South Africa’s current economic status impacts all of us. The drought, tax increase and rising petrol prices have forced us to reconsider our spending. Gone are the days where we outfitted our closets according to the season’s fashion, jumped in the car for a fun day trip no matter how near or far, or popped into the nearest grocery shop for bread and milk opting for convenience. Now, thought has to go into every cent. This is especially apparent at shopping centres.
Stores selling luxury items are struggling and those offering necessities are flourishing. In the past privately-owned stores could rest in the fact that their product’s uniqueness and quality would ensure their regulars’ loyalty and subsequently their success. Now consumers are bargain hunting in need of bang for the buck. According to a recent study by Rachel Thompson on GfK.com, 70% of consumers say they are less loyal to any one retailer, because they have to shop around to find the best value. 69% agree the most important thing about a brand is that it offers good value for money.
How does one grab the attention of a shopper with no loyalty?
When one delves deeper into customer loyalty it becomes apparent that the lack thereof is only partly due to the economy. The rest can be accredited to something less fathomable, i.e. a change in customers’ outlook on life.
Experiences are now deemed more important than possessions and friends no longer sit around the fire talking about what they own, but rather what they’ve been up to, the memories that have been made. It’s no wonder Fin24’s ‘Top10 trends in global consumer market in 2018’ encourages vulnerable businesses to realise that “the best way to build trust, is to showcase the history of a product and the experiences of the people who made it”. Thompson echoes this sentiment by suggesting that stores start to “realign their brand stories with consumers’ emerging needs and considerations”.
It is therefore not as easy as simply putting competitive promotions on offer, but also time to speak to this new consumer identity known for “clean-living, more minimalist lifestyles, where moderation and integrity are key” and adapt your business accordingly.
Let us help you adapt your marketing. With over 18 years of experience, The Blue Room is well placed to make your marketing campaigns come to life. Constantly keeping up to date with trends, our track record and happy clients speak for themselves. To find out more about how we can assist your business grow, call us on 021 553 0315 or email firstname.lastname@example.org.
Written by Annuschka du Preez, Account Executive: The Blue Room