Should I Reduce In-Store Pricing?
February 9, 2015
No. Not necessarily.
As a brick-and-mortar retailer, you don't have to reduce prices to help bring in new business. Sure, it might help, but you first ask yourself - are you doing everything you can to maximize the purchases of folks already in your store?
And that's too bad, because several research studies indicate that well-designed retail displays are far more effective at increasing sales than reducing your prices.
In a 2012 research study by POPAI, the following grocery store displays were shown to be the most effective at driving consumer engagement:
- Floor stands, like freestanding acrylic display units or dump bins
- End caps
- Power Wings / Side Kick
So if you're looking for point-of-sale display ideas, then I'd start there.
We've been fortunate to work with hundreds of companies over the last few decades to design custom POP display units. We've seen them all and have a good feel for what retailers can do to increase their chances to have a successful POP experience.
For one, the promotional display should be able to survive for several hours without having to refill it - be aware of your display's stock volume.
A point-of-sale display unit should focus on one specific category or product type - the consumer should be able to blink their eyes and know exactly what the unit is featuring, without having to think about it.
Signage also helps. Maybe you're running a seasonal promotion, or your display unit will promote a product that will only be around for a limited time. Either way, if you're designing a custom display case, make sure to factor in space for signage, preferably space that's flexible and easy to swap out notifications when you need to.