Big box stores play an essential role in the retail landscape. They offer convenience and prices that consumers appreciate.
Strategic Product Placement
Big box stores rely on a variety of retail marketing and retail advertising strategies to convert shoppers into buyers. For example, they use eye-catching signage and data-driven product placement to entice shoppers. Product placement is the strategic insertion of products or services into non-advertising media like movies, TV shows, video games, radio interviews, social media posts, and retail store displays.
Retailers know that the best place to sell products is at eye level, so they often put popular items in that position on supermarket shelves. In addition, retailers use cross-merchandising to encourage shoppers to add to their purchases by pairing products that go well together. For example, razor blades and shaving cream are typically found together in stores.
To increase your chances of securing prime shelf space, it helps to understand what goes into retailer product placement decisions. Fortunately, advanced image recognition and analytics solutions make this process easy, turning shelf share metrics into data-driven insights you can use to negotiate with retailers. Using this data, you can demonstrate to retailers that your brand deserves top-shelf real estate.
Deep Discounts
If there’s one thing shoppers love more than a good product, it’s saving money. Buyers are constantly looking for ways to save, whether at convenience stores, big box retailers, or online e-retailers. Discounts can boost sales and loyalty, whether a percentage or dollar discount, a coupon, or a free shipping offer. You can click here to check for great deals.
Retailers can also use discounts to increase traffic. In addition to offering coupons and promo codes, some companies may run flash sales to drive conversions. These short-term promotions promise a flood of customers and revenue for a quick win. However, they can devalue brand value over time without strategic intent.
Many retailers use special promos to promote their products during holidays like Christmas, Black Friday, and Cyber Monday. This can include holiday-themed price reductions, buy-one-get-one-free offers, and complimentary items with purchase. In addition, some merchants may offer one-of-a-kind specials to their best buyers and loyalty program members. Users should check to see if a coupon code is required before applying it to make the most of these deals.
Extensive Selection
Many people enjoy the variety big box stores offer, particularly those interested in purchasing products they need help finding at smaller local retailers. Big box retailers deal in bulk and can offer a variety of items for a low price, relying on economies of scale to reduce their profit margins and pass the savings onto consumers.
These retail establishments, also known as supercenters or megastores, typically carry a broad assortment of consumer goods, although some specialize in a specific area. Their name reflects the physical size of the retail facilities, which are often windowless rectangular single-story buildings that resemble large boxes.
Some people criticize the business tactics of big box stores, including their tendency to out-compete small businesses in a given community and to push back against labor practices. Others embrace the concept of shopping at big box chains because of the savings and convenience they offer. However, shoppers should always consider whether the money saved will outweigh the loss of personal attention and expertise found at neighborhood mom-and-pop stores.
Loyalty Programs
In a world where customers can shop anytime, anywhere, brands must focus on loyalty programs and other strategies that make it easier for existing customers to shop. Studies show that previous customers are nine times more likely to buy from a brand again than new customers and, on average, spend 31 percent more.
A customer loyalty program gives companies access to customer data, including purchases and other key metrics. It also allows you to build a community and offer benefits like discounts, freebies, or VIP customer experiences.
Designing a loyalty program can seem daunting, but there are many different types. For example, a tiered loyalty system offers rewards to customers that increase in value as they spend more. At the same time, a referral program encourages users to spread the word on social media in exchange for a discount.
Convenience
Convenience is a modern term that refers to procedures, products, and services that make it easier for customers to access them. They can also help customers save time, money, and effort and reduce frustration.
A convenient shopping experience is more than just appreciated by consumers — it’s expected. More than half of shoppers say convenience influences at least half of their purchasing decisions.
Big box stores, with their massive physical footprint and a broad selection of products, offer a variety of conveniences to consumers. For example, they usually offer online purchase and pickup options, which allow customers to skip the line at checkout. They also often provide various delivery options, which can be even more convenient than a trip to the local post office.
In addition to delivering convenience, many big-ticket items, such as electronics and high-end clothing, are offered at low prices in big box stores. These lower prices and the perks of buying in bulk can save customers a lot of money.