With the rising cost of living squeezing consumers’ disposable income, it’s no surprise that low prices are driving consumer shopping habits.
In the UK, 29% of people decide where to shop based on low prices, a survey by Salsifyfound.
Delivery options and delivery speed were the two second biggest drivers for consumers choosing where to shop, both at 21%.
“Given the rising concerns around inflation in the UK, it is pretty evident that price is now one of the biggest deciding factors for making a purchase,” said Vijayanta Gupta, Senior VP of Growth Strategy at Salsify.
“What is interesting is that shoppers are more willing to shop around for the best prices and would rather do this across retailers and marketplaces, rather than go directly to brands.”
The majority of Brits want to shop in store for their products at 63%.
This is followed by online retailers, such as Amazon or Argos at 61%.
DTC, however, was much less popular at just 19%.
Building brand loyalty
UK customers will settle for a higher price point if it is from a brand they trust, however.
Salsify’s findings show that almost half of Brits (47%) will pay more for a brand they are loyal to, while quicker delivery will also encourage customers to part with more cash.
UK shoppers also have a tendency to research a company before they buy from them.
This includes looking at product quality, customer service and consumer opinion.
“Consumers also value a brand’s reputation and are more likely to make a higher priced purchase for a brand they trust,” added Gupta.
“Merchants should therefore incorporate aspects of their company’s success and customer testimonials in order to demonstrate their value to consumers.”