The British Retail Consortium has reported that like for like sales dropped 3.5% in March 2011 compared to March 2010 and is the biggest drop since April 2005. Total sales fell by 1.9% which is the worst drop recorded since the BRC began collating data back in 1995.
Retailers and consumers are under immense pressure from high inflation and low wage growth, which has resulted in the first year-on-year fall in disposable incomes for 30 years. The economy has been very slow to pick up after the recession and many consumers are not only nervous about spending, but simply do not have the spare money.
However what retailers have to do is not only give good price competition, but give customers more for their money. Retail marketing techniques to improve the in-store experience, higher-levels of customer experience and rewarding customers for their loyalty will all help customers feel more reassured. Customers are demanding more from their shopping experiences before they part with their cash and want more interactive, engaging and tailored customer journeys. Instore marketing must be better designed and better POS materials used – for example a brand that has organic, fair trade values cannot produce an FSDU made out of environmentally damaging plastic. Consider wood or recycled materials instead.
Get in touch with the team at The SPS Group today if you need some advice on what POS marketing you should be doing.