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.
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.
