{"id":1675059,"date":"2020-06-25T11:59:17","date_gmt":"2020-06-25T18:59:17","guid":{"rendered":"https:\/\/www.retailpro.com\/News\/blog\/?p=1675059"},"modified":"2020-06-25T12:10:11","modified_gmt":"2020-06-25T19:10:11","slug":"recessionary-shoppers-convenience-over-experience","status":"publish","type":"post","link":"https:\/\/www.retailpro.com\/News\/blog\/index.php\/2020\/06\/25\/recessionary-shoppers-convenience-over-experience\/","title":{"rendered":"Recessionary shoppers: convenience over experience?"},"content":{"rendered":"\n
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Image: Andrea Piacquadio<\/a><\/figcaption><\/figure>\n\n\n\n
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For the past several years, retailers have seen two types of customers.<\/p>\n\n\n\n

The first are those who, after living through a number of recessions, have determined they must protect their money at all costs.<\/p>\n\n\n\n

They are experts on value, seeking deals, discounts and saving; they are coupon clippers.<\/p>\n\n\n\n

The second have also weathered a number of economic slumps, but they see life as short and because money can disappear in the blink of an eye, time is more valuable than frugality.<\/p>\n\n\n\n

That group is focused on convenience, and the motivation behind their spending money is to save time.<\/p>\n\n\n\n

Both groups are important to retailers, and many shoppers today have traits of both types of consumers: They want to spend thoughtfully, not frivolously, and they are focused on efficiency.<\/p>\n\n\n\n

Retailers that can demonstrate value for products or services that make customer lives easier or more fulfilling will therefore attract more loyal customers.<\/p>\n\n\n\n

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Value: the \u201cRight\u201d price or the \u201clowest\u201d price?<\/h3>\n\n\n\n
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Image: Artem Beliaikin<\/a><\/figcaption><\/figure>\n\n\n\n
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People always want a good value.<\/p>\n\n\n\n

It’s not only those living on fixed incomes or those living on minimum wage but also professionals who are bargain hunters.<\/p>\n\n\n\n

Off-price stores such as Nordstrom’s Rack and Saks Off Fifth boast customers from every economic strata\u2014proof that savvy shopping does not discriminate.<\/p>\n\n\n\n

However, the “right” price does not have to be the “lowest” price.<\/p>\n\n\n\n

A strong value proposition that focuses on the benefits of the product or service may help nudge a cost-conscious customer to spring for the purchase now, rather than wait a few weeks or even months.<\/p>\n\n\n\n

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Buying time<\/h3>\n\n\n\n
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Image: Jeffrey Paa Kwesi Opare<\/a><\/figcaption><\/figure>\n\n\n\n
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When value is coupled with the idea that a purchase could make one’s life easier, retailers have a winning strategy.<\/p>\n\n\n\n

For example, buying a $400 robotic vacuum cleaner is less expensive than hiring a housekeeper, and also frees up time to spend time in a more pleasurable way.<\/p>\n\n\n\n

In 2017, a study from the University of British Columbia not only found that people who bought time-saving products were happier, but that the findings were the same despite the respondent’s socioeconomic standing.<\/p>\n\n\n\n

“The benefits of buying time aren’t just for wealthy people,” said UBC psychology professor and the study’s senior author Elizabeth Dunn, in a release about the research<\/a>. “We thought the effects might only hold up for people with quite a bit of disposable income, but to our surprise, we found the same effects across the income spectrum.”<\/p>\n\n\n\n

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Outsourcing the work of getting products<\/h3>\n\n\n\n
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Image: Sunyu Kim<\/a><\/figcaption><\/figure>\n\n\n\n
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Convenience really matters. Many people are looking for something that simplifies their busy lives while delivering a positive experience.<\/p>\n\n\n\n

A 2019 report from Deloitte<\/a> found that customers want to \u201coutsource\u201d the work of getting products.<\/p>\n\n\n\n

Their focus has turned from focusing on the act of purchasing products to the act of using them.<\/p>\n\n\n\n

Retailers that understand how to curate the “just right” selection of products will have a competitive advantage. For those stores, enabling convenience is baked into their foundation.<\/p>\n\n\n\n

Other retailers, however, might find offer convenience more difficult.<\/p>\n\n\n\n

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From experience to efficiency<\/h3>\n\n\n\n
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Many shops have invested in providing an entire experience around the act of shopping.<\/p>\n\n\n\n

If these stores’ customers no longer consider the store the destination in and of itself and prefer a more efficient shopping experience, they will have to reassess the way they do business.<\/p>\n\n\n\n

Convenience must be woven into the fabric of the retailer to provide a cohesive, integrated shopping experience, rather than a tacked-on, haphazard one, or, worse, one that is viewed as not genuine. Most importantly, retailers should view convenience as constantly evolving: People’s tastes change rapidly and what may be considered convenient today may tomorrow seem as dated as ornament beards.<\/p>\n\n\n\n

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7 Data insights to shape your retail decisions post COVID-19<\/a><\/h2>\n<\/div><\/div>\n\n\n\n
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For the past several years, retailers have seen two types of customers. The first are those who, after living through a number of recessions, have determined they must protect their money at all costs. They are experts on value, seeking … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":12,"featured_media":1675064,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[188,45],"tags":[198,105,199,173],"class_list":["post-1675059","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-customer-experience","category-specialty-retail-industry-trends","tag-convenience","tag-customer-experience","tag-cx","tag-efficiency"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.retailpro.com\/News\/blog\/index.php\/wp-json\/wp\/v2\/posts\/1675059","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.retailpro.com\/News\/blog\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.retailpro.com\/News\/blog\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.retailpro.com\/News\/blog\/index.php\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.retailpro.com\/News\/blog\/index.php\/wp-json\/wp\/v2\/comments?post=1675059"}],"version-history":[{"count":0,"href":"https:\/\/www.retailpro.com\/News\/blog\/index.php\/wp-json\/wp\/v2\/posts\/1675059\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.retailpro.com\/News\/blog\/index.php\/wp-json\/wp\/v2\/media\/1675064"}],"wp:attachment":[{"href":"https:\/\/www.retailpro.com\/News\/blog\/index.php\/wp-json\/wp\/v2\/media?parent=1675059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.retailpro.com\/News\/blog\/index.php\/wp-json\/wp\/v2\/categories?post=1675059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.retailpro.com\/News\/blog\/index.php\/wp-json\/wp\/v2\/tags?post=1675059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}