Counteracting Low Consumer Confidence with Innovation

Counteracting Low Consumer Confidence with Innovation

When consumer confidence takes a dip and shoppers don’t reach into their pockets to spend, businesses need to step up their game. Retail closures such as that of   Stuttafords, one of South Africa’s oldest retailers and supermarkets laying off staff, and even some of the top listed franchise companies showing a decline in headline earnings, will make consumers jittery about digging into their pockets. But it is in tough times like this that innovation and tenacity in giving consumers value for money and an incentive to spend becomes the name of the game. Like Shoprite Checkers who, mindful of hard economic times for its customers, has introduced deli meals for R5 at stores across the country; or Food Lover’s Market’s regular offerings such as a selection of fruit or vegetables at a great discounted price. Even upmarket Woolworths has weekly specials that can make a difference.

Franchise fast food & restaurant brands are known to rally with special offerings – like the two for one offer at Col-Cacchio, Romans Pizza’s with their any two-large pizza’s for a special price or buy one get one free at Panarotti’s.  Shoppers can now budget to capitalize on really special deals and in this way, economize and get the best value for their spend.

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