A poll conducted by ICM Research for Retail Week has revealed that 27% of consumers surveyed compare supermarket prices every week, with 57% stating that price-matching schemes are important in determining where they shop.
The study from ICM reveals that price continues to be the most important factor, with 45% of consumers polled saying this was their main driver in deciding where to purchase groceries, more important than quality and location. These latest findings come at a time when the supermarket price war looks set to intensify as grocers try and attract cash-strapped shoppers.
Tesco recently launched its Price Promise promotion which compares the prices of branded and own-label products with Asda, Sainsbury’s and Morrisons, announcing that “we’re continually looking for new ways to help our customers keep the cost of their shopping down.”
The ICM research also revealed that 11% of shoppers compare prices monthly, 41% occasionally whilst 21% said they never check prices. Commenting on the findings, ICM said: “More than one in two people (57%) claim that price-matching schemes are important in determining where they shop. It is particularly important for those aged 25 to 34 who are more likely to be at the family life stage.”
Profitero is an increasingly critical service for retailers and supermarkets who need to remain competitive on price in order to attract shoppers. Our price monitoring solution provides retailers with relevant, timely and accurate data which enables them to optimise their prices and remain competitive in today’s dynamic and multichannel marketplace.
To find out how Profitero can help your business with its pricing strategy and give it the competitive edge, email sales@profitero.com today.
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About Profitero
Pricing intelligence company Profitero provides retailers with actionable price intelligence data, monitoring over 50 million products across 4,000 eCommerce retailers every day, observing pricing, promotions and stock availability. We work with the world’s leading retailers, enabling them to acquire new customers and grow profit margins by monitoring and responding to changes in competitor pricing and promotional activity as they happen. For more information on Profitero price intelligence and competitor monitoring, visit www.profitero.com or email sales@profitero.com