Updated: Jul 16, 2021
As restrictions begin to lift in areas of the country, there is a financial legacy to the pandemic that will linger for many Canadians. PayBright asked Canadians about their 2021 budgets and how they were approaching making financial decisions. “While 49% anticipated no significant change to their planned 2021 budget, 36% predicted a decrease, and only 13% of an increase in their spending over the course of the year.”
So what should retailers be considering based on this information? The same survey found that, regardless of the changes COVID has brought, Canadians overwhelmingly indicated that their spending will be powered by incentives like deals and sales.
For most, the number one point of persuasion when making a buying decision is a good price (in the form of offers and sales), with 73% of Canadians describing themselves as budget-conscious shoppers looking only for the best deals.
"...73% of Canadians describing themselves as budget-conscious shoppers looking only for the best deals.”
There are any number of proven ways to attract customers to your store with incentives such as:
Encourage Click and Collect
20% Off Pick Up Orders
Discount / Sales on Specific Days
Dine in Monday & Get 25% Off Food Orders
Bundle Products or Services
Free Windshield Wipers With Oil Change
Armed with current information on consumer buying trends and changing consumer behaviors, retailers are increasing their communications and marketing to connect with consumers in a variety of ways.
"Canadians overwhelmingly indicated that their spending will be powered by incentives like deals and sales."
Incentives tie directly into consumers’ desire to shop and spend, while being financial conscientious. Retailers are creating strong offers to consumers and targeting select groups (such as our employed Member base) to directly market incentives to.
By targeting a specific consumer base with select offers, our retailers are seeing strong growth in new customers and return business from current loyal customers within the platform. They are successfully thanking them, for their business, by offering a simple incentive and keeping them as loyal customers for the long term.
Keeping a business 'top of mind' with their customers through consistent communication, incentives, and providing customers with a safe and clean shopping environment, is a sure way to stay viable while moving towards recovery, capturing market share and growing the business.
Retailers are connecting with employed consumers who are members of BOOM. You can, too!
CLICK HERE to find out how BOOM can help your business gain exposure to tens of thousands of employed BOOM Members today!