Driving sales with promotions and availability on the High Street
The high street is an essential part of retail, allowing customers to immediately access products and have hands-on shopping experiences. However, the availability of products is crucial for these benefits.
In a recent survey, 88.7% of retailers expressed confidence in their supplies, but 18.0% of consumers had difficulty finding products during their most recent store visits. This problem was particularly noticeable in Home Improvement and Electronics stores, where 24.9% and 21.8% of shoppers, respectively, faced product unavailability.
The consequences of poor product availability are significant. Nearly 40% of consumers stated they would turn to a competitor if unable to find a desired product, and 10.3% would abandon the purchase altogether. This is particularly important for grocery and food and beverage providers, as 75.4% and 73.8% of consumers, respectively, would opt for a competitor or abandon the purchase if faced with product unavailability.
To manage these risks, retailers need to prioritise product availability. A robust inventory management system can forecast sales, ensure supply meets demand, and prevent overstock.
Never Miss a Retail Update!In addition to product availability, the availability of staff sets physical stores apart from their online counterparts. Our findings reveal disparities in staff availability across sectors.
While 82.9% of respondents reported readily available staff during their recent visits, home improvement stores struggled, with 24.9% of consumers finding it difficult to locate staff when assistance was needed. This deficiency risks customer dissatisfaction and lost sales.
Staff availability significantly influences the shopping experience, with over 60% of consumers stating they would leave a store if a staff member was unavailable. To retain customers and remain competitive, retailers must manage staff resources efficiently, particularly during peak hours.
Promotions also play a key role in driving consumer interest and fostering brand loyalty. Our research confirms their influence, with 74.7% of consumers stating that promotions and incentives influence their purchasing decisions.
Interestingly, the impact of promotions varies across demographics, with younger shoppers proving particularly responsive. Retailers recognise this effectiveness, with 87.4% indicating that their point-of-sale systems facilitate promotional campaigns.
However, a minority of retailers lack this capability, potentially missing out on revenue opportunities. Therefore, implementing a robust POS system enables retailers to seamlessly execute personalised promotions, track effectiveness in real-time, and adapt strategies accordingly.
Prioritising product availability, enhancing staff accessibility, and leveraging POS-powered promotions are essential for high-street success. By addressing these key areas, retailers can create a vibrant high-street experience that fosters customer satisfaction, loyalty, and long-term success.
Download the complete report for more insights into the factors influencing modern retail consumer behaviour.
