Retailers should prioritize offering everyday value over brand-focused discounts, according to a new survey.
Results from a survey of more than 500 U.S. consumers from retail marketing technology provider Bluecore indicates that a leading 57% of respondents say price has the greatest impact on their purchase decisions. Following price in a distant second place is recommendation (20%), trailed by necessity (16%) and brand (7%).
However, while discount/promotion is the leading factor influencing purchase decisions for a specific brand, it was selected by a much smaller 36% of respondents. Relevant product communication (30%), timing of product communication (24%), and engaging content or subject line (10%) followed.
This focus on value over deals is also revealed by response to a question on the primary cause for excitement during a shopper’s last exciting purchase. Price (30%) beat deal (25%) and product (24%). Less popular responses included certainty (10%), experience (8%), speed of arrival (2%), and status (1%).
Survey results also show price changes have the biggest impact on a consumer deciding to end an existing brand relationship (37%). Other factors that will cause respondents to sever a relationship with a brand include scandal/bad publicity (29%), involvement (or lack thereof) in social/political issues (25%), and too many irrelevant communications (5%).