It seems that comparison-shopping, discounting and getting the best price is all that drives customers any more.
Abandon retail sales training and put the money in omnichannel so you can reap the benefits is what conventional wisdom is telling retailers large and small.
But in their quest for the lowest price, shoppers have often missed the concept of premium products. And so have their employees…
Take Trader Joe’s Two-Buck Chuck. A salesman said, “It’s functional wine. That’s the best description I can give.” When the consumer settles for generic wine that can get them drunk, how will the wine merchant ever get new customers to explore wine’s vast variations and subtleties? Same with the best coffees and chocolates.
When a 72 dpi photo of a magnificent sunset is going to be altered and posted on Instagram anyway, what will happen to the budding Ansel Adams out there without a trip to the camera store?
Instead of searching for the best possible product, consumers are increasingly looking for ones that meet their needs and for the least expensive option.
In short, the American consumer seems to be in full retreat from the trend covered in the landmark 2003 book, Trading Up: Why Consumers Want New Luxury Goods, where we were told that everyday objects that cost more also mean more to the average consumer.”