‘Buy One, Get One Free’ (BOGOF) is the preferred promotion for 76 per cent of UK shoppers, according to a new survey by Shoppercentric. The WindowOn the Value Equation survey revealed how money-off item deals were the second most popular choice (66 per cent) with customers; vouchers/coupons came third in the survey (53 per cent).
Promotions have grown in popularity during the economic downturn to counter shoppers’ pessimism, according to Danielle Pinnington, managing director of Shoppercentric.
January sales before the Christmas season, ongoing in-store deals, loyalty card offers, meal deals, and free gifts and competitions have all risen in popularity since 2009. Shoppers are moving away from multi-buy deals (e.g. 3 for 2) – now the fourth most popular promotion with 50 per cent of the vote.
Pinnington believes that today’s shoppers have a greater awareness of pricing. They have a “willingness to compare prices”, and they use recommendations or social media to share good deals,” she said.
She added how many shoppers believe that price cuts are achieved by “hiking prices first, or by reducing pack size”. By running promotions too often, shoppers re-adjust their price expectations to the promoted prices, rather than recommended sales price, she concluded.
To meet the business requirement of retailers needing to monitor their competitors’ promotions, Profitero recently developed a new feature to help retailers and manufacturers to monitor their competitors’ promotions more effectively. Our new comprehensive view allows customers to monitor promotions, promotional prices and promotion messages efficiently. Click here to learn more about this new functionality.
© Profitero 2012
About Profitero
Pricing intelligence company Profitero works with retailers and manufacturers to help them increase sales and maximise their profits by using competitor price, promotions and stock information at scale. For more information on Profitero price intelligence and competitor monitoring, visit www.profitero.com or email sales@profitero.com.
