Should Supermarkets alter their strategy?
Our previous blog Supermarket Price wars discussed how retailers are slashing prices in order to compete with their Discounter rivals. Despite Discounters becoming a bigger threat to Supermarkets with the increasing number of people shopping there, lowering prices may not be the only strategy to focus on in order to compete with Discounter retailers.
Our latest Continuous Shopper Insights research asked shoppers what they considered to be the most important factor when shopping for groceries (between Price cuts/save deals, Multi-buy promotions, Loyalty rewards, Good products at low prices, Close to home and Easy to shop).The findings revealed that although shoppers were interested in receiving price cuts, this was not the most important factor when shopping for groceries. Instead, being able to buy good products at good prices was deemed the most important.
Perhaps retailers should alter their strategy and put more focus on the value-for-money their store provides rather than just the low prices!