Why retailers should offer more promotions
According to the Office of National Statistics, online sales as a share of total retail in the UK reached its peak in 2020. With consumer confidence increasing as high street retailers prepare to reopen their doors, new research from XCCommerce indicates the power that promotions could have as part of a possible ‘bounce back.’Findings from the report reveal that nearly three-quarters (72%) of British shoppers believe that retailers should offer more promotions in times of financial uncertainty. More than half of customers say that it is the most important factor when they shop and a third are researching more offers than they were last year.
Free services, members only discounts, money off future buys and access to exclusive content were cited as the least popular promotions.
The research shows that 44% of people don’t buy additional products based on ‘retailer recommendations’ with a further 46% saying that when retailers over communicate offers, it puts them off buying altogether.
Importantly, the research found that the popularity of certain promotions varies with age. Around70% of 18–24-year-olds look for discounts compared to just 40% of over 65-year-olds.
Building loyalty through promotions
A multi-channel marketing campaign which includes promotions could be key to helping your organisation bounce back from the financial uncertainty of 2020.
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