers and you’re almost guaranteed positive feedback should your product be quality and their in-store experience, a pleasant one.
3. Remain relevant to your market
Today’s shopper is not brand loyal and will switch brand or product in a blink of an eye. Sending the right message via the right channels is important to keeping your brand top of mind. Knowing what your shopper views on the internet, how they engage with social media, and what TV/radio/newspapers they consume will help better determine how to reach them outside your store and stay top of mind.
Contact The Blue Room if you need guidance with understanding your consumer, or require a consumer research study: email firstname.lastname@example.org or call 021 553 0315.
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Written by Carlyn Hannie, Account Executive: The Blue Room – based at Golden Acre as Marketing & Exhibitions Coordinator