Despite reports the holiday shopping season will be better for retailers this year, consumers are still feeling the pinch of the recession and may still hold back on buying anything more than the basics. How can you reach consumers who are still pinching pennies? Here are 4 ideas:
- Offer items at different price options, so consumers can pick one that meets their budget. If you normally sell items in an expensive bundle, break them apart so items can be purchased individually at a lower price.
- Offer gift cards. In a recent Neilson study, gift cards were the top gift choice for this season. Again, if you can offer cards at different price points, consumers have a choice.
- Instead of slashing your prices (and your profit), try using a BOGO (buy one get one free) strategy. The consumer will feel like he or she scored a deal and you can move more inventory.
- Finally, remember that little extras go a long way, like offering free gift wrapping or free shipping if the consumer spends a certain amount.