To keep up with the competitive grocery market, upmarket grocer Waitrose has introduced a new personalisation initiative called ‘pick your own offers’.
The British food retailer will provide customers who are signed up to its myWaitrose loyalty programme, of which there are around 5.7m members, access to personally chosen promotions for a fixed period. Ultimately, shoppers will have the opportunity to hand-pick groceries that they wish to save money on both in-store and online.
myWaitrose loyalty card holders will be encouraged to select 10 products that they would like to save 20% on. These can be from 1,000 own-label and branded goods which include staple items as well as more luxurious treats.
Waitrose’s introduction of the PYOO scheme came just hours after the Co-op revealed its £125m investment to slash the price of more that 100 product lines. The retailer has evidently felt the need to hold onto their customers and “promote brand loyalty” as stated by Waitrose bosses. Managing Director Mark Price did admit that the move is “a gamble” and it would cost the grocer “£5m a week or more”.
Price added: “What you are placing an educated bet on is that this will drive greater loyalty to Waitrose. As a consequence of that, you will get more shoppers, they will spend more with you and that will offset the cost of doing it.
“This is a ground-breaking move giving customers the power to choose the offers they want. We know from the success of myWaitrose that customers like straightforward deals they can trust that are relevant to them. Pick Your Own Offers goes one step further by putting them in control”.
“Different forms of personalised marketing have been around since the 1990s, but we’re introducing mass customisation in grocery. Customers can choose what’s valuable to them when they shop for groceries. We really are giving power to the consumer.”
The upmarket grocer said that its new venture is “a worldwide first”. Waitrose will also continue to run its Brand Price match as well as a new scheme which matches Tesco on branded products.