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Quick trips are very important for retailers to consider as they represent almost two-thirds of all shopping trips, Terry Lee, founder of Private Brand Advisors told attendees during his keynote speech at PLBuyer’s conference Private Label: The Next Generation, Wednesday, June 6, at the Hilton Chicago.
Lee shared that 16 percent of shopping trips across all retail channels involve the purchase of only one item; 34 percent of all shopping trips represent the purchase of only two items and 50 percent of all shopping trips represent a purchase of five or less items.
“If you put that into context of the number of items typically within a retailer, it’s amazing how many shopping trips are comprised of a relatively small number of items," says Lee.
The key things that retailers need to concentrate on are:
- Focus on the right categories and price
- Understand your consumers value equation
- Offer marketed, differentiated products.
- Find the right mix of products
- Avoid the slippery slope of quality
- Think and act as brand marketers