This Era of Frugality: So What's New?

The general media is making such a big deal out of the stinginess of shoppers that it's become a self-fulfilling prophecy.  Frugality is presented as fashionable, something shoppers should take great pride in.

But, what's new about that?  Nothing!  

Retailers always have had to convince shopper to open their wallets.   In fact, for many shoppers, while NPR stands for National Public Radio, what NPR really means is "Never Pay Retail"!  

That's why every retail segment - from meat markets to autos, from women's apparel to sunglasses - has a "fashion" element.  Customers want whatever is new, or "in", and retailers provide it (some better than others.)

Here is our point: the retailers who moan and provide fodder for the moaning media (and its megaphone) are part of the problem.  Conversely, the 5-10% of all retailers who are true merchants see this era as simply another challenge, even an opportunity.  

Convincing shoppers to become buyers is why merchants love this business.  And love it now more than ever.

What Is "Value" In This Economy?

Value is not just another word for low price. Instead, the definition of value is, "benefits received for the burdens endured."

How can retailers deliver more “value” to customers? Start by “unburdening” them!

Think about common cost-saving programs in stores

• less staff on the floor and more "self service";
• self check-out by the customer;
• online searches by the customer for product information;
• online shopping;
• etcetera
  

Aren't these really shifting the burden - the work - to the customer? And what benefit does your shopper receive for the increased burdens they now endure?