• by Allysun Lundy , Op-Ed Contributor, April 11, 2023

Over the last few years, the term "uncertain times" has been used to describe a range of societal triggers. As a result, brands are facing more competition than ever for a share of consumers' wallets.

A new layer of competition includes factories in China selling direct to consumers through marketplaces at extremely low prices and new brands entering the market at breakneck speed. To stand out, brands need to stop teaching shoppers to buy only on discount and provide value that can't be discounted. The new definition of value can come to life in a myriad of ways:

Implement Tools That Help Shoppers Quickly Find The Perfect Item Or Match

Brands can redefine the meaning of value by implementing tools that help shoppers quickly find the perfect item or match. This could involve using data to match a shopper with the right stylist, as Stitch Fix does or presenting a shopper with makeup hues complementary to their skin tone. Brands can also integrate with tools or platforms like Shuffles by Pinterest, which gives shoppers the creative freedom to design their dream outfit or living room, while also feeding off the creativity of others.

Redefine Convenience

Another way to provide value is to redefine convenience. Brands must meet potential customers where they are, such as The Bouqs company did – previously DTC only – which now operates three brick-and-mortar stores and partners with Door Dash to support same-day flower needs.

Brands can also add new services to make their products more valuable, like Door Dash did by offering not only delivery, but also the service of picking up items that need to be returned to FedEx or UPS. Brands can even make a donation to a cause that a shopper cares about, as ShoppingGives does by seamlessly integrating into a brand's site and making a donation to a charity on behalf of the shopper with a click of a button.

And even retailers like Gopuff are upleveling the convenience factor for shoppers, partnering with social platforms to allow for a seamless content to commerce delivery experience. 

Best-In-Class Experiences

Providing best-in-class experiences is now even more important as loyalty wanes. Seamless shopping is now table stakes, so brands must solve for inspiration, joy, and discovery. Partnering with the right creators and technology can help enhance websites, livestreaming, and other experiences for shoppers. Data and technology also allow brands to hyper-personalize experiences for shoppers, curating experiences that make their browsing and shopping more efficient. Brands should give shoppers a reason to stay loyal, as Starbucks does by offering double star days and free products, which keep shoppers coming back without discounts.

While discounts will always have a place in the shopping ecosystem, they should be used strategically, sparingly, and with purpose. By providing value in new ways, brands can ensure that shoppers keep coming back, no matter the economic climate.