Finding faster growth: Happy shoppers spend more
If retailers and brands want shoppers to spend more, they need to focus first on making them happy.
The true value of happiness
The fact that happy shoppers spend more is one of the most under-appreciated truths in retail. TNS's global database of retail and shopper studies shows a clear correlation between shoppers' satisfaction and the amount that they spend. At a time when brands and retailers face a shared growth challenge, the value of this insight is greater than ever. However, few companies are focusing on making shoppers happy – and therefore few understand how to increase shopper spend.
When faced with a growth challenge, too many companies frame the question in the wrong way. By asking "how can I sell more of my brand?" rather than "how can I get shoppers to spend more?" they immediately shift focus away from the shopper. And if what a shopper wants to buy is different from what they want to sell them, a struggle ensues and effort is wasted in getting the shopper to do something they don't want to do, rather than making them happy.