Many savvy retailers are clocking on to the fact that crossing over into new categories can be a real game changer. Extending the range of products offered or selling items in new places can seriously drive conversion.
A key example is fashion brands, who have successfully interlocked the fashion and beauty categories. For a while now they have given consumers the opportunity to build on the new outfit, they are about the purchase by also buying lines like eyeshadow, lipstick, and nail varnish to go with it. This enhances the customer’s instore experience.
You may have also noticed refrigerators filled with drinks positioned in prominent places in the likes of fashion retailers. It gives them the chance to cash in on those impulse buys, with 87% of shoppers taking part in a recent survey admitting to making purchases on impulse.
So, is part of your 2023 strategy tapping into the potential of categories you have never sold before? Perhaps you’re looking to carry out a white space analysis to identify unmet customer needs to better upsell and cross-sell?
That’s where we can help. We can advise on which categories sit well together, define white space opportunities, and advise on categories and brands that will enhance your current offering.
To find out more, get in touch: +44 (0) 114 244 0887 | info@pricecheck.uk.com