Studie - The Evolution of Promotional and Pricing Incentives in Consumer Packaged Goods
Datamonitor
11 / 2010
81 Seiten
| Typ: | Studie |
| Sprache: | Englisch |
| Regionen: | Europa, Asien / Pazifik, Mittlerer Osten / Afrika, Nordamerika / USA, Australien, Mittel- / Südamerika |
| Verfügbarkeit: | verfügbar |
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This report focuses on how consumers are becoming more value conscious when grocery shopping, and are turning to promotions to save money. It looks at how promotional and pricing incentives can be adapted to further enhance appeal. As consumers become more value conscious they are modifying their shopping habits, and this means that promotional and pricing incentives are more important than ever for retailers in the grocery sector. Retailers need to have a firm understanding of modern day consumer attitudes and behaviors and adjust strategies around this to maximize sales potential.
Scope of this research
• Enhance the effectiveness of promotional and pricing incentives through gaining a better insight into consumer attitudes and behaviors
• Maximize sales potential through encouraging consumers to continue spending in certain product categories and increase expenditure elsewhere
• Develop alternative promotional techniques to engage consumers and raise awareness of new product launches
Research and analysis highlights
52% of consumers say they are cutting back spend on groceries deemed non-essential, with attitudes suggesting this has particularly implications for product categories such as processed food and snacking items. However, despite their best intentions, consumers continue to make non-essential, impulse buys if they believe a bargain is to be obtained.
When determining if a product offers value for money, consumers are more influenced by promotional incentives than the lowest price. While competitive pricing is important, this shows that shoppers are more attracted by incentives on preferred brands than simply opting for the cheapest product, which may compromise levels of enjoyment.
41% of global consumers are regularly taking advantage of promotional offers such as BOGOF promotions, with Italian consumers the most likely to be doing so. The popularity of this incentive comes despite consumers making greater attempts to reduce food waste, and is something retailers can further capitalize on.
Key reasons to purchase this research
• What are the key factors that influence perceptions of value when shopping?
• To what extent does the popularity of major promotional techniques differ in popularity from country-to-country?
• How can promotional techniques be modified to target current consumer attitudes and behaviors?
Scope of this research
• Enhance the effectiveness of promotional and pricing incentives through gaining a better insight into consumer attitudes and behaviors
• Maximize sales potential through encouraging consumers to continue spending in certain product categories and increase expenditure elsewhere
• Develop alternative promotional techniques to engage consumers and raise awareness of new product launches
Research and analysis highlights
52% of consumers say they are cutting back spend on groceries deemed non-essential, with attitudes suggesting this has particularly implications for product categories such as processed food and snacking items. However, despite their best intentions, consumers continue to make non-essential, impulse buys if they believe a bargain is to be obtained.
When determining if a product offers value for money, consumers are more influenced by promotional incentives than the lowest price. While competitive pricing is important, this shows that shoppers are more attracted by incentives on preferred brands than simply opting for the cheapest product, which may compromise levels of enjoyment.
41% of global consumers are regularly taking advantage of promotional offers such as BOGOF promotions, with Italian consumers the most likely to be doing so. The popularity of this incentive comes despite consumers making greater attempts to reduce food waste, and is something retailers can further capitalize on.
Key reasons to purchase this research
• What are the key factors that influence perceptions of value when shopping?
• To what extent does the popularity of major promotional techniques differ in popularity from country-to-country?
• How can promotional techniques be modified to target current consumer attitudes and behaviors?
• OVERVIEW
o Catalyst
o Summary
• EXECUTIVE SUMMARY
o Promotions and discounted prices are key factors influencing perceptions of value as consumers scrutinize their grocery purchases more closely
o Traditional promotional strategies remain as important as ever in the retail sector, even if key attributes are misaligned with consumer attitude and behavioral traits
o Modern twists can be applied to traditional promotional techniques to target consumer attitudes and behavioral traits
• STRATEGIC CONTEXT
o Insight: promotions and discounted prices are a factor influencing shopping patterns as value-conscious consumers seek out bargains
? Consumers are increasingly questioning whether the products they buy offer good value for money
? Retailers need to recognize the difference between consumers being value-conscious and being price-conscious
? The importance of obtaining value is reflected by the fact that quality remains the key factor influencing grocery shopping decisions
? Lower prices and promotions on favored brands can enhance perceptions of value
? Promotional and pricing incentives will increase in importance in the retail sector because of prevailing consumer attitudes
o Insight: consumers remain unconfident about their financial situation and will continue to monitor spending closely, meaning that promotions are needed to prompt impulse-buying
o Insight: consumers are particularly attentive to grocery costs and expect further price rises
? Attentiveness to changing grocery prices can be attributed to the fact that consumers are struggling with day-to-day living costs
o Insight: shopping around for a better price is becoming embedded in consumer behavior
? Consumers are opting to shop around for the best price within the same shop
? The tendency to shop around within the same retail store further increases the opportunity for private label offerings
? Branded manufacturers need to recognize that consumers will not necessarily switch back from private label offerings once levels of financial wellbeing improve
o Insight: promotional and pricing incentives can be used to respond to the threat of discounters
o Insight: reducing spending on non-essential grocery items remains a priority for consumers
? The desire to reduce spending on non-essentials is reflected in the product categories where shoppers are most actively trying to cut back
o Insight: new promotional techniques are needed to capture the attention of shoppers that are becoming less responsive to new product launches
? (Untitled sub-section)
o Key takeouts
• STRATEGY IN FOCUS
o Insight: retailers need to recognize that, when it comes to product choice, shoppers are not simply opting for the lowest price
? Consumers prefer promotional incentives on favored brands to low-cost alternatives
? Customization and good quality are the most influential factors determining perceptions of value
o Insight: BOGOF promotions can be adapted to suit current consumer attitudes towards healthy eating and wasting food
? BOGOF promotions are still favored by retailers and consumers
? BOGOF promotions are misaligned with consumer attitudes towards healthy eating and reducing food waste
o Insight: money-off vouchers remain an important incentive in the grocery sector
o Insight: in-store sampling techniques are less effective among time-scarce and choice-fatigued consumers
? In-store sampling remains a popular promotional strategyIn-store sampling remains an effective way of raising consumer awareness on new brands and products, as well as encouraging impulse-buying. It can also be deemed a necessary promotional strategy, given the high proportion of consumers who say that they do not notice new products on offer in categories such as non-alcoholic beverages and alcoholic drinks. Furthermore, despite the importance of sensory cues such as texture and scent when assessing a product, a 2008 Datamonitor consumer survey found that taste is still more of a driver than smell when choosing food and drink products. Free samples reduce the risks associated with purchasing unknown brands. In the UK, for example, a 2010 survey by The Bailey Group found that 43% of shoppers say that they are strongly affected by this kind of promotion, 22% say that they are somewhat affected, and only one in 10 claim to be unaffected.
? However, changing grocery shopping behaviors will reduce the impact of in-store samplingAlthough in-store sampling remains an effective way of raising brand awareness and encouraging impulse-buying, time-scarce consumers are increasingly looking to reduce the time they spend in retail stores in order to free up time for more enjoyable activities. This means limiting shopping trips to those deemed truly essential, streamlining shopping lists to include only products considered to be necessities and looking to get in and out of shops as quickly as possible. Moreover, the number of online grocery shopping occasions will continue to grow. All of these issues have implications for the effectiveness of in-store sampling promotion methods.
? Increasing levels of choice paralysis will also reduce willingness to sample new products in-store
o Insight: consumers are responsive to dynamic pricing promotions online, although reliability of up-to-date pricing is an issue
? The effectiveness of time-of-day, dynamic pricing strategies in the retail channel is being impacted by consumers' hectic lifestyles
? Consumers are going online to find a bargain, and retailers can capitalize on this
? Implementing dynamic pricing strategies through online comparison websites can prove problematic
o Insight: retailers should increasingly focus loyalty card reward incentives on leisure-related activities
? Loyalty cards are popular with consumers, but evidence suggests shoppers are not utilizing all possible rewards
? Loyalty cards can be used to capitalize on conflicting attitudes when it comes to consumers and leisure-related activities
o Key takeouts
• STRATEGIC ACTION POINTS
o Action: retailers need to be particularly attentive to product categories most at risk of spending cuts when setting promotional incentives and discounted prices
? The desire for moments of indulgence can be exploited through promotional and pricing incentives
? Processed food on special offer will still appeal to time-scarce consumers
o Action: BOGOF and multi-buy promotions can be closer aligned with attitudes towards healthy eating and food wastage
? Increase the range of fresh food included in multi-buy promotions and allow consumers to pick up free products at a later date
o Action: ensure that price comparison websites are listed in real-time and do not undermine retailer credibility
? Collaborations with third-party websites can enhance the reliability of listing prices in real-time
? Close attention needs to be paid to ensure dynamic prices are not inaccurately advertised online
o Action: embrace mobile phone technology to enhance the effectiveness of voucher distribution and dynamic pricing strategies
? Technologically knowledgeable consumers are increasingly likely to have mobile phone models that can use such technology
? Mobile phones allow consumers to compare prices on the go
? Mobile phones are an ideal way to provide consumers with the most up-to-date information and special offers
? The popularity of sending money-off vouchers via mobile phones is growing in those countries where coupon culture is established
? Mobile phone vouchers help reduce the threat of fraud
? Mobile phone coupons can allow retailers to build up a database of consumer attitudes
? Mobile loyalty schemes can also encourage impulse-buying among those consumers who opt to leave credit cards at home when shopping
o Insight: media channels can be leveraged to enhance perceptions about new products through online reviews
? Social media channels can help raise awareness of new brands through consumer interaction and engagement
? Utilizing social media channels will also allow firms to enhance value consumer perceptions of new products through respected blogs
• APPENDIX
o Methodology
o Further reading
o Ask the analyst
o Datamonitor consulting
o Disclaimer
• TABLES
o Table: Levels of consumer confidence towards financial wellbeing and the state of the economy, global, 2010
o Table: Consumer spending habits in the grocery sector, by product category, 2009—10, global
o Table: Number of online shopping occasions (millions) across Europe, the Americas, the Middle East and South Africa and Asia Pacific, 2004—14
• FIGURES
o Figure: Consumers are scrutinizing purchases more closely to ensure that they are getting good value
o Figure: Good quality remains the key factor influencing grocery shopping habits
o Figure: Almost half of all consumers say that promotions and price discounts have a significant influence on their choice of grocery retailer
o Figure: Two thirds of shoppers say that grocery prices are having a significant impact on levels of financial well-being
o Figure: More than four out of 10 consumers anticipate price rises in the grocery sector in the near future
o Figure: Shopping around for the best price is a well-established consumer behavior
o Figure: Consumer perceptions of the quality of private label offerings and leading brands in the grocery sector
o Figure: A third of consumers regularly shop at discounters in order to save money
o Figure: Half of all consumers are trying to cut back spending on non-essential groceries
o Figure: One fifth of shoppers are oblivious to new food launches in the grocery sector
o Figure: Four out of 10 consumers do not notice new non-alcoholic beverages launches
o Figure: The majority of shoppers do not notice new alcoholic beverage launches when out shopping
o Figure: Promotional offers are more favored than lowest price when buying groceries
o Figure: Customization is the most important factor influencing perceptions of value
o Figure: BOGOF promotional offers remain important but should be adapted to suit current consumer attitudes
o Figure: Four out of 10 consumers regularly take advantage of promotional offers such as BOGOF
o Figure: Consumers are making active attempts to reduce food waste
o Figure: Money-off vouchers remain an important method of enhancing perceptions of value
o Figure: Italian consumers are the most likely to report using money-off vouchers when grocery shopping
o Figure: As consumers look to simplify the shopping process and increasingly buy online, in-store sampling methods will become less effective
o Figure: Dynamic pricing strategies can encourage impulse-buying, but time issues need to be addressed
o Figure: Asda's Price Guarantee website has been described as putting an end to the price war taking place among UK supermarkets
o Figure: Price comparison websites need to be updated regularly and run the risk of prompting price wars among consumers
o Figure: Consumers are becoming more committed to spending time with family and friends
o Figure: UK supermarkets are adapting BOGOF incentives on fresh food
o Figure: The Feed Your Family For A Fiver campaign encourages cost-effective ways to enjoy new taste sensations with family and friends
o Figure: Price comparison websites are being updated to increase the reliability of information provided
o Figure: Price comparison websites looking to capitalize on administration errors could prove a threat to retailers
o Figure: MallCall aims to address the issue of out-of-date information on promotional and pricing incentives by targeting consumers in-store
o Figure: Mobile phone voucher distribution enables a database of consumer shopping habits to be built
o Figure: Websites can raise awareness about the quality of new and unfamiliar brands without the need to distribute free samples
o Catalyst
o Summary
• EXECUTIVE SUMMARY
o Promotions and discounted prices are key factors influencing perceptions of value as consumers scrutinize their grocery purchases more closely
o Traditional promotional strategies remain as important as ever in the retail sector, even if key attributes are misaligned with consumer attitude and behavioral traits
o Modern twists can be applied to traditional promotional techniques to target consumer attitudes and behavioral traits
• STRATEGIC CONTEXT
o Insight: promotions and discounted prices are a factor influencing shopping patterns as value-conscious consumers seek out bargains
? Consumers are increasingly questioning whether the products they buy offer good value for money
? Retailers need to recognize the difference between consumers being value-conscious and being price-conscious
? The importance of obtaining value is reflected by the fact that quality remains the key factor influencing grocery shopping decisions
? Lower prices and promotions on favored brands can enhance perceptions of value
? Promotional and pricing incentives will increase in importance in the retail sector because of prevailing consumer attitudes
o Insight: consumers remain unconfident about their financial situation and will continue to monitor spending closely, meaning that promotions are needed to prompt impulse-buying
o Insight: consumers are particularly attentive to grocery costs and expect further price rises
? Attentiveness to changing grocery prices can be attributed to the fact that consumers are struggling with day-to-day living costs
o Insight: shopping around for a better price is becoming embedded in consumer behavior
? Consumers are opting to shop around for the best price within the same shop
? The tendency to shop around within the same retail store further increases the opportunity for private label offerings
? Branded manufacturers need to recognize that consumers will not necessarily switch back from private label offerings once levels of financial wellbeing improve
o Insight: promotional and pricing incentives can be used to respond to the threat of discounters
o Insight: reducing spending on non-essential grocery items remains a priority for consumers
? The desire to reduce spending on non-essentials is reflected in the product categories where shoppers are most actively trying to cut back
o Insight: new promotional techniques are needed to capture the attention of shoppers that are becoming less responsive to new product launches
? (Untitled sub-section)
o Key takeouts
• STRATEGY IN FOCUS
o Insight: retailers need to recognize that, when it comes to product choice, shoppers are not simply opting for the lowest price
? Consumers prefer promotional incentives on favored brands to low-cost alternatives
? Customization and good quality are the most influential factors determining perceptions of value
o Insight: BOGOF promotions can be adapted to suit current consumer attitudes towards healthy eating and wasting food
? BOGOF promotions are still favored by retailers and consumers
? BOGOF promotions are misaligned with consumer attitudes towards healthy eating and reducing food waste
o Insight: money-off vouchers remain an important incentive in the grocery sector
o Insight: in-store sampling techniques are less effective among time-scarce and choice-fatigued consumers
? In-store sampling remains a popular promotional strategyIn-store sampling remains an effective way of raising consumer awareness on new brands and products, as well as encouraging impulse-buying. It can also be deemed a necessary promotional strategy, given the high proportion of consumers who say that they do not notice new products on offer in categories such as non-alcoholic beverages and alcoholic drinks. Furthermore, despite the importance of sensory cues such as texture and scent when assessing a product, a 2008 Datamonitor consumer survey found that taste is still more of a driver than smell when choosing food and drink products. Free samples reduce the risks associated with purchasing unknown brands. In the UK, for example, a 2010 survey by The Bailey Group found that 43% of shoppers say that they are strongly affected by this kind of promotion, 22% say that they are somewhat affected, and only one in 10 claim to be unaffected.
? However, changing grocery shopping behaviors will reduce the impact of in-store samplingAlthough in-store sampling remains an effective way of raising brand awareness and encouraging impulse-buying, time-scarce consumers are increasingly looking to reduce the time they spend in retail stores in order to free up time for more enjoyable activities. This means limiting shopping trips to those deemed truly essential, streamlining shopping lists to include only products considered to be necessities and looking to get in and out of shops as quickly as possible. Moreover, the number of online grocery shopping occasions will continue to grow. All of these issues have implications for the effectiveness of in-store sampling promotion methods.
? Increasing levels of choice paralysis will also reduce willingness to sample new products in-store
o Insight: consumers are responsive to dynamic pricing promotions online, although reliability of up-to-date pricing is an issue
? The effectiveness of time-of-day, dynamic pricing strategies in the retail channel is being impacted by consumers' hectic lifestyles
? Consumers are going online to find a bargain, and retailers can capitalize on this
? Implementing dynamic pricing strategies through online comparison websites can prove problematic
o Insight: retailers should increasingly focus loyalty card reward incentives on leisure-related activities
? Loyalty cards are popular with consumers, but evidence suggests shoppers are not utilizing all possible rewards
? Loyalty cards can be used to capitalize on conflicting attitudes when it comes to consumers and leisure-related activities
o Key takeouts
• STRATEGIC ACTION POINTS
o Action: retailers need to be particularly attentive to product categories most at risk of spending cuts when setting promotional incentives and discounted prices
? The desire for moments of indulgence can be exploited through promotional and pricing incentives
? Processed food on special offer will still appeal to time-scarce consumers
o Action: BOGOF and multi-buy promotions can be closer aligned with attitudes towards healthy eating and food wastage
? Increase the range of fresh food included in multi-buy promotions and allow consumers to pick up free products at a later date
o Action: ensure that price comparison websites are listed in real-time and do not undermine retailer credibility
? Collaborations with third-party websites can enhance the reliability of listing prices in real-time
? Close attention needs to be paid to ensure dynamic prices are not inaccurately advertised online
o Action: embrace mobile phone technology to enhance the effectiveness of voucher distribution and dynamic pricing strategies
? Technologically knowledgeable consumers are increasingly likely to have mobile phone models that can use such technology
? Mobile phones allow consumers to compare prices on the go
? Mobile phones are an ideal way to provide consumers with the most up-to-date information and special offers
? The popularity of sending money-off vouchers via mobile phones is growing in those countries where coupon culture is established
? Mobile phone vouchers help reduce the threat of fraud
? Mobile phone coupons can allow retailers to build up a database of consumer attitudes
? Mobile loyalty schemes can also encourage impulse-buying among those consumers who opt to leave credit cards at home when shopping
o Insight: media channels can be leveraged to enhance perceptions about new products through online reviews
? Social media channels can help raise awareness of new brands through consumer interaction and engagement
? Utilizing social media channels will also allow firms to enhance value consumer perceptions of new products through respected blogs
• APPENDIX
o Methodology
o Further reading
o Ask the analyst
o Datamonitor consulting
o Disclaimer
• TABLES
o Table: Levels of consumer confidence towards financial wellbeing and the state of the economy, global, 2010
o Table: Consumer spending habits in the grocery sector, by product category, 2009—10, global
o Table: Number of online shopping occasions (millions) across Europe, the Americas, the Middle East and South Africa and Asia Pacific, 2004—14
• FIGURES
o Figure: Consumers are scrutinizing purchases more closely to ensure that they are getting good value
o Figure: Good quality remains the key factor influencing grocery shopping habits
o Figure: Almost half of all consumers say that promotions and price discounts have a significant influence on their choice of grocery retailer
o Figure: Two thirds of shoppers say that grocery prices are having a significant impact on levels of financial well-being
o Figure: More than four out of 10 consumers anticipate price rises in the grocery sector in the near future
o Figure: Shopping around for the best price is a well-established consumer behavior
o Figure: Consumer perceptions of the quality of private label offerings and leading brands in the grocery sector
o Figure: A third of consumers regularly shop at discounters in order to save money
o Figure: Half of all consumers are trying to cut back spending on non-essential groceries
o Figure: One fifth of shoppers are oblivious to new food launches in the grocery sector
o Figure: Four out of 10 consumers do not notice new non-alcoholic beverages launches
o Figure: The majority of shoppers do not notice new alcoholic beverage launches when out shopping
o Figure: Promotional offers are more favored than lowest price when buying groceries
o Figure: Customization is the most important factor influencing perceptions of value
o Figure: BOGOF promotional offers remain important but should be adapted to suit current consumer attitudes
o Figure: Four out of 10 consumers regularly take advantage of promotional offers such as BOGOF
o Figure: Consumers are making active attempts to reduce food waste
o Figure: Money-off vouchers remain an important method of enhancing perceptions of value
o Figure: Italian consumers are the most likely to report using money-off vouchers when grocery shopping
o Figure: As consumers look to simplify the shopping process and increasingly buy online, in-store sampling methods will become less effective
o Figure: Dynamic pricing strategies can encourage impulse-buying, but time issues need to be addressed
o Figure: Asda's Price Guarantee website has been described as putting an end to the price war taking place among UK supermarkets
o Figure: Price comparison websites need to be updated regularly and run the risk of prompting price wars among consumers
o Figure: Consumers are becoming more committed to spending time with family and friends
o Figure: UK supermarkets are adapting BOGOF incentives on fresh food
o Figure: The Feed Your Family For A Fiver campaign encourages cost-effective ways to enjoy new taste sensations with family and friends
o Figure: Price comparison websites are being updated to increase the reliability of information provided
o Figure: Price comparison websites looking to capitalize on administration errors could prove a threat to retailers
o Figure: MallCall aims to address the issue of out-of-date information on promotional and pricing incentives by targeting consumers in-store
o Figure: Mobile phone voucher distribution enables a database of consumer shopping habits to be built
o Figure: Websites can raise awareness about the quality of new and unfamiliar brands without the need to distribute free samples
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