According to research, one in five shoppers are more likely to shop at a convenience store if they know it carries Price-Marked Products (PMPs). PMPs generate five times more sales than their non-price-marked equivalents, making it beneficial for stores to stock a range of value products from popular brands. Some retailers are hesitant, believing manufacturers are not considering the costs faced by retailers and wholesalers. Andy Stannard, category and insights manager at food-to-go supplier Country Choice, suggests that pricing strategies should reflect market demands while considering both supplier costs and retailers. Despite cost concerns, PMPs have been successful in providing consumers with value and building customer loyalty, benefiting stores in the long run. On the whole, impulsive categories such as snacks and confectionery are best suited for PMPs. PMPs give shoppers reassurance of value, which creates confidence in local retailers and how they price their products. As part of consumers’ effort to make their money stretch as far as possible during the cost-of-living crisis, PMPs offer a cost-effective solution for families. PMPs are a proven way for independent retailers to demonstrate great value to savvy shoppers.
Revised: “Packing for the Future: Examining Price-Marked Packaging”
