When it comes to retail, the term ‘bigger is better’ has often been used. However, the modern retail has evolved and today’s retail environment is more fragmented than ever.
According to Nielsen insights, fierce competition for shoppers has led to an increasing dependency on promotions among large retailers.
The Nielsen Global Retail-Growth Strategies Survey polled more than 30,000 online respondents in 61 countries to understand the pain and the pleasure points about the shopping experience.
When it comes to what shoppers are looking for, price is important, but its not everything.
Price and value aren’t the same thing. High-quality produce (57 percent), convenient location (56 percent) and product availability (54 percent) are rated as highly influential in determining where to shop.
For New Zealand based in the Asia-pacific model, 44 percent surveyed said what was influential was that the store had great sales and promotions, and 33 percent said the store needed a good customer loyalty card program.
Only 45 percent surveyed said lowest price is the reason they would shop at the location, with over at that 49 percent placing more importance on value.
So when it comes to New Zealand and their spending habits, value, quality and experience placed well over lowest price.