T4 What Is The Buyer Motivation To Shop At Pricesmart
What is the buyer motivation to shop at Pricesmart?
PriceSmart was founded in 1993 and has had a presence in Trinidad since 2001. To this date, the chain has been able to grow to four stores nationwide indicating growing customer base. The driving reason behind the growth of warehouse stores seems to be based on the cost savings earned from shopping in bulk. Shopping at the warehouse club will save you about 20 percent over the same trip at Walmart (Paitsel, N. 2012). The direct benefit to buying in bulk is that your cost of goods bought equates to less than if done at a regular grocer. Bulk shopping also reduces the amount of trips made to the supermarket and by extension could mean less time in traffic. Warehouse stores do save you quite a bit (Clayman, M.) The publisher in his journal, Warehouse Club focus, alluded to “penny-pinching” consumers and the “soft economy” as trends as to why these stores will continue to grow.
In an economy where convenience and value has been a growing trend over loyalty, PriceSmart offers just this. Retail in 2015 will continue to be driven by the needs and preferences of two prominent generations: baby boomers and millennials (Vend University) Convenience and customer service will continue to be a driving force in business and order fulfillment, something Pricesmart can boast of, will play a huge part in this. Faster, safer and a more enjoyable experience will continue to drive the Pricesmart buyer motivation.
References:
Paitsel, N. “Will a warehouse club membership save you money?” Daily Press 2012.
Hodges, J. “Shopping in a Big Way: Warehouse vs. Big Box” Wall Street Journal, 2010.
Vend University “Retail trends and predictions 2015”
PriceSmart was founded in 1993 and has had a presence in Trinidad since 2001. To this date, the chain has been able to grow to four stores nationwide indicating growing customer base. The driving reason behind the growth of warehouse stores seems to be based on the cost savings earned from shopping in bulk. Shopping at the warehouse club will save you about 20 percent over the same trip at Walmart (Paitsel, N. 2012). The direct benefit to buying in bulk is that your cost of goods bought equates to less than if done at a regular grocer. Bulk shopping also reduces the amount of trips made to the supermarket and by extension could mean less time in traffic. Warehouse stores do save you quite a bit (Clayman, M.) The publisher in his journal, Warehouse Club focus, alluded to “penny-pinching” consumers and the “soft economy” as trends as to why these stores will continue to grow.
In an economy where convenience and value has been a growing trend over loyalty, PriceSmart offers just this. Retail in 2015 will continue to be driven by the needs and preferences of two prominent generations: baby boomers and millennials (Vend University) Convenience and customer service will continue to be a driving force in business and order fulfillment, something Pricesmart can boast of, will play a huge part in this. Faster, safer and a more enjoyable experience will continue to drive the Pricesmart buyer motivation.
References:
Paitsel, N. “Will a warehouse club membership save you money?” Daily Press 2012.
Hodges, J. “Shopping in a Big Way: Warehouse vs. Big Box” Wall Street Journal, 2010.
Vend University “Retail trends and predictions 2015”
References: Paitsel, N. “Will a warehouse club membership save you money?” Daily Press 2012. Hodges, J. “Shopping in a Big Way: Warehouse vs. Big Box” Wall Street Journal, 2010. Vend University “Retail trends and predictions 2015”