Woolworths has pledged to move away from temporary specials in order to earn "price trust" with customers by offering more permanent discounts on grocery items.
"Consumers generally are feeling as though the household budget is under constant pressure for all sorts of reasons," Mr McNamara told the Australian Food and Grocery Council's annual summit in Sydney on Thursday."It's also becoming increasingly important for customers to not only feel like they're getting a good deal, but [that] they can trust the price that retailers are putting in front of them.
"Over the last two years in our grocery area, we've actually reduced our promotion intensity by 17 per cent. It's higher than I'd want it to be, but it's much lower than it was a couple of years ago." "We don't have a set target, there's no ambition to get to a [certain] percentage, but building price trust is a key strategy for us," he said.
Woolworths tried the 'Every Day Low Prices (EDLP)' strategy a decade ago and it failed. I'm off to Coles and the next promotion that my kids love.
But I only buy Puffydogs when they're on special.
It's been tried with spectacularly underwhelming success. Folks like to feel like they're found treasure. Make shopping blander and you'll watch your base revolt
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