You treat yourself to a well-deserved shopping spree and are totally satisfied with your retail therapy finds, only to discover an amazing coupon in your inbox and/or mailbox a few days later for the exact store you just blew your last paycheck in. We’re left with two options at that point: a) Dispose of the coupons immediately so no one else can benefit from them, OR b) Take the coupons and receipt back to the store in an attempt to get some cash (or credit) back. Either way, its not a situation you’re happy to find yourself in. Ever.
JCPenny has recognized this particular distress of its customers, and they plan to use it to increase their own sales in the future. Not only will they be using a new logo and spokesperson (Ellen Degeneres), but the department store plans to adapt a new “fair and square” pricing strategy. There will be just three types of pricing: Everyday prices, Monthlong values, and Best Prices, which take place on the 1st and 3rd Friday of every month. The pricing itself will also seeminly drop altogether, as items will be priced at what consumers typically end up paying after using the coupons that JCPenny offers. For example, and item that should cost $7 but typically retails for $14, will now be retailed at $7. And if this item is in the “Monthlong” category, it will be retailed at $6. In addition, the brand plans to price everything at flat values, meaning there won’t be any .99 or .50 cents tacked onto the end. Simple, no?
I think this has the potential to be a major way to gain loyalty to the company, and here’s why: When American Eagle Outfitters’ little sister delicates brand Aerie started a rewards program that gave its members a free gift every Thursday of the month (same gift, you just had the freedom to choose which Thursday you went in to get your card punched), you bet I tried my best to get in the store at least once a month. And although I didn’t necessarily buy something each time, it still stuck in my mind that Thursdays were the days to be at Aerie. There weren’t any sporadic ”this date thru this date”s to remember and/or wait around for. It was simple. Thursdays. Aerie. Be there.
Its a new take on K.I.S.S: Keep It Simple, Shoppers.