The cost of back-to-school shopping this year is definitely top of mind. With a possible recession looming and skyrocketing inflation, concerns about affordability and available inventory are ever-present. Many shoppers will be concerned about how they spend their money. With this in mind, marketers need to emphasize the affordability of their products. Here are 6 ways to accomplish this.
- Shift in Brand Buying
There has been a shift away from buying local or according to brand affinity towards buying value. Brands should focus on product quality, pricing vs. competitors, and customer testimonials. If possible, emphasize sustainability and exclusivity.
- Shopping Earlier
This year the majority of back-to-shoppers are shopping earlier in the summer. This is also being driven by supply chain delays and inventory shortages. This all means that shoppers are attuned to looking for discounts, so they don’t miss out. - Be Top of Mind
Make sure your brand is front and center in the consumer’s eyes. Leverage all of your available channels to increase the reach of deals, discounts, and product offerings. Reduce the number of steps it takes to convert by messaging customers when they’re in store about deals and through social media. - Price is Paramount
Inflation has made price a top concern. Online, utilize scraping tools that will provide competitor data so that you can ensure your products are either beating or matching those prices. Identify which customers are sensitive to price drops and those that would have purchased regardless so that marketing can be personalized. - Inventory Issues
With supply chain issues, out of stocks are just a given these days. Avoid lost sales due to out of stocks by using email, webpage, and SMS to highlight similar products to maintain shopper interest. Use signage to remind shoppers that even if a product is sold out in store it still may be available online. - Shortage of Labor
Delays in shipping and receipt of product are likely this back-to-school shopping season. Manage customer expectations accordingly and be transparent about out of stocks and expected delivery times. Re-engage shoppers through email and SMS to let them know when a product is back in stock, or a similar product is available.
In conclusion, with inflation still at an all-time high and potential labor shortages looming, this back-to-school shopping season will be all about price and value. Brands will need to fine-tune their marketing strategy to stay competitive. Those that focus on the affordability of their products will come out ahead.
